France and Germany to launch EU company tax scheme

The EU unveiled its plans to increase solar generation capacity and accelerate the rollout of major renewable projects in the EU — as part of efforts to reduce energy imports from Russia.

EU leaders unveiled a €210bn strategy aiming to cut Russian gas out of the European energy equation before 2027 and by two-thirds before the end of the year — but questions remain on how it is to be financed.

MEPs on the environment committee agreed on reform of the European carbon market — including expanding it to buildings and transport. They also want to extend the scope of the carbon border tax, and phase out free permits by 2030.

EU plans to quit Russian gas and replace it, in part, by importing overseas liquified natural gas has lead to a flurry of new gas projects — which threaten to lock in unnecessary gas use for decades.

The impact of Russia's war in Ukraine is being felt throughout the EU and the eurozone. The European Commission has downgraded its economic forecast to 2.7-percent growth this year.

Internal documents found EU Commission president Ursula von der Leyen and energy commissioner Kadri Simson coordinated their Russian gas cutting strategy with oil CEOs to determine which measures were "feasible".