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Brussels Edition: All things climate

Brussels Edition
Bloomberg

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

EU Commissioners will zero in on climate change at their weekly meeting today — from an ambitious new emissions goal to state aid in the European carbon market. The Commission is poised to adopt guidelines on how governments can compensate companies for costs related to greenhouse-gas discharges passed on in electricity prices. A proposal to boost the EU emissions-reduction target for 2030 to at least 55% is to be unveiled by Commission President Ursula von der Leyen during her key policy speech on Wednesday. If approved, the new target will unleash a flood of regulations next year, with the EU revising rules for everything from car emissions to building efficiency.

Ewa Krukowska and Nikos Chrysoloras

What's Happening

Coal's Demise | For proof that EU policy makes the world a cleaner place, look no further than coal demand. Coal prices in Europe show little sign of the usual lift from winter demand, thanks to rising pollution costs, cheap natural gas and high renewables output.

Tackling China | The EU is getting tougher on the geopolitical scene. Leaders didn't pull any punches after their video meeting with Chinese President Xi Jinping yesterday, laying out a list of demands and concessions for an investment accord with Beijing by year end.

European Racism | The debate sparked by police violence against Black Americans is already having an influence on European policy making.The Commission will discuss today (and present on Friday) its first action plan against racism on the continent, including a promise to review and amend EU laws on racial-equality grounds.

Brexit Vote | Boris Johnson's plan to renege on part of the Brexit divorce deal passed its first hurdle in Parliament late last night after a bruising debate in which senior members of his own party denounced the move. The prime minister said the proposed legislation is "essential" to maintain the U.K.'s economic and political integrity and accused the EU of making "absurd" threats to stop food moving from mainland Britain to Northern Ireland.

Dutch Taxes | The Dutch government is poised to disappoint executives and hand out tax cuts to the middle classes as Prime Minister Mark Rutte  appeals to voters ahead of next year's election. The 2021 budget to be presented this afternoon, follows a year when the Netherlands is heading for the widest deficit since World War II.

In Case You Missed It

French Recovery | France's economic recovery from the coronavirus lockdown is stronger than previously expected, the Bank of France said, as it revised up its growth and inflation forecasts for this year and next. The less gloomy outlook in France and some other euro-area economies is relieving pressure on the European Central Bank to provide further stimulus, William Horobin reports.

Russian Assassination | Emmanuel Macron backed Angela Merkel's demand that Russia clarify the poisoning of Alexey Navalny, calling the attack an "assassination attempt." The comments ratchet up tensions between the EU and Russian President Vladimir Putin over accusations that the opposition leader was poisoned with weapons-grade nerve agent Novichok.

Turkish Anger | Turkey accused the U.S. of stoking tensions in the eastern Mediterranean by planning to establish a new military training center on Cyprus. The increased U.S. military support to the Cypriot government is agitating Turkey at a time when tensions in the area appeared to be easing.

Contact-Tracing Apps | The EU started testing a technology that would enable their national Covid-19 tracing apps to work seamlessly across borders. While that's a positive step, your best defense against the virus isn't your phone, but your own bodies, Michelle Fay Cortez explains.  

Chart of the Day

Europe's air-travel rebound has abruptly shifted into reverse, according to the agency that oversees the region's skies, which warned that a failure to coordinate travel restrictions between countries is undermining passenger confidence and hurting a vital industry.

Today's Agenda

All times CET.

  • 9:15 a.m. EU foreign policy chief Borrell takes part in an EU Parliament debate on Turkey, Belarus, Russia and Lebanon
  • 1 p.m. EU Council President Michel briefs press in Athens following meeting with Greek Prime Minister Mitsotakis
  • College of EU Commission debates Action Plan to counter racism in the EU, more ambitious emissions-cuts target for 2030, subsidy rules for carbon-emissions trading program
  • EU's lower court hears arguments in challenges by Luxembourg and Engie against the Commission's 2018 decision that the French utility had benefited from an unlawful fiscal arrangement with the Grand-Duchy and had to pay it back 120 million euros in back taxes

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