Welcome to Better Europe’s weekly update on EU Affairs.
SIXTH PCI LIST ENTERS INTO FORCE, ACCELERATING THE HYDROGEN RUSH
With the amended TEN-E Regulation in force, time has come for its baby: a new, sixth list of Projects of Common Interests (PCI). These projects enjoy a “streamlined” environmental impact assessment, accelerated permitting, and access to EU subsidies. The new list features many hydrogen projects, confirming the recent European rush towards this gas. While renewable hydrogen will play a crucial role in the energy transition, it is not a silver bullet, and there is a strong argument to avoid excessive use in buildings and focus on use of hydrogen in hard to decarbonise sectors instead. The fossil fuel industry missed this memo and jumped on the hype, which means a lot of the PCI hydrogen projects selected are actually operated by fossil fuel companies. Many of the chosen projects are designed to carry fossil-based hydrogen, locking us further into the vicious cycle of fossil fuel dependence.
GERMANS SAY YES TO CENTRAL BANK DIGITAL CURRENCY, BUT BANKS SAY RATHER NOT
Germans, a nation where “cash only” signs hang on the door of every third restaurant and where elder people still think that mattress savings are the best way to invest money, are actually interested in a digital currency. In fact, a German Central Bank study shows that they would even favour it over a regular bank account. The digital euro, if designed appropriately, could offer the same level of privacy as cash, making it even more attractive to privacy-minded Germans and other Europeans. Yet, the banks do not seem to share the enthusiasm. Feeling threatened by a new means of payment that could potentially not require a physical card or even a retail banking account, commercial banks have united to whisper dubious arguments to EU officials to ensure that the digital euro fails, according to research showing their secret but effective lobby against the digital euro. The European Commission met at least 47 times with banks before releasing the draft proposal for a digital euro, yet not once with civil society. And the Parliament did not manage to close its position before the end of this mandate – it makes us wonder why.
FRENCH LIBERALS UNVEIL THEIR ELECTORAL LIST HOPING TO BOOST CAMPAIGN
Last Friday, two days ahead of the first TV debate that gathered all French heads of lists expected to have seats in the new European Parliament in June, France’s presidential majority unveiled its top 30 candidates for the elections. Most eligible spots on the list are occupied by current MEPs, including the influential President of the Environment Committee MEP Pascal Canfin and the President of the subcommittee on Security and Defence MEP Nathalie Loiseau. Geopolitical expert MEP Bernard Guetta is placed second on the list, just behind current Renew President MEP Valérie Hayer. Macron’s liberal party, which has been polling significantly lower than its main competitor far-right Rassemblement National for the past months, is now being closely followed by the French Socialist Party led by MEP Raphaël Glucksmann. The electoral outcome for the French liberals, who had emerged as the powerhouse of the Renew Group in 2019, will be crucial for Renew to remain the third biggest group in Parliament, as it is now being challenged by both ECR and ID.