Latest news with #TeresaRibera
The Sun
4 days ago
- Business
- The Sun
EU climate investments lagging ‘well below' target: report
BRUSSELS: Climate investments in the 27-nation EU are still far below what is needed to transition away from fossil fuels, a new report warned Tuesday, spotlighting lagging investments in wind power and building renovation. After a stretch of sustained growth, public and private investments in key climate-related sectors -- energy, buildings, transport and clean-tech manufacturing -- have been flatlining in recent years, said the report by the Institute for Climate Economics (I4CE). Between 2022 and 2023, EU-wide investments grew from 491 to 498 billion euros -- with the data available so far for 2024 pointing to a slowdown, the think tank found. Present investment levels were 'well below' what the bloc needs to meet its 2030 emissions reduction goal, which the institute estimates to require 842 billion euros each year. The findings contrast with the signal sent by the European Commission, which last week declared the bloc on track to meet its 2030 target of slashing planet-warming emissions by 55 percent compared to 1990 levels. The commission's upbeat projection was based on the energy and climate plans drawn up by EU member states. 'It's easy to set goals, more difficult to implement the policies,' cautioned Jean Pisani-Ferry, the I4CE's chair, at the report's launch in Brussels. Wind power and energy renovations in older buildings are falling especially short -- with investments at around one third of what is needed, the report said. Solar power investments, however, were on the right track. The I4CE did not factor in investments in nuclear power, which it says remain outside the scope of its report because 'the EU does not have precise objectives to develop nuclear energy.' The EU's vice president for the clean transition, Teresa Ribera -- who was present for the report's launch -- acknowledged the investment shortfall was a 'point of concern'. 'We can do better,' she said, arguing that 'a lot of strengths are not fully exploited' within the bloc. The EU has set a goal of becoming carbon neutral by 2050, and says it has already cut emissions by 37 percent compared to 1990. Brussels now needs to agree on an interim target for 2040 -- expected to be unveiled on July 2 -- with the commission seeking to cut emissions by 90 percent compared to 1990 levels.
Time of India
4 days ago
- Business
- Time of India
EU climate investments lagging 'well below' target: report
BRUSSELS: Climate investments in the 27-nation EU are still far below what is needed to transition away from fossil fuels, a new report warned Tuesday, spotlighting lagging investments in wind power and building renovation. Tired of too many ads? go ad free now After a stretch of sustained growth, public and private investments in key climate-related sectors, energy, buildings, transport and clean-tech manufacturing, have been flatlining in recent years, said the report by the Institute for Climate Economics (I4CE). Between 2022 and 2023, EU-wide investments grew from 491 to 498 billion euros, with the data available so far for 2024 pointing to a slowdown, the think tank found. Present investment levels were "well below" what the bloc needs to meet its 2030 emissions reduction goal, which the institute estimates to require 842 billion euros each year. The findings contrast with the signal sent by the European Commission, which last week declared the bloc on track to meet its 2030 target of slashing planet-warming emissions by 55 percent compared to 1990 levels. The commission's upbeat projection was based on the energy and climate plans drawn up by EU member states. "It's easy to set goals, more difficult to implement the policies," cautioned Jean Pisani-Ferry, the I4CE's chair, at the report's launch in Brussels. Wind power and energy renovations in older buildings are falling especially short, with investments at around one third of what is needed, the report said. Solar power investments, however, were on the right track. The I4CE did not factor in investments in nuclear power, which it says remain outside the scope of its report because "the EU does not have precise objectives to develop nuclear energy." Tired of too many ads? go ad free now The EU's vice president for the clean transition, Teresa Ribera, who was present for the report's launch -- acknowledged the investment shortfall was a "point of concern". "We can do better," she said, arguing that "a lot of strengths are not fully exploited" within the bloc. The EU has set a goal of becoming carbon neutral by 2050, and says it has already cut emissions by 37 percent compared to 1990. Brussels now needs to agree on an interim target for 2040, expected to be unveiled on July 2, with the commission seeking to cut emissions by 90 percent compared to 1990 levels.
