Latest news with #CleanIndustrialDeal
Yahoo
4 hours ago
- Business
- Yahoo
European Commission gives fiscal verdicts for member states, with defence looming large
The European Commission delivered its Spring Package on Wednesday, an economic update that feeds into its five-year plan to boost the EU's resilience and includes country-specific recommendations. While fiscal responsibility remains important, the Commission underlined a need to boost defence capabilities. This comes not only in the wake of Russia's invasion of Ukraine, but also increased hostility from Washington. US President Donald Trump has continually warned Europe that it needs to increase financial contributions to guarantee its own security. 'Amid rising security challenges, the national escape clause (NEC) under the Stability and Growth Pact is also drawn upon for the first time,' said the Commission. The NEC allows member states to temporarily exceed maximum growth rates of net expenditure to boost defence financing. A total of 16 countries asked the Commission to implement this mechanism, specifically: Belgium, Bulgaria, Croatia, Czechia, Denmark, Estonia, Finland, Germany, Greece, Hungary, Latvia, Lithuania, Poland, Portugal, Slovakia and Slovenia. Related MEPs oppose Commission's overhaul of EU budget after 2027 'Choices need to be made': EU Commission to propose simpler, more focused long-term budget Wednesday's Package also outlined country-specific recommendations to ensure that EU members are on track to boost their economic standing. 'Member States are encouraged to boost their competitiveness by closing the innovation gap, advancing decarbonisation in line with the Clean Industrial Deal, reducing excessive dependencies, increasing security and resilience, including by building up defence capabilities and promoting skills and quality jobs while ensuring social fairness,' said the Commission. While 12 member states are considered to be 'compliant' in terms of medium-term spending plans, the Commission flagged Cyprus, Ireland, Luxembourg and the Netherlands as countries that could overshoot fiscal limits. Portugal and Spain were considered to be 'broadly compliant'. The Commission noted that Austria, on the other hand, will face a formal procedure to bring its deficit back under control. Romania was another member state rebuked in the report. 'Romania's net expenditure growth is significantly above the ceiling set by its corrective path, posing clear risks to correcting its excessive deficit by 2030,' said the Commission. 'The Commission is therefore recommending that the Council adopt a decision that establishes Romania has not taken effective action.'
Euronews
5 hours ago
- Automotive
- Euronews
European Commission gives fiscal verdicts for member states
The European Commission delivered its Spring Package on Wednesday, an economic update that feeds into its five-year plan to boost the EU's resilience and includes country-specific recommendations. While fiscal responsibility remains important, the Commission underlined a need to boost defence capabilities. This comes not only in the wake of Russia's invasion of Ukraine, but also increased hostility from Washington. US President Donald Trump has continually warned Europe that it needs to increase financial contributions to guarantee its own security. 'Amid rising security challenges, the national escape clause (NEC) under the Stability and Growth Pact is also drawn upon for the first time,' said the Commission. The NEC allows member states to temporarily exceed maximum growth rates of net expenditure to boost defence financing. A total of 16 countries asked the Commission to implement this mechanism, specifically: Belgium, Bulgaria, Croatia, Czechia, Denmark, Estonia, Finland, Germany, Greece, Hungary, Latvia, Lithuania, Poland, Portugal, Slovakia and Slovenia. Wednesday's Package also outlined country-specific recommendations to ensure that EU members are on track to boost their economic standing. 'Member States are encouraged to boost their competitiveness by closing the innovation gap, advancing decarbonisation in line with the Clean Industrial Deal, reducing excessive dependencies, increasing security and resilience, including by building up defence capabilities and promoting skills and quality jobs while ensuring social fairness,' said the Commission. While 12 member states are considered to be 'compliant' in terms of medium-term spending plans, the Commission flagged Cyprus, Ireland, Luxembourg and the Netherlands as countries that could overshoot fiscal limits. Portugal and Spain were considered to be 'broadly compliant'. The Commission noted that Austria, on the other hand, will face a formal procedure to bring its deficit back under control. Romania was another member state rebuked in the report. 'Romania's net expenditure growth is significantly above the ceiling set by its corrective path, posing clear risks to correcting its excessive deficit by 2030,' said the Commission. 'The Commission is therefore recommending that the Council adopt a decision that establishes Romania has not taken effective action.' Volvo Cars announced worldwide sales of 59,822 cars in May, which was a decrease of 12% compared with the same month in 2024. This was partly due to the company struggling with recently imposed US automotive tariffs. Electrified models — both plug-in hybrids and fully electric vehicles — made up 44% of all car sales in May. This was a fall from 66% in May 2024. While fully electric models made up 21% of all May sales, plug-in hybrid models accounted for 23%. The best-selling model in May was the XC60, which sold 19,408 units — a slight dip from the 20,507 units sold in the same month last year. The XC40/EX40 model took second place, with 14,892 units sold — an increase on May 2024's 13,640 units. The third best-selling model was the XC90 with 8,794 units sold in May 2025. By contrast, 9,072 units of this model were sold in May 2024. As of December 2024, Volvo Cars had about 42,600 full-time employees, with its head office based in Gothenburg, Sweden, and production plants across the US, Belgium and in China. Volvo Cars also recently announced that it would be slashing 3,000 jobs, as part of wide-ranging cost-cutting measures, which are expected to save the company about SEK 18 billion (€1.6bn). These layoffs will primarily affect office-based positions in Sweden, which make up around 15% of Volvo Cars' white collar workforce. Out of these 3,000 layoffs, around 1,000 will be consultant positions. Earlier in May, the company laid off 5% of its staff in its Ridgeland, South Carolina facility, which accounted for 125 roles. Volvo Cars said in a press release about the redundancies on its website: 'These structural changes are necessary for Volvo Cars to deliver on its long-term strategy, strengthening its foundations for profitable growth. 