What does the 'Made-in-EU' law say and why should Britain be concerned?
British Prime Minister Andy Burnham announced on Tuesday that he will make a case for Britain being considered a "trusted" partner under the proposed "Made in EU "rules of the European Union. The European Commission's Industrial Accelerator Act was unveiled by the European Commission in March. The Industrial Accelerator Act is part of the EU's broader efforts to help local industries compete against producers overseas who are not subjected to Europe's strict regulation and higher energy costs. The goal is to reduce reliance on China which dominates the production of green technologies including solar panel components.
EU aircraft sent to Belgium as it fights record wildfire
After Belgium requested emergency reinforcements, the European Union sent three 'helicopters' and two 'water bomber aircrafts? to tackle a record wildfire that broke all records in eastern Belgium. Since Friday, local firefighter, farmers, and the army are trying to put out the blaze that has been burning in the High Fens - Belgium's largest natural reserve. A spokesperson for the Wallonia region administration in Belgium said that by early Saturday afternoon it had already burned 1,600 acres. The fire is the largest ever recorded in Belgium.
EU aircraft sent to Belgium as it fights record wildfire
Three 'helicopters' and two 'water bomber aircrafts?were deployed by the European Union to tackle a wildfire that was raging on Saturday in eastern Belgium, according to the crisis commissioner of the bloc. Since Friday, firefighters, farmers, and the army have been battling the fire in the High Fens. Local media reported that by early Saturday afternoon it had?burned 1,600 hectares. They cited statistics from the Governor of Liege, the province. The fire would be the largest ever recorded in Belgium. It would surpass a 2011 blaze that?burned almost 1,400 hectares. Data from the European Forest Fire Information System revealed this.
Rezolv, a Romanian energy developer, will begin construction of the largest solar park in Europe this summer
Alastair Hammond, the Chief executive of Rezolv, said that they aim to increase their renewable energy portfolio from 2.3 GW to 4 or 5 Gigawatts in Central and Southeast Europe by 2030. The company plans to start construction on a 1GW solar project, expected to be completed in 2028, in western Romania in the late summer. Rezolv is a renewable energy project developer and operator that operates in Central and Southeastern Europe. The portfolio includes 2.3 GW of solar and wind assets located in Romania and Bulgaria that are either in operation, construction or late-stage financing.
Ten countries ask EU to reconsider new carbon pricing on fuel
Ten countries, including Italy, Poland and the Czech Republic, have urged the European Union (EU) to "reconsider" a new carbon fuel price as part of an independent revision of the EU's carbon market. They could be pitted against those who support the new charge, such as Germany and Sweden. The European Commission is set to propose on Friday a revision to the CO2 trading system that forces power plants, factories, airlines, and shipping companies, among others, pay for their CO2 emission. In a joint statement with the Commission…
The IEA warns that EU's methane laws could restrict the bloc's oil supplies options
The International Energy Agency warned that the EU's rules on methane could restrict the oil supply available to the bloc. Member states are preparing to discuss the calls of Germany and other countries to delay these measures. The EU has passed legislation to reduce emissions of methane, a powerful greenhouse gas. In January 2027, imports of oil and gas will have to comply with emission monitoring requirements that are equivalent to the EU standard or OGMP 2.0. The IEA?said that around 22 million barrels of oil per day will be produced globally in 2027 to meet OGMP 2.0 --?but not all would be available to EU.
Industry warns that EU restrictions on Chinese components could halt the rollout of renewables in developing countries.
Companies and investors have warned that a ban on EU funding of Chinese-made inverters, a key component for clean energy projects, could slow or stop the rollout solar and wind power projects in countries with lower incomes who rely heavily on public funds. The European Union wants to be more independent in certain strategic industries, but it is still heavily dependent on Chinese suppliers for technology that is crucial to the green transformation of the bloc. In May, the European Commission blocked EU funds for inverters…
Germany warns that the EU methane law could disrupt jet fuel supply
Germany, Europe's largest gas market, warned that EU plans to regulate methane emissions for oil and gas imports could disrupt jet fuel supply, already under pressure from the Iran War's energy shock. The?European?Union?will require monitoring and verifying methane emission for fuel deliveries into the bloc. The regulations aim to reduce leaks of this powerful greenhouse gas, but they have been met with strong opposition by industry and suppliers. This includes the U.S. which warned last week that the law will hamper gas deliveries to Europe.
Eastern and Central European countries call on EU to strengthen carbon fund for the poorer members
A letter obtained by? showed that Eastern and Central European countries, including Poland, Bulgaria and Romania, have asked the European Union to strengthen a fund which?helps EU poorer nations transition to cleaner energy. A letter seen by? showed that Brussels is preparing to restructure the EU's largest climate change policy. The European Commission, which is working on a revision to the EU Emissions Trading System (ETS), is receiving competing requests from both governments and industry about how best to modify the massive scheme. The Commission's proposal is due by July 15.
EU Crafts plan to give extra free CO2 allowances this year, say diplomats
According to EU diplomats and draft conclusions for the EU leaders summit, the European Union will grant additional 'free CO2 permits' to industry this year in order to help it compete against foreign competitors. The move may allow companies to increase their emissions. The plan is a response to the pressure of countries such as Italy, Poland, and the Czech Republic, to loosen up the EU's flagship policy on climate change, the Emissions Trading System. The ETS requires heavy industries to purchase?permits for CO2 emissions, which provides an incentive to emit the least amount of CO2.
