EU Insight, 6 October 2023

Brussels, 6 October 2023

COMMISSION UNVEILS FOUR CRITICAL TECHNOLOGY AREAS FOR EU’S SECURITY

The Commission unveiled a list of critical technology areas, in the frame of the European Economic Security Strategy launched in June. The Commission determined ten technology areas to be at risk of technological leakage and misuse for military purposes and political repression. Amongst the ten, four technologies are highlighted as particularly sensitive and subject to immediate risks: advanced semiconductors technologies, artificial intelligence, quantum technologies and biotechnologies. Thus, the Commission suggests conducting a joint risk assessment together with Member States by the end of the year, which may be followed by potential proposals in Spring 2024.

ANTI-SUBSIDY INVESTIGATION ON CHINESE ELECTRIC VEHICLES LAUNCHED

The Commission formally launched an anti-subsidy investigation into electric vehicles (EV) imported from China, as announced by President Von der Leyen during her State of the Union address in September. It aims to assess if Chinese EV value chains receive illegal subsidies that could economically harm European producers. If the initial assessment shows this to be true, the investigation will analyse how measures might affect importers, users, and consumers in the EU. The Commission will then decide if it is in the EU’s interest to counteract unfair trade practices by imposing anti-subsidy duties on Chinese EV imports. The investigation will end latest November 2024.

COUNCIL AND PARLIAMENT AGREE TO PHASE DOWN USE OF FLUORINATED GASES

The Council and the Parliament reached a political agreement to reduce the consumption of fluorinated gases (F-gases) and ozone depleting substances (ODSs). These substances were targeted due to their direct contribution to the depletion of the ozone layer and climate change. While legislation limiting these substances already exists, the agreed rules aim to further reduce their emission. Concretely, the consumption of hydrofluorocarbons (HFCs) would be required to be completely phased out by 2050. The agreement further confirms the prohibition of ODSs limited to very specific exceptions. Member States and the European Parliament will now formally endorse the final text, following which the rules shall enter into force.

EUROPEAN PARLIAMENT ENDORSES KEY FINANCIAL SERVICES LEGISLATION

The Parliament adopted final texts on the EU Green Bonds Regulation and the Directive on financial services contracts concluded at a distance. The former aims to foster the green bond market scale up, laying down requirements for bond issuers that want to use the EU Green Bond designation for sustainable bonds aligned with the EU Taxonomy. The latter aims to ensure a high level of consumer protection during the provision of financial services, by introducing rules on pre-contractual information, right of withdrawal and adequate explanations. The adoption in plenary paves the way for the Council to endorse the final texts, after which the new legislations will enter into force.

EUROPEAN PARLIAMENT APPROVES NEW COMMISSIONER PORTFOLIOS

The Parliament approved the appointments of both Wopke Hoekstra as Commissioner for Climate Action, and Maroš Šefčovič as Executive Vice-President for the European Green Deal. Both roles were previously held by Commission Vice-President Timmermans, who resigned in August. The Parliament approved the repartition of Timmerman’s portfolio, following hearings in the European Parliament, despite some controversy which particularly surrounded Commissioner Hoekstra’s nomination due to his political and professional background.

COMING UP NEXT WEEK

• 9 October: Employment, Social Policy, Health and Consumer Affairs Council. On the agenda: European Semester, Social economy, Social protection and access to housing.
• 11 October: College of Commissioners. Demography Toolbox

Karl Isaksson, Managing Partner Brussels, Kreab

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Kreab • Tel: +32 2 737 6900 • karl.isaksson@kreab.com • www.kreab.com/brussels • Twitter: @KreabEU.