'Volvo Cars remains firm on its ambition of becoming a fully electric car company, as fully electric is the fastest growing market segment and Volvo Cars is a leader in this transition.' Back in 2021, the company revealed that all its models would be electric by the end of the decade. However, it has pushed back this goal, citing rising uncertainties due to electric vehicle (EV) tariffs in many markets. Apart from tariffs, slower European sales and the higher cost of materials have also affected several major car companies in Europe. Nissan, Ford, General Motors, Volkswagen, Tesla and Stellantis have all announced layoffs in the last few months, as car companies scramble to become more efficient and adaptive in the current uncertain economic environment.
Euronews
05-05-2025
- Business
- Euronews
Spanish power cut highlights fundamental weakness in EU power grid
ADVERTISEMENT The massive power outage in Spain and Portugal this week has raised questions about whether Europe's power grid is ready for the rapid electrification and ramping up of renewable energy sources like wind and solar called for by EU climate policy and increasingly seen as a geopolitical imperative. One theory that has been gaining traction in the hours since the power outage just after 12:30 on Monday is that the collapse was triggered by the failure of a high voltage power line between France and Spain. That is certainly the theory being pushed by the electricity company association Eurelectric. 'On Monday 28 April, between 12:38 and 13:30 CET, Spain's transmission system was disconnected from the European grid at the 400 kV level due to an issue with a power line connecting French and Spanish Catalonia,' the industry group said on Tuesday. 'The fault triggered a domino disrupting electricity supply not only in Spain but also in Portugal, Andorra, and parts of France,' Eurelectric said. Why that happened has yet to be clarified. Briefing journalists, a European Commission energy official said that EU regulations require the transmission system operators (TSOs) involved in the incident to conduct a detailed investigation and produce a report within six months. TSO data shows the point just after 12:30 on Monday 28 April when Spain's electricity grid collapsed Source: Red Eléctrica One thing seems clear, however: there was no shortage of electricity moments before the crash, when solar power alone was covering over half of demand, and surplus power was being exported to France via a 2.8GW high-voltage interconnector. It remains to be established exactly what tripped a precipitous shutdown of solar power – over 10 GW in a matter of minutes – and all other sources in the generation mix. Electricity islands The European Commission has recognised that Europe's power grid is not fit for purpose, and will need to be rapidly built up in line with rising demand, driven largely by the planned electrification of sectors that have traditionally been powered by fossil fuels: electric cars replacing petrol and diesel models, and heat pumps replacing gas boilers. In the Clean Industrial Deal published in February, the EU executive promised to deliver a 'grids package' early in 2026, which should put legislative flesh on the bones of an 'action plan' delivered in late 2023. It is now aiming at presenting the package towards the end of this year. Electricity firms are among those pushing hardest for the EU to take decisive action. 'As society relies more and more on electricity, it's crucial that electricity is reliable,' Eurelectric secretary-general Kristian Ruby said. Under the current target, all EU countries should have in place internal and cross border power lines capable of importing or exporting 15% of their national generation capacity. The European Commission estimates this could cost €584 billion, a figure the EU executive said in its last annual energy review 'might put the current model of refinancing these investments through consumer tariffs under strain'. To make things worse, as the campaign group Climate Action Network Europe noted recently , the 11 countries that have not yet met the 15% target are home to 86% of the EU's wind and solar capacity. Apart from isolated Cyprus and Ireland, whose first power line to the EU (now the UK no longer counts) is under construction, Spain is the furthest from meeting the 2030 connection target. It is currently on just 4%, one point behind fellow laggards Greece, Italy and Poland, although a second link to France, under the Bay of Biscay, is under construction and due online in 2028. 