Thanks to the S&D Group’s relentless efforts, the European Parliament is set to approve tomorrow the Carbon Border Adjustment Mechanism (CBAM). This will come across as a crucial tool to reduce greenhouse-gas emissions by at least 55% by 2030 - compared to 1990 levels - as set out in the Fit for 55 package, in compliance with the European Climate Law’s aim of making Europe the first carbon-neutral continent by 2050.

EU finance ministers today again failed to reach a consensus on transposing the global deal on a minimum effective tax rate for multinationals into European legislation. Just after Poland withdrew its longstanding veto, it is now Hungary blocking the agreement. This marks a third failed attempt to pass this crucial legislation and is a heavy blow to tax justice. This also again calls into question the viability of unanimity voting in taxation matters, underlined the S&Ds.

The European Commission unveiled today its plans to kick off a European Electrolyser Partnership. This Partnership aims to address the challenges in establishing and maturing a strong industrial manufacturing base in Europe and identify potential mitigating policies and actions where necessary.

The Socialists and Democrats delegation to Israel and Palestine held several meetings with members of the Knesset and the Israeli government, including Nitzan Horowitz, chair of Meretz and Minister of Health, and Merav Michaeli, chair of the Labor Party and Minister of Transport and Road Safety. They also met with Ahmad Tibi, member of Knesset and chair of the Arab Movement for Change, all three sister parties.