EU climate change News

Europe Automakers Will Not Challenge 2035 Fossil-Fuel Car Ban, Industry Group Says

Europe’s automakers will not challenge the European Union’s decision to effectively ban fossil-fuel vehicles as of 2035 no matter who wins this year’s European parliamentary elections, the head of the continent’s auto industry group said on Monday. Speaking at a …

EU Needs Trillions of Investments to Meet 2050 Climate Target: Research

The European Union will need 1.5 trillion euros ($1.6 trillion) per year of investments to meet its 2050 net zero emissions target, research backed by Green EU lawmakers said on Monday. The European Commission is set to recommend next week …

EU Auditors Say Real CO2 Emissions From Most Cars Have Not Fallen

Real CO2 emissions from most passenger cars on EU roads are the same as 12 years ago despite reduction targets set in 2010 for newly registered vehicles, putting in jeopardy Europe’s green agenda, the European Court of Auditors (ECA) said …

Insurers Are Still Backing Oil and Gas Industry Despite Rising Climate Threat: Report

Insurers are continuing to provide cover for increased oil and gas production even as they face large losses fueled by climate change, according to a new report. About 80% of the insurance market and 53% of the reinsurance market don’t …

Banks Told to Review Clients in Historic ESG Crackdown in EU

Banks in Europe will need to adjust the risk assessments they conduct of their clients to reflect new ESG requirements enforced by their watchdog. In a world first, the European Banking Authority is revising the framework that sets industrywide capital …

Banks in EU Get World’s First ESG-Related Rewrite of Capital Rules

In a global first, Europe’s main bank regulator is revising the framework that sets capital requirements so that lenders reflect environmental and social risks in mandatory, industrywide buffers. The European Banking Authority has identified “some short-term fixes” to minimum requirements …

EU to Seek COP28 Deal on Phasing Out Fossil Fuels: Draft Document

European Union countries are preparing to push for a global deal on phasing out fossil fuels at the United Nations COP28 climate summit which begins in November, a draft of the EU’s negotiating position showed. Diplomats from the bloc’s 27 …

Growing ‘Greenlash’ Fuels Fears for Europe’s Environmental Ambitions

A growing ‘greenlash’ against Europe’s environmental agenda has not so far derailed its decarbonization plans, but looming elections could put future climate and nature measures at risk. The European Union (EU) has burnished its role as a leader on climate …

EU Companies Get New ESG Rules Aimed at Addressing Climate Risks

Tens of thousands of companies operating in Europe face new requirements to report their operations’ ESG impacts as the European Union advances a plan to address climate change and environmental degradation through increased transparency and market pressures. The European Commission …

Executive Bonuses in Crosshairs in New CO2 Proposal: ESG Regulation

Executives will face bonus cuts if the companies they run fail to hit climate transition targets, under a new European Union proposal that greatly expands the range of levers regulators can draw on to meet terms of the Paris Agreement. …