Stephen Jen: The timing of the return of ROI-China could not be better.
China has finally turned the corner. China's economy has finally turned a corner, five years after Beijing started cracking down its bloated real estate sector. It is now on a more sustainable path, anchored in quality growth. The correction left fewer scars that many had feared. China's real estate sector has been in a "bear market" since 2021. Prices have fallen by 40 to 50 percent on average. It was not accidental. Beijing's "three red lines" policy in 2020 was designed to curb a property bubble that had ballooned. It clamped down heavily on leverage.
Document shows that eight countries have warned the EU against a weakening of carbon markets
Spain, the Netherlands, and six other countries have urged the European Union to not dismantle the emissions trading system of the bloc, which is its primary climate change policy. This comes as Brussels searches for ways to reduce energy prices. Energy?prices are surging due to disruptions in Middle Eastern oil and natural gas supplies. Brussels faces calls from governments, including Italy, to suspend the ETS. The ETS requires power plants to purchase permits to cover CO2 emissions. In a paper published by a group of EU countries…
Minister: Czechs discuss 1.5 billion cubic meters of LNG with US
Hospodarske Noviny reported that the Czech Republic was 'in talks' with the United States for the supply of 1.5 billion cubic metres of liquefied natural gas. Since the Russian invasion of Ukraine, in '2022, the Czech Republic, like other countries in Central and Eastern Europe has diversified its energy sources. S&P Global reports that this has helped to cushion the impact of the Middle East war. Czech Industry Minister Karel Havlicek has been quoted as saying he met with U.S. Commerce Sec. Howard Lutnick in order to discuss this deal. This would include utility CEZ.
S&P: Central Europe is more resilient to supply shocks in the face of Iran war
S&P Global reported?on Tuesday that Central and Eastern Europe is more resilient to energy?shocks as a result of efforts to diversify the sources of energy since Russia's invasion in?Ukraine 2022. This provides buffers against economic impacts of the war in the Middle East. S&P Global said?on Tuesday that the region's import-dependent financial markets have been shaken by U.S. and Israeli war against Iran. This has driven up energy prices, central European currency, and bond yields, before Tuesday's relief rallies on hope of de-escalation.
What's in the EU Buy-European Law?
On Wednesday, the European Commission proposed new rules that require a minimum percentage of public funds to be spent in Europe on electric cars, windmills, and other "key technologies" when they are purchased or manufactured. Why do it? The "Industrial Accelerator Act" is part of the EU's efforts to help local industry compete with foreign producers who are not subjected to Europe's strict regulations and higher prices for energy. It aims to avoid losing green tech industries, such as solar panels, to China. China already dominates the manufacturing of many of these products.
CEE ECONOMY - Czech inflation slows down in February, but not likely to cause central bank to cut rates
The preliminary data released on Wednesday showed that 'Czech inflation fell further below the central banks target in February. Its headline rate dropped to a lower than nine-month-low of 1.4% on the back of a slower food price increase and lower energy prices. The data comes after the Czech National Bank discussed a renewed policy of easing during its last meeting, on February 5. Conflict in the Middle East as a result of U.S.-Israeli strikes on Iran over the weekend has widened and upset?markets. Soaring oil and gasoline prices are fueling global inflation fears.
carried Ukrainian and Russian oil before attack
The Druzhba pipeline exported some Ukrainian oil, as well as much higher volumes of Russian crude, before it was damaged a month ago by a Russian strike that has led to a halt in supply, three industry sources familiar with the matter said.Oil shipments to Hungary and Slovakia through the pipeline primarily operated by Russia have been suspended since January 27 following what Kyiv says was a Russian attack on pumping installations in western Ukraine, prompting a dispute within the European Union and efforts…
EU delays 'Made in Europe' plan after disagreements over scope
The European Commission announced on Monday that it had 'delayed announcement of a new policy to prioritise industrial products and parts made in Europe by a week due to disagreements over the scope of the program. Thursday was the date set for the announcement of these measures, which would establish minimum thresholds in order to use locally-made parts in projects involving public funds. These include strategic sectors such as batteries, solar and renewable energy, and nuclear power. A spokesperson from the office of Commission Executive Vice President Stephane Séjourne stated that "Following discussions…
MOL Orders Alternative Oil to Supply Hungary, Slovakia Refineries
Hungary's MOL group has ordered tankers delivering Saudi, Norwegian, Kazakh, Libyan and Russian oil to supply its Hungarian and Slovak refineries and halted diesel supplies to Ukraine as it scrambles to overcome an outage of the Druzhba pipeline, officials said on Wednesday.MOL's refineries, the last in the EU to receive Russian oil through Druzhba, have struggled since a supply halt that Ukraine says was due to a Russian attack that damaged the pipeline infrastructure on January 27.The refineries plan to start tapping state oil reserves, with the Slovak government approving on Wednesday a loan of 250,000 tonnes.Both countries have
What's in the EU's proposed 'Made in Europe' law draft?
Next week, the European Commission will introduce a new law requiring a minimum percentage of products to be "made in Europe" when using public money to support 'key strategic technologies. Why do it? Why do it? Prioritizing European-made products in public contracts will allow the EU to leverage the financial power of public procurement, which is more than 2 trillion euro ($2.37 trillion), or 14% of EU output. What will the law do? According to a draft of the "Industrial Accelerator Act", which is due to be published by February 26…