Miami Herald
4 days ago
- Business
- Miami Herald
EU fines Delivery Hero, Glovo $376M over ‘online delivery cartel'
June 2 (UPI) -- The European Commission fined a pair of food delivery companies for collusion that reduced choices for consumers, workers and potential business partners across several countries. The commission fined Delivery Hero and Glovo more than $376 million combined for "participating in a cartel in the online food delivery sector." The two companies admitted their participation in the conspiracy, which occurred from July 2018 until July 2022, until Delivery Hero acquired Glovo in July of 2022. The companies illegally exchanged sensitive information, distributed geographic markets and agreed not to hire each other's employees within the European Economic Area. The commission said this is the first time it has sanctioned "the anti-competitive use of a minority share in a competing business" in regard to conspiratorial actions in the labor market. "Moving forward, we will continue to closely monitor potential anti-competitive business practices in consumer-facing industries," The European Commission's Executive Vice President for Clean, Just, and Competitive Transition Teresa Ribera said in a separate statement. She added the commission's objective "is to ensure that effective competition is maintained to benefit European consumers and companies that compete fairly to serve them." Delivery Hero confirmed in a press release Monday that it reached a settlement agreement with the European Commission in regard to its actions and collusion with Glovo. "Today's settlement allows Delivery Hero to address the European Commission's concerns while allowing stakeholders to move on swiftly," the statement said. "Delivery Hero reiterates its commitment to continuing a culture of compliance throughout its organization and operating in a responsible and ethical manner in the highly competitive industry in which it operates." Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
4 days ago
- Business
- UPI
EU fines Delivery Hero, Glovo $376M over 'online delivery cartel'
Teresa Ribera, Executive Vice-President for Clean, Just, and Competitive Transition, speaks during a press conference in Brussels, Belgium, Monday. EPA-EFE/OLIVIER MATTHYS June 2 (UPI) -- The European Commission fined a pair of food delivery companies for collusion that reduced choices for consumers, workers and potential business partners across several countries. The commission fined Delivery Hero and Glovo more than $376 million combined for "participating in a cartel in the online food delivery sector." The two companies admitted their participation in the conspiracy, which occurred from July 2018 until July 2022, until Delivery Hero acquired Glovo in July of 2022. The companies illegally exchanged sensitive information, distributed geographic markets and agreed not to hire each other's employees within the European Economic Area. The commission said this is the first time it has sanctioned "the anti-competitive use of a minority share in a competing business" in regard to conspiratorial actions in the labor market. "Moving forward, we will continue to closely monitor potential anti-competitive business practices in consumer-facing industries," The European Commission's Executive Vice President for Clean, Just, and Competitive Transition Teresa Ribera said in a separate statement. She added the commission's objective "is to ensure that effective competition is maintained to benefit European consumers and companies that compete fairly to serve them." Delivery Hero confirmed in a press release Monday that it reached a settlement agreement with the European Commission in regard to its actions and collusion with Glovo. "Today's settlement allows Delivery Hero to address the European Commission's concerns while allowing stakeholders to move on swiftly," the statement said. "Delivery Hero reiterates its commitment to continuing a culture of compliance throughout its organization and operating in a responsible and ethical manner in the highly competitive industry in which it operates."
Local Germany
4 days ago
- Business
- Local Germany
EU hits German giant Delivery Hero with massive €329 million fine
The EU competition watchdog found that between 2018 and 2022, Delivery Hero used its stake in Glovo to restrict competition. The companies exchanged sensitive business information, agreed not to poach each other's employees, and divided up national food delivery markets across Europe. Delivery Hero acquired a 94 percent stake in Glovo in July 2022, but the investigation focused on the period before it took full control. Both companies are significant players in Europe's food delivery market. The European Commission said the two firms had admitted their cartel involvement and agreed to pay fines to settle the case. Delivery Hero was fined €223 million and Glovo €106 million. 'Cartels like this reduce choice for consumers and business partners, reduce opportunities for employees and reduce incentives to compete and innovate,' the EU Commission said. "This case is important because these practices were facilitated through an anticompetitive use of Delivery Hero's minority stake in Glovo," EU competition chief Teresa Ribera said in a statement. Advertisement She added that it was the first time commission had sanctioned an agreement limiting workers' freedom to move to competitors. Delivery Hero and Glovo agreed not to recruit each other's employees, initially focusing on managers but later extending to all staff except self-employed delivery drivers. The two companies also shared commercially sensitive information on pricing and costs through emails and WhatsApp. They coordinated to avoid competing in the same countries and agreed on which markets each would enter when neither had a presence. By July 2020, the firms had stopped competing entirely by avoiding overlapping markets, limiting consumer choice and likely raising prices. 'Today's settlement allows Delivery Hero to address the European Commission's concerns while allowing stakeholders to move on swiftly,' Delivery Hero said.
