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Europe to unveil sweeping climate change policy blueprint

Published

3 years ago

July 13, 2021

The European Union will on Wednesday unveil its most ambitious plan yet to tackle climate change, aiming to pull ahead in the race among the world’s biggest economies to turn far-off green goals into concrete action this decade.

The European Commission, which drafts EU policies, will set out in painstaking detail how the bloc’s 27 countries can meet their collective goal to net reduce greenhouse gas emissions by 55% from 1990 levels by 2030.

That is expected to mean raising the cost of emitting carbon for heating, transport and manufacturing, taxing high-carbon aviation and shipping fuels that have not been taxed before, and charging importers at the border for carbon they emitted to make products such as cement and steel abroad.

“It’s going to be the biggest climate package in our history,” said Jytte Guteland, the Swedish lawmaker who was European Parliament’s lead negotiator on the EU’s climate targets. “Our economic sectors, our industries, everyone has to adapt to something new.”

The measures will require approval by member states and the European parliament. They are likely to face intense lobbying from some industrial sectors, from poorer European member states who want to protect their citizens from price hikes, and from higher polluting countries facing a more costly transition.

A diplomat from one EU country said the success of the package would rest on its ability to be “realistic” and socially fair, while not destabilising the economy.

“The aim is to put the economy on a new level, not to stop it,” the diplomat said.

NOW THE HARD PART

The EU package arrives days after California suffered one of the highest temperatures ever recorded on earth, the latest in a torrent of brutal heatwaves that have hit Russia, Northern Europe and Canada.

The EU has so far cut emissions by 24% from 1990 levels, but many of the simplest steps, such as reducing reliance on coal to generate power, have been taken already. Hitting targets over the next decade will require bigger adjustments.

As climate change impacts worsen around the world, Brussels will propose 12 policies to take aim at most big sources of emissions, including power plants, factories, cars, planes and heating systems in buildings.

The measures follow a core principle: make polluting more expensive and green options more attractive to the EU’s 25 million businesses and nearly half a billion people.

The raft of proposals is expected to include tougher EU targets to expand renewable energy and cut energy consumption by renovating buildings this decade.

PLANES, SHIPS AND AUTOMOBILES

Tighter emission limits for cars are expected to end new petrol and diesel car sales by 2035 or 2040 in the EU.

An overhaul of the EU emissions trading system, the biggest carbon market in the world, would force factories, power plants and airlines to pay more when they emit CO2. Ships could also be added to the ETS, forcing shipowners to pay for their pollution for the first time.

A new EU carbon market is expected to impose CO2 costs on the transport and buildings sectors – with some of the revenues put in a fund to curb low-income households’ fuel bills.

The Commission will also unveil its plan for the world’s first “carbon border tariff”, requiring manufacturers abroad to pay CO2 costs when they sell goods such as steel and cement into the EU.

Meanwhile, a tax overhaul could impose an EU-wide tax on polluting aviation fuels, which currently dodge such levies.

For some EU countries, the package is a chance to cement the EU’s global leadership in fighting climate change.

Danish climate and energy minister Dan Jorgensen said it would signal to the rest of the world that “it is possible to both set ambitious goals and introduce the concrete necessary measures to reach them.”

But the plans have exposed familiar rifts between EU countries. Poorer member states are wary of policies that would raise consumer costs, while regions that depend on coal power plants and mines want guarantees of more support as they brace for a transformation that will require mass retraining of workers.

(Reporting by Kate Abnett; Editing by John Chalmers and Peter Graff)

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‘It’s literally incredible’: Swifties line up for merch ahead of Toronto concerts

Published

51 minutes ago

November 13, 2024

Anne Joseph

TORONTO – Hundreds of Taylor Swift fans lined up outside the gates of Toronto’s Rogers Centre Wednesday, with hopes of snagging some of the pop star’s merchandise on the eve of the first of her six sold-out shows in the city.

Swift is slated to perform at the venue from Thursday to Saturday, and the following week from Nov. 21 to Nov. 23, with concert merchandise available for sale on some non-show days.

Swifties were all smiles as they left the merch shop, their arms full of sweaters and posters bearing pictures of the star and her Eras Tour logo.

Among them was Zoe Haronitis, 22, who said she waited in line for about two hours to get $300 worth of merchandise, including some apparel for her friends.

Haronitis endured the autumn cold and the hefty price tag even though she hasn’t secured a concert ticket. She said she’s hunting down a resale ticket and plans to spend up to $600.

“I haven’t really budgeted anything,” Haronitis said. “I don’t care how much money I spent. That was kind of my mindset.”

The megastar’s merchandise costs up to $115 for a sweater, and $30 for tote bags and other accessories.

