Sustainable recovery

Bigger capital requirements hang over EU insurance sector in Solvency review

Economy & Jobs 02-03-2021

EU regulators and the insurance sector disagree over whether the review of the rules for the industry (Solvency II) should include higher capital requirements to deal with risks of interest rate changes, which insurers say would mean less money to support recovery.

EU advisors and Poland’s PGE increase pressure over gas in green finance rules

The European Commission came under new pressure on Monday (22 February) from Poland's biggest power producer, PGE, and its own advisors, over whether to include gas power in EU rules on sustainable finance.

Concerns raised over green spending as EU moves forward with recovery plan

The President of the European Commission, Ursula von der Leyen, has called on EU member states to speed up delivery of their national spending plans in order tap into the EU's €750 billion recovery fund, but concerns have been raised over a lack of transparency on how the money may be spent.

Nuclear faces ‘a lot of uncertainty’ as EU green evaluation looms

The industry is growing increasingly nervous about European Commission plans to evaluate the safety of radioactive waste handling as an expert report is expected next month on how to classify nuclear energy under the EU’s green finance taxonomy.

European investment bank loses landmark case on ‘green’ scrutiny

The European Investment Bank (EIB) illegally avoided environmental scrutiny of its financing decisions, the Court of Justice of the European Union ruled on Wednesday (27 January).
Economy & Jobs 27-01-2021

Europe strongly impacted by extreme weather, says new Climate Risk Index

The Berlin-based think tank Germanwatch published its Climate Risk Index for this year just in time for the virtual Climate Adaption Summit (CAS2021). The Global South tends to suffer more from extreme weather than the North, but Germany is also been among the 20 most severely affected countries worldwide over the past 20 years.

European Central Bank sets up climate team, considers green bonds

Climate change will be key to the review of the European Central Bank's policy, its president, Christine Lagarde, announced on Monday (25 January), marking a possible shift towards 'greener' monetary policy.
Economy & Jobs 26-01-2021

Banks ask for better data to implement EU green finance taxonomy 

The availability of good data is seen as one of the main challenges to implement the EU taxonomy on sustainable finance, according to a test conducted by banks published on Monday (25 January).

Brussels postponed green finance rules after 10 EU states wielded veto

The European Commission was forced to delay publication of detailed implementing rules on the EU’s sustainable finance taxonomy because of the sheer number of comments received and a threat of blockage from eastern and southern EU member states, EURACTIV can reveal.

EU agrees to set aside 37% of recovery fund for green transition

Negotiations between the European Parliament and EU member states on the bloc's coronavirus recovery fund concluded early on Friday morning (18 December), unlocking €265 billion of the total €672.5 available for the green transition in EU countries.
Economy & Jobs 11-12-2020

Commission prepares ground for ‘ambitious’ sustainable finance strategy

The European Commission will present in early 2021 an “ambitious” sustainable finance strategy to mobilise the private investment needed to meet the EU’s climate targets.
Economy & Jobs 07-12-2020

EU gives Hungary and Poland 24 hours to lift veto

The EU will start preparing a recovery fund against the pandemic without Hungary and Poland unless the two countries lift by Tuesday their veto to the EU budget and the stimulus totalling € 1.8 trillion agreed last July, a senior EU diplomat said.  
Economy & Jobs 02-12-2020

Commission considers options for recovery fund without Hungary and Poland 

The European Commission is assessing options to circumvent Hungary and Poland’s veto to the EU budget and the recovery fund, and could come up with a proposal early next year if their blockade remains, a senior EU official confirmed on Wednesday (2 December).
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Aviation 02-12-2020

A Green Recovery for Aviation

The COVID-19 pandemic has hit the European aviation sector particularly hard. Almost 90% of Europe’s flights were grounded from March to May, and today that figure stands at 62%. The entire aviation sector will continue to face significant challenges in...
Economy & Jobs 19-11-2020

Lagarde vows to act ‘with determination’ against second wave

European Central Bank President Christine Lagarde said on Thursday (19 November) that the institution will act "with determination” against the second wave of the pandemic, ahead of the new monetary stimulus she is expected to announce in December.
Economic governance 18-11-2020

Commission green-lights extra spending to avoid double-dip recession 

The European Commission has given its blessing to the draft budgetary plans submitted by the 19 eurozone countries, containing the extra spending to combat the risk of a new recession, but warned about the growing imbalances in many EU economies.
Economy & Jobs 16-11-2020

Hungary and Poland veto stimulus against pandemic 

Hungary and Poland blocked the approval of the EU’s seven-year budget and the recovery fund totalling €1.81 trillion, as both countries continued to oppose the rule of law mechanism attached to the EU funds. 
Agrifood 11-11-2020

EU farming recovery fund to be rolled out from 2021

A provisional agreement has been struck on the rollout of recovery funds in the EU agricultural sector, which will make a total of €10 billion available for farmers from 2021 up until the end of 2022.
Circular economy 09-11-2020

Sustainable Finance: Opportunity or threat for the manufacturing industry?

Since the publication of the Sustainable Finance Package in 2018, the European Commission has sent clear messages to investors in Europe that the financial sector must not harm the planet and its citizens, and must avoid green washing. The objectives...
Economy & Jobs 04-11-2020

Eurogroup excludes additional EU stimulus against second virus wave

Eurozone finance ministers said late on Tuesday (3 November) that Europe “is now better equipped” to address the COVID-19 crisis and ruled out new joint measures to tackle the second wave of the virus.
Economy & Jobs 03-11-2020

Parliament pushes for easing recovery fund conditionality

The European Parliament will fight to loosen the conditionality required from national governments in order to receive money from the EU recovery fund, according to the negotiating position MEPs will adopt this week.

Green EU funding is decided, now it must be spent wisely, says energy commissioner

30% of the EU's €1.8 trillion budget and recovery plan for 2021-2027 will be made available for the green transition. That amount is no longer up for negotiation and the focus must now shift to spending it well, said Kadri Simson, the EU's energy commissioner.
Economy & Jobs 29-10-2020

Parliament and Council near agreement on rule of law conditionality

The European Parliament and the Council were close to reaching an agreement on Thursday (29 October) on the Rule of Law conditionality attached to EU funds, but they continued to disagree on how to trigger the mechanism.
Economy & Jobs 27-10-2020

Economic support will last ‘as long as necessary’, says Gentiloni

Given the increasing number of covid-19 cases and the risk of a double-dip recession, the support to the European economy will be maintained “as much as is needed, for as long as is needed”, said on Tuesday (27 October) commissioner for Economy, Paolo Gentiloni.
Economy & Jobs 15-10-2020

Sassoli calls for ‘imagination’ to overcome budget negotiations deadlock

European Parliament President David Sassoli asked EU leaders on Thursday (15 October) to increase their financial contributions to the EU budget and called for “imagination” to make progress on the stalled negotiations.
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