Latest news with #NachoDoce
The Star
14 hours ago
- Business
- The Star
EU plans to add carbon credits to new climate goal, document shows
FILE PHOTO: A view shows wind turbines in front of a cow at Paradela's City Council, in Galicia, Spain September 27, 2022. REUTERS/Nacho Doce/File Photo BRUSSELS (Reuters) -The European Commission is set to propose counting carbon credits bought from other countries towards the European Union's 2040 climate target, a Commission document seen by Reuters showed. The Commission is due to propose a legally binding EU climate target for 2040 on July 2. The EU executive had initially planned a 90% net emissions cut, against 1990 levels, but in recent months has sought to make this goal more flexible, in response to pushback from governments including Italy, Poland and the Czech Republic, concerned about the cost. An internal Commission summary of the upcoming proposal, seen by Reuters, said the EU would be able to use "high-quality international credits" from a U.N.-backed carbon credits market to meet 3% of the emissions cuts towards the 2040 goal. The document said the credits would be phased in from 2036, and that additional EU legislation would later set out the origin and quality criteria that the credits must meet, and details of how they would be purchased. The move would in effect ease the emissions cuts - and the investments required - from European industries needed to hit the 90% emissions-cutting target. For the share of the target met by credits, the EU would buy "credits" from projects that reduce CO2 emissions abroad - for example, forest restoration in Brazil - rather than reducing emissions in Europe. Proponents say these credits are a crucial way to raise funds for CO2-cutting projects in developing nations. But recent scandals have shown some credit-generating projects did not deliver the climate benefits they claimed. The document said the Commission will add other flexibilities to the 90% target, as Brussels attempts to contain resistance from governments struggling to fund the green transition alongside priorities including defence, and industries who say ambitious environmental regulations hurt their competitiveness. These include integrating credits from projects that remove CO2 from the atmosphere into the EU's carbon market so that European industries can buy these credits to offset some of their own emissions, the document said. The draft would also give countries more flexibility on which sectors in their economy do the heavy lifting to meet the 2040 goal, "to support the achievement of targets in a cost-effective way". A Commission spokesperson declined to comment on the upcoming proposal, which could still change before it is published next week. EU countries and the European Parliament must negotiate the final target and could amend what the Commission proposes. (Reporting by Kate Abnett, Editing by Timothy Heritage)
Straits Times
15 hours ago
- Business
- Straits Times
EU plans to add carbon credits to new climate goal, document shows
Wind turbines spin in front of the Atlantic Ocean near Zahara de los Atunes, Spain May 27, 2025. REUTERS/Nacho Doce BRUSSELS - The European Commission is set to propose counting carbon credits bought from other countries towards the European Union's 2040 climate target, a Commission document seen by Reuters showed. The Commission is due to propose a legally binding EU climate target for 2040 on July 2. The EU executive had initially planned a 90% net emissions cut, against 1990 levels, but in recent months has sought to make this goal more flexible, in response to pushback from governments including Italy, Poland and the Czech Republic, concerned about the cost. An internal Commission summary of the upcoming proposal, seen by Reuters, said the EU would be able to use "high-quality international credits" from a U.N.-backed carbon credits market to meet 3% of the emissions cuts towards the 2040 goal. The document said the credits would be phased in from 2036, and that additional EU legislation would later set out the origin and quality criteria that the credits must meet, and details of how they would be purchased. The move would in effect ease the emissions cuts - and the investments required - from European industries needed to hit the 90% emissions-cutting target. For the share of the target met by credits, the EU would buy "credits" from projects that reduce CO2 emissions abroad - for example, forest restoration in Brazil - rather than reducing emissions in Europe. Proponents say these credits are a crucial way to raise funds for CO2-cutting projects in developing nations. But recent scandals have shown some credit-generating projects did not deliver the climate benefits they claimed. The document said the Commission will add other flexibilities to the 90% target, as Brussels attempts to contain resistance from governments struggling to fund the green transition alongside priorities including defence, and industries who say ambitious environmental regulations hurt their competitiveness. These include integrating credits from projects that remove CO2 from the atmosphere into the EU's carbon market so that European industries can buy these credits to offset some of their own emissions, the document said. The draft would also give countries more flexibility on which sectors in their economy do the heavy lifting to meet the 2040 goal, "to support the achievement of targets in a cost-effective way". A Commission spokesperson declined to comment on the upcoming proposal, which could still change before it is published next week. EU countries and the European Parliament must negotiate the final target and could amend what the Commission proposes. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
