Eleven EU countries call to ban fossil fuels from trans-European energy infrastructure

Initial coin offerings (ICOs) are a relatively new method of raising capital for early-stage ventures. They allow businesses to raise capital for their projects, by issuing digital tokens in exchange for crypto assets or fiat currencies. They constitute an alternative to more traditional sources of start-up funding such as venture capital (VC) and angel finance. ICOs can potentially offer advantages in comparison with traditional ways of raising capital. At the same time, their opacity and the general tendency for issuers to exploit regulatory loopholes can carry significant risk for investors, may make ICOs vulnerable to money laundering and terrorist financing, and could even create financial stability concerns. ICOs have been met with a wide range of initial regulatory responses: from an outright ban in the case of China and South Korea, to more supportive approaches in other jurisdictions, with Singapore in Asia and Switzerland in Europe leading the way. As for the European Union (EU) and the United States, the relevant regulatory agencies initially published warning notices, reinforced by statements that securities laws could apply and registration be necessary. The EU went a step further and is currently seeking to partially regulate ICOs, with a proposal for a regulation on markets in crypto-assets (MiCA regulation). Meanwhile, some Member States are currently implementing regulatory sandboxes, to provide an impetus for innovation without imposing the immediate burden of regulation.

Source : © European Union, 2021 – EP

The EU supports the development of high-performing, sustainable and interconnected trans-European networks in the areas of transport, energy and digital infrastructure. It set up the Connecting Europe Facility (CEF) as a dedicated financing instrument for the 2014-2020 period, to channel EU funding into the development of infrastructure networks, help eliminate market failures and attract further investment from the public and private sectors. Following a mid-term evaluation, the European Commission proposed to renew the programme under the long term EU budget for the 2021-2027 period. In the 2014-2019 term, the Council and the European Parliament provisionally agreed on the content, leaving aside the budget and the questions relating to third countries. Negotiations resumed in the present term, reflecting the Commission’s revised MFF proposal of May 2020 and the European Council conclusions of July 2020. Final details were agreed on 11 March 2021. The agreement has already been confirmed by the responsible parliamentary committees TRAN and ITRE, and the Council subsequently adopted its first-reading position on 14 June 2021. The Parliament is expected to vote at second reading during the July plenary session. Once adopted, the new CEF regulation will apply retroactively from 1 January 2021. Fifth edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Source : © European Union, 2021 – EP

Using hydrogen-based fuels for cars and home heating risks locking in a dependency on fossil fuels and failing to tackle the climate crisis, according to a new analysis. EURACTIV’s media partner, The Guardian, reports.

With the trans-European transport network (TEN-T) policy, the European Union seeks to develop a modern, efficient and climate-friendly network covering all transport modes. Despite the TEN-T’s importance for the economy and society, and despite the binding timelines and targeted financial support, it risks not being completed as planned. This is partly due to complex administrative procedures linked to permit-granting for cross-border projects as well as broader regulatory uncertainty, often resulting in delays and increased cost. To speed up the network’s completion, the Commission has proposed regulatory measures to integrate and shorten permit-granting for projects, and facilitate public consultations and the involvement of private investors. On 8 June 2020, the Parliament and the Council agreed on a ‘smart TEN-T directive’, with this legal form giving Member States more flexibility. The text could not however be adopted before the finalisation of the new Connecting Europe Facility programme, as the annexes of both texts are interlinked. The Council adopted its first-reading position on the ‘smart TEN-T directive’ on 14 June 2021 and the Parliament is due to vote on it during the July plenary session. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Source : © European Union, 2021 – EP

In the context of the multiannual financial framework (MFF) for the 2021-2027 period, the Council has adopted Council Regulation (Euratom) 2021/948 of 27 May 2021 establishing a European instrument for international nuclear safety cooperation complementing the Neighbourhood, Development and International Cooperation Instrument – Global Europe on the basis of the Treaty establishing the European Atomic Energy Community. Regulation 2021/948 complements, but is separate from, the new Global Europe Instrument. Regulation 2021/948 replaces Council Regulation (Euratom) No 237/2014 of 13 December 2013 establishing an instrument for nuclear safety cooperation (INSC). It continues to fund the important activities carried out under the previous regulation, namely to support the promotion of a high level of nuclear safety and radiation protection and the application of effective and efficient safeguards of nuclear materials in third countries, building on the activities under the Euratom Treaty. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Source : © European Union, 2021 – EP