Rachel Renwick, 28, also waited a couple of hours in line for merchandise, but only spent about $70 after learning that a coveted blue sweater and a crewneck had been snatched up by other eager fans before she got to the shop. She had been prepared to spend much more, she said.

“The two prized items sold out. I think a lot more damage would have been done,” Renwick said, adding she’s still determined to buy a sweater at a later date.

Renwick estimated she’s spent about $500 in total on “all-things Eras Tour,” including her concert outfit and merchandise.

The long queue for Swift merch is just a snapshot of what the city will see in the coming days. It’s estimated that up to 500,000 visitors from outside Toronto will be in town during the concert period.

Tens of thousands more are also expected to attend Taylgate’24, an unofficial Swiftie fan event scheduled to be held at the nearby Metro Toronto Convention Centre.

Meanwhile, Destination Toronto has said it anticipates the economic impact of the Eras Tour could grow to $282 million as the money continues to circulate.

But for fans like Haronitis, the experience in Toronto comes down to the Swiftie community. Knowing that Swift is going to be in the city for six shows and seeing hundreds gather just for merchandise is “awesome,” she said.

Even though Haronitis hasn’t officially bought her ticket yet, she said she’s excited to see the megastar.

“It’s literally incredible.”

This report by The Canadian Press was first published Nov. 13, 2024.

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Via Rail seeks judicial review on CN’s speed restrictions

Published

52 minutes ago

November 13, 2024

Anne Joseph

OTTAWA – Via Rail is asking for a judicial review on the reasons why Canadian National Railway Co. has imposed speed restrictions on its new passenger trains.

The Crown corporation says it is seeking the review from the Federal Court after many attempts at dialogue with the company did not yield valid reasoning for the change.

It says the restrictions imposed last month are causing daily delays on Via Rail’s Québec City-Windsor corridor, affecting thousands of passengers and damaging Via Rail’s reputation with travellers.

CN says in a statement that it imposed the restrictions at rail crossings given the industry’s experience and known risks associated with similar trains.

The company says Via has asked the courts to weigh in even though Via has agreed to buy the equipment needed to permanently fix the issues.

Via said in October that no incidents at level crossings have been reported in the two years since it put 16 Siemens Venture trains into operation.

This report by The Canadian Press was first published Nov. 13, 2024.

Companies in this story: (TSX:CN)

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Japanese owner of 7-Eleven receives another offer to rival Couche-Tard bid

Published

53 minutes ago

November 13, 2024

Anne Joseph

LAVAL, Que. – The Japanese owner of 7-Eleven says it has received a new management buyout proposal from a member of the family that helped found the company, offering an alternative to the takeover bid from Alimentation Couche-Tard Inc.

The proposal for Seven & i Holdings Co. Ltd. is being made by Junro Ito, who is a vice-president and director of the company, and Ito-Kogyo Co. Ltd., a private company affiliated with him.

Terms of the non-binding offer by Ito were not disclosed.

In a statement Wednesday, Seven & i said its special committee has been reviewing the proposal with its financial advisers.

Stephen Hayes Dacus, chair of the special committee and board of directors of the company, said the company is committed to an objective review of all alternatives as it considers the proposals from Ito and Couche-Tard as well as the company’s stand-alone opportunities.

“The special committee and the company board will continue to engage with all parties in a manner designed to maximize value and will continue to act in the best interests of the company’s shareholders and other stakeholders,” he said in a statement.

The company noted that Ito has been excluded from all discussions within the company related to the offer and the bid by Couche-Tard.

Quebec-based Couche-Tard made a revised offer for Seven & i last month after an earlier proposal was rebuffed by the Japanese firm because it was too low and did not fully address U.S. regulatory concerns.

It did not respond to a request for comment about Ito’s offer.

RBC Capital Markets analyst Irene Nattel said the latest development underscored her belief that a Couche-Tard deal with Seven & i is a “low probability event.”

“Assuming attractive pricing and a fully-funded transaction, the potential privatization from a friendly Japanese group would seemingly provide investors with the value creation event they seek,” said Nattel, adding that it would skirt potential competition issues in the U.S. and concerns around the foreign takeover of a core local entity for Japanese regulators.

Couche-Tard has argued its proposal offers clear strategic and financial benefits and has said it believes the two companies can reach a mutually agreeable transaction.

However, the Japanese company has said there are multiple and significant challenges such a transaction would face from U.S. competition regulators.

Couche-Tard operates across 31 countries, with more than 16,800 stores. A successful deal with Seven & i could add 85,800 stores to its network.

Seven & i owns not only the 7-Eleven chain, but also supermarkets, food producers, household goods retailers and financial services companies.

This report by The Canadian Press was first published Nov. 13, 2024.

Companies in this story: (TSX:ATD)

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