'Widespread blackouts like this have virtually always been triggered by transmission network failures - not by generation, renewables or otherwise," said Michael Hogan, a senior advisor at the Regulatory Assistance Project, an NGO specialising in energy policy. ADVERTISEMENT The degree to which its relative isolation from the European grid contributed to the disastrous power cut should be established in the coming weeks, but it undoubtedly prevents surplus green electricity being channelled to other parts of Europe that could use it to replace coal or gas-fired generation. Huge amounts of energy and money are wasted each year when solar arrays are switched off or wind turbines brought to a standstill simply because there is nowhere for the electricity to go. France, where nuclear power predominates, is only capable of shunting the equivalent 6% of its generation potential across its borders. And even Germany, which prides itself on its energy transition is only at 11%. A patchwork of grids Euronews asked Ronnie Belmans, emeritus professor at the KU Leuven university in Belgium and a veteran expert on power grids, how repeats of the Iberian blackout could be avoided in future. ADVERTISEMENT "First of all, you need a good grid," Belmans said. "Spain is not well connected to the rest of Europe, they have only one serious connection," Belmans said, in reference to the trans-Pyrenean line. The situation – which some have blamed at least in part on a reluctance over the years of the French government to expose its nuclear industry to competition from cheaper green energy – was "shameful" he said. Related Is France an obstacle to the Iberian Peninsula's goal of becoming an energy supplier? Moreover, grid planning in Europe is currently largely in the hands of transmission system operators, through a quasi-official EU body known as ENTSO-E – a situation that critics have long complained entails a conflict of interests. For Belmans, having a "bunch of TSOs sitting together around the table" at regular intervals and presenting their own national plans – reflecting their own economic interests – is no way to run a European power grid. ADVERTISEMENT "What is missing is an independent development plan in Europe," he said, suggesting that steps should be made towards an independent transnational system operator under the control of the EU's energy regulatory agency ACER. 'It could be empowered to designate how much and where new overlay grid capacity is needed independent of national borders,' Belmans said. With the European Commission still working on its grids package, the next indication of its appetite for reform should come next week, with the expected publication of a plan to wean Europe off Russian fossil fuels by 2027. With scant petroleum resources of its own, the EU has already increased its renewable energy targets and streamlined planning procedures since the Ukraine invasion. Even before this week's events, whatever proves to be their specific cause, it was clear Europe's grid wasn't ready. ADVERTISEMENT
Euronews
30-04-2025
- Science
- Euronews
From Seville to Warsaw: Industrial pollution has fallen in the EU, here's how
It is estimated that the 50,000 largest installations in the EU still account for around 40% of greenhouse gas emissions and are responsible for 20% of all air and water pollutants. These pollutants have a significant impact on human health and the environment: Fine particles (PM2.5) can enter our lungs and bloodstream, causing illness and death. NOx threatens human life and biodiversity. SOx, heavy metals and ammonia are harmful to crops, wildlife and humans. Greenhouse gases cause climate change and reduce air quality. A sharp fall in emissions Pollution caused by industrial emissions accounts for billions of euros in costs and hundreds of thousands of premature deaths in the EU every year. However, according to the European Environment Agency, environmental and health costs of European industry have decreased by a third from 2012 to 2021. The EEA says the EU energy sector has accounted for about 80% of the total decrease. According to the same study, this is mainly due to the adoption of new techniques and the shift to renewables and less polluting fuels, both changes being largely as a result of EU action. View Gallery 10 Photos New European rules The European Union recently revised its Industrial Emissions Directive (IED 2.0), its main tool for taking action on pollution coming from the continent's largest factories and farms. Under this directive, installations have been required to comply with the environmental performance associated with the best available techniques (BAT) in their sector. A growing number of governments in the world are now seeking to adopt the same approach. These performances are decided during the 'Sevilla process', a collaborative governance model involving industry, EU Member States and civil society, which takes place at the Joint European Research Centre (JRC) in Seville. Currently, around 80% of industrial sites comply with the highest permitted emission limit values. Under the IED 2.0 directive, the competent authorities in the Member States will be required to use more stringent values when revising or establishing permits. Best Available Techniques are set to also take into account more explicitly the human health and climate protection of installations. Decarbonisation efforts The new rules aim to achieve a further 40% reduction in the main atmospheric pollutants by 2050. One aim is to confirm the trend observed in recent decades: EU industry has grown while reducing its impact on the environment, a process known as 'decoupling'. Another important aspect of the revised directive is to support innovation and guide investment to boost Europe's green competitiveness on the basis of the Clean Industrial Deal recently presented by the European Commission. In Seville, a new Innovation Centre for Industrial Transformation and Emissions (INCITE) has been set up to identify and characterise the most promising technologies for achieving circular economy and carbon neutrality. The European Union's objectives are to reach carbon neutrality and zero pollution by 2050. A new portal makes it possible to track changes in the levels of various pollutants in the different regions of Europe. The European Environment Agency considers that the EU has completed or advanced the implementation of the 33 actions announced in the 2021 'zero pollution' action plan, but that further efforts are still needed to achieve the objectives.
