Brussels Edition: Climate wars

Germany joined a group of EU countries calling for changes to new methane rules ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Read in browser

Welcome to the Brussels Edition. I’m Suzanne Lynch, Bloomberg’s Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you’re signed up. Inside the air-conditioned halls of the European Convention Center in Luxembourg, EU energy ministers meeting today may be glad to escape the blistering temperatures outside, but inside the conversation is likely to get heated. The officials are debating methane emissions rules, which have already spurred pushback from the US and other energy suppliers to Europe. Tackling the greenhouse gas, which has more global warming potential than carbon dioxide, has become a key pillar of the EU’s climate goals. But industry has warned that the complexity of the regulation and prospects of fines are problematic. US Energy Secretary Chris Wright told Bloomberg this week that US gas supplies will head elsewhere if the bloc refuses to ease regulations on methane.  Chris Wright, center, during a tour of a container terminal in Seabrook, Texas, on June 12. Photographer: Mark Felix/Bloomberg In a significant move, Germany has now added its voice to a group of about a dozen countries calling for the proposed changes to be amended. Economy Minister Katherina Reiche told the meeting today that the proposal posed “significant implementation problems.” “We need to secure our energy supply and we fear that with the methane regulation, our energy security is in danger,” she said, throwing Germany’s weight behind an initiative led by the Czech Republic and Slovakia. All eyes will be on EU Energy Commissioner Dan Jorgensen, who vowed this week not to bow to US demands and weaken the legislation. On his way into the meeting this morning, Jorgensen said he would listen to all of the input of member states, but added: “On a very very hot day like this, we also need to remind each other that some of the most efficient tools we have for fighting climate changes, as the methane regulation, need to be safeguarded.” The Latest Hungarian Prime Minister Peter Magyar said his country could meet the EU’s economic criteria for adopting the euro by 2030, setting out the clearest timetable yet for a path toward the common currency. Italy and France are hesitant about a proposal in the EU’s 21st sanctions package against Russia to ban former combatants from entering the bloc. In a bid to form a new government in Romania, three pro-European parties proposed European Parliament lawmaker Siegfried Muresan from the Liberal party as prime minister. Sanofi is under investigation by European Commission watchdogs over suspicions it illegally disparaged a rival flu vaccine. Volkswagen is reportedly looking to cut 100,000 jobs and may shutter factories to make Europe’s biggest automaker more competitive. Seen and Heard on Bloomberg Christian Mueller-Glissmann, managing director for portfolio strategy and asset allocation at Goldman Sachs, told Bloomberg TV it could make sense to diversify away from semiconductor makers and lean more toward hyperscalers. “These are incredibly cyclical companies,” he said in an interview. Separately, Bloomberg reported this morning that Goldman has begun hiring staff to assess the viability of launching its Marcus consumer business in Dublin, edging the Wall Street giant closer to an Irish debut that could unlock billions of euros in cheap funding. Chart of the Day One in ten new cars sold in Europe last month were Chinese, a new record which illustrates the country’s growing presence in the bloc’s car market. Carmakers from China captured nearly a quarter of all new hybrid car sales, while demand for their fully-electric cars also rose. Manufacturers like BYD and SAIC are pushing aggressively into Europe as the companies experience a car glut at home. Despite steep discounts and a rapid succession of new models, sales in China are plummeting as consumer spending sags under the weight of a housing crisis and a fragile jobs market. Coming Up Press conference following EU Energy Ministers’ meeting in Luxembourg this afternoon Debate this afternoon in the Italian Parliament about electoral reform European Parliament President Roberta Metsola delivers speech tomorrow at the NOVA School of Business & Economics Graduation in Lisbon Final Thought Anyone wondering what happened when the EU splurged €800 billion on its economy might take a look at Naples, writes Alessandra Migliaccio. After decades of failed policies to change its fortunes, the city is leading a regional revival. Some of that is fueled by a deluge of EU cash and investments in technology and infrastructure. The Naples region currently ranks second only to Milan, when it comes to startups, according to a 2025 report by the city, which identified 1,515 such companies, or 12.5% of the national total. Naples is at the forefront of a regional renaissance that could unlock new opportunities for Italy and beyond. Photographer: Roberto Salomone/Bloomberg Like the Brussels Edition? Don’t keep it to yourself. Colleagues and friends can sign up here. How are we doing? We want to hear what you think about this newsletter. Let our Brussels bureau chief know. We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Brussels Edition newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |