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EU hikes ambitious renewable energy targets

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European Union lawmakers achieved a significant milestone by giving their final approval to legally binding targets aimed at accelerating the expansion of renewable energy sources within this decade.

This move is a pivotal component of Europe’s overarching strategy to combat climate change and transition away from fossil fuels.

The newly approved legislation marks a substantial increase in the EU’s renewable energy objectives, mandating that 42.5% of the EU’s energy must be sourced from renewables by 2030. This replaces the previous target of 32% for the same year.

Negotiations on this legislation faced considerable challenges during discussions among EU member states’ governments. Ultimately, it secured support when France advocated for allowances for nuclear energy, which, while low-carbon, does not fall under the renewable energy category.

Resounding victory

The European Parliament’s vote resulted in a resounding victory for the law, with 470 lawmakers voting in favor, 120 against, and 40 abstentions. The final bill will now require approval from EU member countries before it becomes enforceable.

Markus Pieper, the EU Parliament’s chief negotiator for the law, emphasized that this legislation would expedite the approval of new renewable projects and stimulate innovation in new technologies. He expressed anticipation for pilot projects involving floating solar cells, wind kites, run-of-river power plants, and other groundbreaking ventures.

While EU countries and lawmakers had initially reached a renewable energy law agreement in March, it encountered delays due to certain nations seeking greater acknowledgment of nuclear power. An informal endorsement from EU countries came in June following Brussels’ commitment to considering exemptions for specific ammonia plants, allowing them to rely on nuclear-based fuels.

Nuclear sources

France contends that Europe’s green energy transition necessitates the production of hydrogen from both renewable and nuclear sources, and EU legislation should accommodate both options.

These newly ratified targets, which include precise objectives for boosting renewable energy adoption in transportation and industry, are designed to stimulate investments in the massive expansion of wind and solar energy.

Brussels envisions achieving this through increased local manufacturing, as the majority of components for European solar installations currently originate from China.

On Monday, Europe’s solar industry alerted the European Commission to plummeting module prices, driven in part by intense competition among Chinese suppliers, which could force European manufacturers into insolvency.

The Commission acknowledged these challenges and expressed its engagement with renewable energy manufacturers to explore potential solutions. Concurrently, the EU is in negotiations regarding a law intended to bolster local manufacturing of green technologies.

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Survival of the fittest: the future of hospitality demands adaptability

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Exploring the highs and lows of business with a hospitality veteran.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Nick Russian, Managing Director of Russian Entertainment. #wyld money #trending

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Ultra-processed diets could be the hidden path to weight gain

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Understanding calories and their role in dieting on the human body.

Calories, units of energy from food, are vital for bodily functions, and calorie counting helps manage weight by tracking energy intake. However, recent insights reveal that not all calories are equal, and nutritional quality is crucial.

Processed foods, rich in added sugars, unhealthy fats, and sodium, lack essential nutrients, contributing to obesity and diseases.

Kate Save from BeFitFood joins to discuss.

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Online shopping and the pivotal issue of returns continues

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Big businesses are continuing to balance customer expectations and logistics.

While many love the convenience, there are still significant challenges with delivery and returns. From delayed packages to cumbersome return processes, its clear that there’s room for improvement.

Ticker’s Ahron Young & Mike Loder discuss.

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