Page 62 - European Union

EU faces cliffhanger climate vote after parliament deadlocked on key bill

The European Union is facing a cliffhanger vote next month that will test its global climate and environmental credentials, after its parliament was again deadlocked on pushing a nature restoration bill onwards on Tuesday. The legislature's environment committee emerged deadlocked at 44-44 on the plan to beef up the restoration of nature in the 27-nation bloc that was damaged during decades of industrial expansion. It means the full parliament will be asked to reject it. "The fight is not over. We will do our utmost to rally forces throughout the hemicycle behind an ambitious law to the benefit of people and the planet, said socialist S&D legislator Mohammed Chahim. The parliament's biggest group, the Christian Democrat EPP, has turned against the plan, arguing it is bad for embattled farmers and puts food security at risk at a time when the war in Ukraine has shown that strategic autonomy on foodstuffs can be essential. The bill is a key part of the EU's vaunted European Green ...

EU foreign ministers allocate over 3 bn euro for military aid to Ukraine

Following a meeting in Luxembourg, Foreign Ministers of 27 EU member states have approved a 3.5 billion euro increase in the European Peace Facility

Reaching ambitious climate targets will run into financial problems: EU

The European Union's auditing agency warned on Monday that there might not be sufficient financing available to meet the bloc's ambitious climate targets. The warning from the Court of Auditors comes as the 27-nation bloc is already struggling to live up to image as the global leader in working toward climate neutrality because of a political fight in the EU legislature to push through environmental protection measures. In a 63-page report, the court also noted that the European Commission, the EU's executive arm, did not include all greenhouse gas emissions in its tallies, which might lead to overly optimistic statistics. The report's authors also found some of the commission's accounting too opaque. Regarding its finding on financing, the court said that 30 per cent of the 2021-2027 budget was to be spent on climate action, or about 87 billion euros (USD 95 billion) a year. This amount is less than 10 per cent of the total investment needed to reach the 2030 targets, estimated at

EU urges caution as mercenary revolt raises doubts on Putin's grip on Power

European Union ministers urged caution on Monday over a failed revolt by mercenary soldiers in Russia. This came after the incident raised troubling questions about Russian President Vladimir Putin's grip on power and whether Wagner group fighters might install themselves just over the border in Belarus. At the talks in Luxembourg, some EU foreign ministers likened the short-lived uprising led by Wagner Group leader Yevgeny Prigozhin to Putin unleashing Frankenstein's monster of his own creation, and to some powerful and evil spirit. But several others, concerned that they might be seen to be offering support, were at pains to point out that the revolt remains an internal Russian affair, and that many questions remain unanswered, including Prigozhin's precise whereabouts and whether he may be taking troops with him. Most seemed to agree that the incident will have security implications for Europe and that the important thing is to help Ukraine take advantage of the situation. We a

After Google and Facebook, Twitter agrees to follow EU laws on fake news

One commissioner recently warned Twitter that an unruly operation akin to the wild west would not be tolerated

Musk's Twitter must bolster resources ahead of elections, warns EU

There are a few critical areas that Twitter needs to focus on immediately, especially around child abuse and controlling disinformation around elections, Breton said

Flaws in a multipurpose CBAM

EU's tax on carbon-intensive imports contradicts multilateral climate and trade norms

CBAM framework to impact India's 15-40% of steel export to Europe: Icra

The Carbon Border Adjustment Mechanism (CBAM) framework will impact India's 15-40 per cent of steel exports to Europe, Icra said on Thursday. The impact will be seen from the calendar year 2026 to 2034, the rating agency said in a report. The European Union (EU) is introducing the CBAM from October 1 this year. Icra said the EU is the second largest steel-consuming block globally. It recently signed the mechanism laying the framework for the imposition of taxes on embedded carbon imports from six sectors, which includes steel, aluminium, cement, hydrogen, electricity, and fertiliser. "...CBAM compliance requirements could pull down the profits of Indian steel exports to the EU by USD 60-165/MT between CY 2026 and CY2034. CBAM to impact between 15-40 per cent of India's annual steel exports which are made to Europe. Failure to reduce the carbon footprint may result in lower profits in EU markets," it said. According to Icra, India exports up to 3-5 million tonnes of finished steel

