EU asks 44 oil and gas producers to provide new CO2 storage solutions
The companies are required to participate to the EU target in proportion to their share of the Union's crude oil and natural gas production from 2020 and 2023, the Commission said in a statement.
"Having extracted hydrocarbons and contributing to greenhouse gas emissions, (the European oil and gas industry) will now contribute to storing CO2 and help mitigate climate change," said Kurt Vandenberghe, head of the Commission's directorate general for climate action.
"By combining their industrial know-how with faster permitting processes and robust financial support - including from the ETS-resourced Innovation Fund - we can make substantial progress in advancing industrial decarbonisation and modernisation in Europe," he added.
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The Guardian
a day ago
- The Guardian
Expanded high-speed rail network part of vision for Europe, says EU's transport chief
The European Commission will present a plan this autumn to significantly boost high-speed rail travel in Europe, the bloc's transport commissioner has said, promising a 'long-term vision for a more connected, efficient and competitive network across Europe'. Apostolos Tzitzikostas, the EU's transport commissioner, said the project would involve the 'coordinated planning, financing and implementation' of high-speed rail infrastructure and of rolling stock that could operate across national borders. The EU is determined to build genuine 'passenger-centred, attractive and affordable rail services', he said, with faster lines and smoother cross-border rail travel considered crucial to the bloc's competitiveness and climate goals. 'Ultimately, people will choose the train not just because it is more sustainable but because it is the more comfortable, faster and more affordable option for long-distance travel in Europe,' Tzitzikostas said. 'That is our direction of travel.' Long-distance rail travel in Europe has long suffered from poor coordination and connectivity, with different line gauges, rolling stock specifications, operating technologies and signalling systems hampering cross-border links. A survey published last month suggested that three in four EU citizens would prefer to take a high-speed train instead of a plane if connections between capitals and major urban areas were fast and reliable. But according to a 2021 report by the commission, rail accounted for less than 10% of cross-border EU travel. With a 90% fall in transport emissions part of the blueprint for the bloc's pledge of climate neutrality by 2050, getting more people on to trains is vital: Amsterdam to London by train, for example, saves 93% of carbon dioxide over the same journey by plane. But cash-strapped national operators tend to prioritise domestic services. New infrastructure – and trains capable of operating across borders – are expensive. While new routes have opened and others are on the way, for most Europeans, the plane is faster on most journeys. The commission has previously set a goal of doubling high-speed rail traffic from 2015 levels by 2030, and trebling it by 2050, via a proposed 49,400km, €546bn (£476bn) high-speed rail network connecting all EU capitals and major cities at speeds of 250km/h (155mph) or more. Tzitzikostas said his new plan would help achieve that goal, which was attainable if 'we address systemic bottlenecks'. The issue was not just more EU money, he said, although rail would be a major beneficiary of a 100% boost to the transport infrastructure budget. 'We need a coordinated financing approach, combining the best use of EU funding, national support and private investment,' he said. But new high-speed lines – and improved existing ones – would not be enough on their own. 'It's also about ensuring that infrastructure is used effectively,' Tzitzikostas said. 'Making sure new operators can access the market, that new standardised rolling stock is available, and that the network is managed as a single system, with similar operating rules and conditions.' Connectivity is not the only issue. As well as being faster, air travel is often cheaper – and easier to book. A 2023 Greenpeace report which assessed 112 European routes found that trains were, on average, twice as expensive as planes. T&E, a transport and clean energy advocacy group, says air travel is artificially cheap mainly because all parts of the sector – from airports through plane manufacturers through to airlines – are subsidised by local, regional, national and EU authorities, while airlines are exempt from paying tax on their fuel and VAT on their tickets. Cross-border train passengers dream of the seamless through tickets available to flyers. European train operators share little ticket information with each other or with booking platforms, forcing passengers to buy multiple separate tickets. Sign up to This is Europe The most pressing stories and debates for Europeans – from identity to economics to the environment after newsletter promotion While EU plans for a single booking system met with resistance, Tzitzikostas said the EU was now working to make ticket-buying easier by ensuring all operators and vendors could access ticket sales platform and improving passenger rights. Without smoother rail connections, lower prices and one-stop ticketing, air travel still has the edge. But if rail can deliver a 'comfortable, affordable, easy-to book service', passengers will respond, Tzitzikostas insisted. 'More are choosing high-speed rail already – not just because it's more sustainable, but because it's better.' At present, though, national priorities 'do not always align with European ambitions', due in part to domestic pressure on resources, he said. Interoperability was also a real challenge: 'Trains still face too many 'borders' within Europe. All this will close collaboration, and funding.' The substantial investment needed to complete a European high-speed network by 2040, the commission's target, would necessarily involve 'innovative funding and financing mechanisms', he said: 'After all, return on investment here is entirely predictable.' Referring to the airline sector, Tzitzikostas said the commission's goal was to 'build a fairer and more sustainable level playing field – allowing people to make climate-friendly choices, but also keeping mobility accessible and affordable for all'. Next year's launch of a direct 11-hour Prague-Berlin-Copenhagen service, however, showed just how strong the demand for high-speed rail travel now was, he said – and would only increase as assorted lines under construction would almost halve the journey time. 'I am naturally an optimist, and I'm also a train guy,' he said. 'I'm already picturing the day when someone can have lunch in Vesterbro in Copenhagen, step on a train, and arrive for dinner in Wenceslas Square, next door to Prague central station.'