Associated Press
12-04-2025
- Business
- Associated Press
Workiva: What Businesses Need to Know About CSRD Omnibus Proposals
Originally published on Workiva On February 26, 2025, the European Commission launched a game-changing plan to boost EU competitiveness, simplify regulations, and fuel economic growth with its CSRD Omnibus. With over €100 billion mobilized for 'Made in EU' clean manufacturing, the initiative reinforces Europe's commitment to decarbonization. Key legislative packages include the Clean Industrial Deal, driving energy affordability, industrial decarbonization, and sustainable procurement; Omnibus I, updating sustainability reporting and due diligence regulations; Omnibus II, expanding clean tech investment; and Omnibus III, set for Q2 2025, introducing a new 'small mid-cap' business category. In this blog, we focus on the Omnibus I package, in particular the proposed updates related to the Corporate Sustainability Reporting Directive (CSRD). Any such proposals have a long way to go before being finalized. They would require agreement from the European Parliament and the Council of the EU to become law, and will only become binding for companies when their relevant EU member states transpose them into their national legal frameworks. How could the Omnibus package impact the CSRD? Possible updates to company size thresholds and sector-specific standardsThe more substantive proposal in Omnibus I ( COM(2025)81 ) introduces a new threshold for large companies with more than 1,000 employees and either a turnover above EUR 50 million or a balance sheet above EUR 25 million. Mandatory sustainability reporting requirements would apply to entities above a new threshold. Furthermore, the proposal would (i) remove the Commission's mandate to adopt mandatory sector-specific sustainability reporting standards in the future, (ii) introduce a proportionate voluntary sustainability reporting standard for out-of-scope companies, and (iii) reduce trickle-down effects of the reporting burden but introducing a 'value chain cap' for out-of-scope companies. Streamline the ESRS standards while maintaining double materialityOmnibus I also introduces a set of simplifications that would, among other things, aim to eliminate less critical data points, prioritize quantitative over narrative disclosures, and clarify materiality principles to ensure companies report only relevant information. Additional time to prepare for some companiesThe more immediate proposal in Omnibus I is about introducing a two-year delay for Wave 2 and Wave 3 companies. This proposal does not introduce any other material changes and would need to be adopted first to provide legal certainty for companies who are currently due to prepare CSRD-aligned annual reports for their 2025 financial years that will be published in early 2026. What's not changing in the CSRD Omnibus package? It is equally important to be aware of what was not part of the Omnibus simplification package and therefore likely to remain part of any future mandate: Integrated financial and sustainability disclosures Despite the proposed changes, the EU and other regulators expect the same level of rigor and oversight of sustainability information and continue to emphasize the integration of financial and sustainability disclosures. The double materiality principleThe simplified ESRS standards would remain firmly rooted in the double materiality principle, with companies required to assess and disclose both financial materiality (how sustainability issues impact financial performance) and impact materiality (how business activities affect people and the environment). Limited assurance over non-financial disclosuresThe CSRD will maintain the requirement for limited assurance over non-financial reporting in companies' annual reports, ensuring continued third-party scrutiny and verification by external auditors. Digitally tagged and structured sustainability reporting with verificationThe requirement for digitally tagged sustainability disclosures remains unchanged. Users of sustainability information increasingly expect such information to be accessible, comparable, and machine-readable in digital formats. No-regret actions to take now These developments present both opportunities and challenges with potential legal complexities. To navigate this evolving landscape, we believe the following four questions will help companies currently under the CSRD mandate (Wave 1) or those preparing for future compliance (Waves 2, 3, and 4): Read more Visit 3BL Media to see more multimedia and stories from Workiva
