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On 30 November 2022, as part of the European Green Deal, the European Commission presented the legislative proposal for a Union certification framework for carbon removals. The initiative was first announced in the March 2020 new circular economy action plan and again highlighted in the climate target plan, as well as in the proposed 'fit for 55' revision of the regulation on land use, land-use change and forestry (LULUCF), as an essential tool to drive progress towards the 2050 climate neutrality ...

Russia's brutal war of aggression against Ukraine may not be taking place geographically in the Arctic, but it has already had a plethora of impacts on the circumpolar north, the repercussions of which are likely to spread well beyond the region. First, the war has negatively affected cooperation, as activities with Russia in the framework of regional forums such as the Arctic Council (AC), the Barents Euro-Atlantic Council (BEAC), the Council of the Baltic Sea States (CBSS) and the Northern Dimension ...

COP28 climate change conference: Outcomes

Auf einen Blick 13-12-2023

The 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change in Dubai, United Arab Emirates, ended on 13 December 2023. The conference operationalised the Loss and Damage Fund, which was established by COP27 in 2022. It also concluded the first global stocktake of climate action under the Paris Agreement and adopted a decision calling for accelerated short-term action and an orderly transition away from fossil fuels towards climate-neutral energy systems – the first-ever ...

Climate considerations have entered the agenda of the ECB in recent years. The ECB has intensified its analyses of the macroeconomic impact of climate change and started to evaluate and implement more active approaches and best practices to support the green transition. In this paper we discuss how climate change could affect monetary policy, other policies available to the ECB to support the green transition, and potential trade-offs with its primary objective of price stability. This document ...

Rising inflation complicates the alignment of the ECB’s policies with the Paris Agreement. This paper provides novel evidence for inflationary pressures arising from natural disasters. We then discuss the effectiveness of monetary instruments to boost a green transition, concluding that the scope of policy measures used thus far is limited. As additional measures, we advise active rebalancing of the ECB’s bond holdings towards greener issuers, enforcing stricter disclosure standards, and differentiating ...

Netto-Null-Industrie-Verordnung

Auf einen Blick 15-11-2023

Im März 2023 schlug die Kommission eine Verordnung zur Stärkung des europäischen Ökosystems für die Fertigung von Netto-Null-Technologieprodukten vor („Netto-Null-Industrie-Verordnung“). Auf der November-II-Plenartagung 2023 soll das Europäische Parlament über den Bericht abstimmen, den sein Ausschuss für Industrie, Forschung und Energie (ITRE) am 25. Oktober 2023 angenommen hat. Der Bericht würde dann den Standpunkt des Europäischen Parlaments für die Verhandlungen mit dem Rat bilden, der noch keinen ...

Klimakonferenz COP 28 in Dubai

Auf einen Blick 15-11-2023

Die 28. Konferenz der Vertragsparteien (COP 28) des Rahmenübereinkommens der Vereinten Nationen über Klimaänderungen findet vom 30. November bis zum 12. Dezember 2023 in Dubai (Vereinigte Arabische Emirate) statt. Die Konferenz bildet den Abschluss der ersten weltweiten Bestandsaufnahme der Klimaschutzmaßnahmen im Rahmen des Übereinkommens von Paris, eines zweijährigen Prozesses zur Überprüfung der Fortschritte und zur Festlegung des weiteren Vorgehens. In der November-II-Plenartagung soll das Europäische ...

Leaders and government officials from across the world will meet for the COP28 climate summit in Dubai, United Arab Emirates, from 30 November to 12 December, to try to raise ambition in efforts to fight climate change. The summit's main aim is to take stock of countries’ efforts to limit greenhouse gas emissions to a level that keeps dangerous human-induced climate change in check, to adapt to climate change, and to mobilise climate finance. COP, or the Conference of Parties, is an annual United ...

This paper analyses how the European Central Bank (ECB) can incorporate climate change considerations in its monetary policy implementation. It reviews the impact of climate shocks on inflation and the instruments to decarbonise the ECB’s asset and collateral portfolio. The paper concludes with recommendations for the ECB to increase the low-carbon allocation in its monetary policy framework. This will in turn speed up the green transition and decrease the euro area’s fossil fuel dependency. This ...

This At a glance note summarises the first research paper in a series of three, prepared for a PECH Committee Workshop. The study gives insight on the challenges and opportunities arisen from the application of the European Green Deal to European fisheries. It identifies solutions that are currently being applied regarding decarbonisation and circular economy practices in fisheries and observed strengths and weaknesses of the regulatory framework. It provides policy recommendations to move towards ...