South Wales Guardian
2 days ago
- South Wales Guardian
Jaguar Land Rover sees profits almost halve after US tariff hit
The group reported a 49.4% plunge in underlying pre-tax profits to £351 million in its first quarter to the end of June. It follows a 9.2% drop in revenues to £6.6 billion, after a temporary pause in exports to the US and the planned wind-down of older Jaguar models ahead of the launch of new electric ranges in 2026. JLR said US tariffs had a 'direct and material impact on profitability and cash flow in the period'. But it added the 'US-UK trade deal will significantly reduce the financial impact of US tariffs going forward'. The Tata-owned group last month dealt a blow to workers, announcing plans to axe up to 500 management jobs in the UK. The cuts will impact 1.5% of its UK workforce of more than 33,000, with the jobs going as part of a voluntary redundancy programme for managers. JLR chief executive Adrian Mardell said the results come amid 'challenging global economic conditions'. He added: 'We are grateful to the UK and US governments for delivering at speed the new UK-US trade deal, which will lessen the significant US tariff impact in subsequent quarters, as will, in due course, the EU-US trade deal announced on July 27.' It has been a challenging time for the group, with its recent rebranding and advertising strategy attracting controversy. Mr Mardell also announced plans to retire in November after three years at the helm and 35 years with the company. He will be replaced by PB Balaji, group financial officer of Tata Motors. JLR halted new shipments to the US in April but restarted exports in early May amid hopes that a trade deal for the sector would be struck. The car firm saw wholesale sales in North America drop by 12.2% year-on-year in the quarter after the pause. The group has since welcomed trade deals with the US, which reduced tariffs on UK-made vehicles exported to America from 27.5% to 10% from June 30. An EU-US trade deal was also announced on July 27, which will reduce the tariffs on JLR's vehicles made in the EU and exported to the US from 27.5% to 15%.
The Independent
2 days ago
- The Independent
European hotels to sue Booking.com over ‘illegal' best price clauses
Thousands of European hotels are taking legal action against claiming they are owed compensation for 'inflated costs' over 20 years. Almost 10,000 hotels in the Association of Hotels, Restaurants and Cafes in Europe (Hotrec) claim that 's parity clauses stopped them from offering lower prices and better availability on other platforms or their own websites. According to the association, the website's use of 'best price' parity clauses caused 'substantial financial harm' to hotels across Europe. On 19 September 2024, a judgment by the European Court of Justice (ECJ) 'found that the rental platform's parity clauses had breached EU competition law', said the group. Hotrec alleged in a statement that these clauses had led to 'inflated commission rates, suppressed direct bookings, and distorted online market competition.' It added that affected hotels may be eligible for compensation for commissions paid to between 2004 and 2024. On 30 July, Hotrec extended the deadline for all eligible hotels to register for the collective action until 29 August 2025. The lawsuit is expected to be one of the largest ever filed in the European hospitality sector, and is supported by national hotel associations from 30 countries, including Britain. 'The collective action has received overwhelming support. Extending the registration deadline will ensure that all interested hotels have a fair chance to participate, despite it being peak season,' said Marie Audren, director general of Hotrec. The Stichting Hotel Claims Alliance is coordinating the legal claim before it is brought before the courts in the Netherlands. Alexandros Vassilikos, president of Hotrec, said: 'European hoteliers have long endured unfair conditions and inflated costs. Now is the time to stand together and seek redress. 'This collective action sends a strong message: abusive practices in the digital marketplace will not go unchallenged.'