02-06-2025
- Business
- Straits Times
In Spain, short-term rentals surge despite bid to rein in overtourism
FILE PHOTO: Stickers that read \"Tourism kills the City\" are stuck on a Tourist City Sightseeing bus, with the La Sagrada Familia Basilica reflected on it, during a protest against mass tourism in Barcelona, Spain April 27, 2025. REUTERS/Nacho Doce/File Photo In Spain, short-term rentals surge despite bid to rein in overtourism MADRID - The supply of short-term rentals for tourists has jumped 25% in Spain over the last two years, a study by tourism lobby group Exceltur found, despite the local governments' attempts to curtail them amid a housing crisis. The boom in tourist accommodation is growing at an above- average pace in several of the top 50 tourist municipalities and destinations which accounted for half of all international visitor arrivals in 2024, the Exceltur study added. Conversely, the number of hotel rooms available grew by just 2% between 2022 and 2024, according to official data of registered tourist accommodation and listings on platforms analysed by Exceltur. Spain has been looking for ways to restrict the number of homes rented to tourists following a post-pandemic boom in visitors, amid protests by residents who blame overtourism for a spike in rental or home purchase prices. The measures seek to push landlords towards longer-term rentals to residents amid a countrywide deficit of 450,000 homes, according to the Bank of Spain. In Barcelona, the mayor banned all permits for short-term rentals by 2028, while Malaga, Madrid and the Canary Islands are restricting new permits. Last week, the government ordered Airbnb (ABNB.O) to withdraw more than 65,000 listings it said violated existing rules from its platform. Airbnb said it would appeal. "The big problem with these regulations is that, with traditional inspections, regional and local governments have been unable to enforce them," Exceltur vice president, Oscar Perelli, told Reuters on Monday. Tourist rentals in Madrid surged by 49% between 2022 and 2024, representing 38% of a total 176,702 beds for visitors, Exceltur said. In Malaga, tourist accommodation has increased by 36% in two years, now making up 56% of the offer to visitors. In Barcelona, a moratorium of several years on rental permits hasn't yet stemmed growth, with short-term rentals increasing by 26%, Exceltur added. Spain is the world's second most popular tourist destination after France, with 25.6 million international tourists visiting in the first four months of this year, up 7% from 2024. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
23-05-2025
- Business
- The Star
Soccer-Brazilian Ronaldo sells stake in Valladolid
FIE PHOTO: Soccer Football - LaLiga - FC Barcelona v Real Valladolid - Camp Nou, Barcelona, Spain - August 28, 2022 Real Valladolid majority owner Ronaldo in the stands before the match REUTERS/Nacho Doce/File Photo (Reuters) - Former Brazil striker Ronaldo has sold his majority stake in Real Valladolid to a North American investment group, the Spanish club said on Friday. Valladolid's relegation from LaLiga was confirmed in April. With one match remaining, away to Leganes on Saturday, they are bottom of the standings with 16 points after suffering 29 defeats. It will be Valladolid's third relegation since Ronaldo, 48, became majority owner of the club in 2018. Ronaldo last year sold his majority stake in Cruzeiro, the club where he started his senior career. (Reporting by Tommy Lund in Gdansk, editing by Ed Osmond)
Straits Times
23-05-2025
- Business
- Straits Times
Brazilian Ronaldo sells stake in Valladolid
FIE PHOTO: Soccer Football - LaLiga - FC Barcelona v Real Valladolid - Camp Nou, Barcelona, Spain - August 28, 2022 Real Valladolid majority owner Ronaldo in the stands before the match REUTERS/Nacho Doce/File Photo Former Brazil striker Ronaldo has sold his majority stake in Real Valladolid to a North American investment group, the Spanish club said on Friday. Valladolid's relegation from LaLiga was confirmed in April. With one match remaining, away to Leganes on Saturday, they are bottom of the standings with 16 points after suffering 29 defeats. It will be Valladolid's third relegation since Ronaldo, 48, became majority owner of the club in 2018. Ronaldo last year sold his majority stake in Cruzeiro, the club where he started his senior career. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