EU summons Kosovo, Serbia leaders for emergency talks amid conflict fears

The European Union has summoned the leaders of Serbia and Kosovo for emergency talks on Thursday to try to bring an end to a series of violent clashes near their border that is fuelling fears of a return to open conflict. EU foreign policy chief Josep Borrell said that he would hold urgent meetings with Kosovo Prime Minister Albin Kurti and Serbian President Aleksandar Vucic in Brussels. It was unclear whether the two would meet face-to-face, or only hold separate talks with Borrell. We need immediate de-escalation and new elections in the north with participation of Kosovo Serbs. This is paramount for the region and (the) EU, Borrell tweeted ahead of the talks. The 27-nation bloc has for years been leading talks aimed at reconciling the two foes, but with little success. Serbia and its former province Kosovo have been at odds for decades. Their 1998-99 conflict left more than 10,000 people dead, mostly Kosovo Albanians. Belgrade has refused to recognize Kosovo's 2008 declaration o

European Union's powerful lending arm eyes first 'debt-for-nature' swap

Debt-for-nature swaps, which help countries cut their debt in return for conservation commitments

Consumer groups call on EU regulators to probe generative AI risks

Consumer groups from 13 European countries on Tuesday called on regulators to launch urgent investigations into the risks of generative AI, such as ChatGPT

Adobe's $20 bn Figma acquisition under EU antitrust regulator's lens

Software major Adode's $20 billion acquisition of cloud-based designer platform Figma is reportedly under scrutiny by the antitrust regulators in the European Union, the media reported on Tuesday.

Late push to extend coal subsidies upsets EU deal on energy reforms

The proposed reform aims to make power prices more stable and predictable, by putting new state-backed renewables and low-carbon nuclear plants onto fixed-price contracts for difference

Germany's net-zero plan for old vehicles

Carbon-neutral synthetic fuels for existing internal combustion vehicles can revolutionise the future of transportation

India-EU case: WTO agrees to defer adoption of panel's ruling till Sep 19

The WTO's dispute settlement body on Thursday agreed not to adopt a ruling against India's import duties on certain information and technology products untill September 19, following a request for the same by the country and the European Union (EU). Both regions have requested this as they are engaged to resolve the dispute bilaterally. The World Trade Organisation (WTO) in a statement said that the members have agreed at a meeting of the Dispute Settlement Body (DSB) on June 15 to a request from the EU and India to grant it additional time to consider the adoption of the panel ruling. In a communication to the World Trade Organisation earlier this month, both regions have called for a special meeting of the WTO's dispute settlement body (DSB) on June 15. They had asked the DSB not to adopt the ruling, which was given by a WTO dispute settlement panel in April. The dispute panel of the WTO has ruled that the import duties imposed by India on certain informational and technology ..

India seeks carve out for MSMEs from European Union's carbon tax

The CBAM's transition-phase will kick in from October, followed by levying of carbon tax from January 2026

India seeks exemptions from EU's carbon tax for MSMEs: Commerce Secy

India has sought exemption for its MSMEs from the European Union's carbon tax, which would kick in from October this year, as the levy would impact the domestic industry in certain sectors, Commerce Secretary Sunil Barthwal said on Thursday. The EU is introducing the Carbon Border Adjustment Mechanism (CBAM) from October 1 this year. According to a report of the think-tank GTRI, CBAM would translate into a 20-35 per cent tax on select imports into the EU starting January 1, 2026. From October, domestic companies from seven carbon-intensive sectors -- including steel, cement, fertiliser, aluminium and hydrocarbon products -- will have to seek compliance certificates from the EU authorities to comply with the CBAM norms. The secretary said that they held a stakeholders' consultations meeting on the issue last month and discussed the preparedness of the industry for CBAM compliance. The compliance is in two parts - a requirement of filing data from October and later imposition of the

India must set its own artificial intelligence regulation: Experts

India must set its own AI regulation: Experts

Spotify fined $5.4 mn for data protection regulation violations in Sweden

Music streaming platform Spotify has been fined about $5.4 million in Sweden for breaching the data access rights of users in the European Union (EU)

Eurozone slips into recession after GDP shrinks 0.1% in Jan-Mar: Report

The Eurozone has fallen into recession, new data show, as its economy contracted over the winter, according to a media report