EU says it is on track to meet main 2030 climate and energy goals
An audit of the implementation of National Energy and Climate Plans mandated by European Climate Law showed most member states had "substantially" shown improvement, particularly following new recommendations in December 2023, the European Commission said in a news release.
"The commission's assessment shows that the EU is currently on course to reduce net GHG emissions by around 54% by 2030, compared to 1990 levels, if member states implement fully existing and planned national measures and EU policies," the commission said.
The estimate for the proportion of energy that will come from renewables was 41%.
"In the current geopolitical context, this demonstrates that the EU is staying the course on its climate commitments, investing with determination in the clean energy transition and prioritizing the EU's industrial competitiveness and the social dimension," the statement added.
The findings from updated plans submitted by 23 of the 27 member states, as of the middle of last month, mark a turnaround for Brussels, which had been warning that the last set of plans from 2023 indicated 2030 climate and energy goals were in danger of slipping.
"When we play our cards and instruments in a smart manner, we deliver as a continent," said EU competition and climate chief, Teresa Ribera of Spain.
But she warned the bloc must continue to press forward because with climate disasters becoming more frequent unpreparedness "imposes more cost to our economy and creates more social harm."
Belgium, Poland and Estonia, which have yet to submit their final NECPs, almost a year away from the June 30 deadline, "must do so without delay," warned the European Commission, which said it was in the process of reviewing Slovakia's submission received last month.
The commission acknowledged issues with other goals in the 2030 targets on carbon absorption and energy efficiency with the bloc failing to establish sufficient forests and other areas that act as carbon sinks to absorb the required 310 millions tons of CO2 a year.
Member states were also forecast to miss a target to reduce energy consumption by 11.7% by boosting efficiency with current projections showing usage set to come down by just 8.1%.
The European Commission said the next phase would focus on channeling public funds into "transformative" investments, fostering private investment and coordinating the effort on a EU level but also regionally to meet the goals.
The projected cost to achieve all the targets is an eye-watering $644.5 billion, although the commission said that number had to be weighed against the $486 billion EU nations paid for imported fossil fuels in 2023.
However, the whole enterprise pivots on member states remaining committed amid mounting public dissatisfaction with the associated disruption and expense amid a cost of living crisis and a growing squeeze on government budgets, particularly from pressure to up the proportion of national income spent on defense.
U.S. President Donald Trump has continued an effort begun in his first 2017-2021 term to pressure NATO's European members -- most of which still spend less than 2.5% of GDP on defense -- to pick up more of the tab by raising that figure to 5%.
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12 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures nudge higher as Trump-EU trade deal kicks off huge week in markets
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Yahoo
12 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures nudge higher as Trump-EU trade deal kicks off huge week
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Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Romania expects small growth hit from new US trade deal
By Luiza Ilie and Jason Hovet BUCHAREST/PRAGUE (Reuters) -Romania said on Monday a 15% U.S. import tariff on European goods would mean a small hit to central Europe's second-largest economy, while export-reliant Slovakia hailed the U.S. trade deal as a "good result". Sunday's framework trade agreement between the United States and the European Union staved off the threat of a trade war, which has loomed over the region's economies, among the EU's most dependent on trade. Romania's largest employers' association Concordia - which represents 20 industries accounting for 30% of Romania's output - told Reuters it estimated the tariffs could now shave up to 0.2% off the country's growth. "Economic growth in the euro zone will be affected, with estimates from international institutions showing a possible reduction in the growth rate by 0.3%-0.4%, which would mean a reduction in economic growth in Romania by 0.15%-0.2%," Concordia macroeconomist Iulian Lolea said. He said a firmer euro against the dollar also made European goods less competitive in the American market. Romania's economy grew just 0.8% last year, its slowest rate since the COVID-19 pandemic, and government efforts to rein in the EU's highest budget deficit from unsustainable levels could also dent growth prospects. The trade deal sets a 15% baseline tariff on imports, including cars, a mainstay of central European exports, which had faced 27.5% in customs duties before. That level is nonetheless still sharply up from a pre-existing 2.5%. The Czech Automotive Industry Association said the 15% levy was not low but "the threat of further escalation has been averted and a certain degree of predictability has been restored". Romanian Prime Minister Ilie Bolojan said Sunday's deal eliminated some uncertainty weighing on transatlantic trade. Prime Minister Robert Fico of Slovakia, whose country's share of goods exports as a percentage of national output is the highest in the EU, called the trade deal a "good result", while waiting to see details on energy and military purchases. "We will all be interested in what the EU's commitment to buy U.S. energy for $750 billion and higher investments in American arms entails," Fico said. Hungary's Prime Minister Viktor Orban sharply criticised European Commission President Ursula Von Der Leyen for what he said was a poorly negotiated deal. "This is not an agreement ... (President) Donald Trump ate (European Commission President) Von der Leyen for breakfast." (Writing by Gergely Szakacs Editing by Giles Elgood)