The European Parliament has initiated the path for the introduction of the forthcoming generation of “own resources” – revenue sources for the EU budget.
This amendment, upon Council adoption and ratification by all member states, will incorporate three fresh sources of revenue: proceeds from emissions trading (ETS), funds generated by the proposed EU carbon border adjustment mechanism (CBAM), and a temporary statistical own resource based on corporate profits.
The primary objective of securing new sources of financing the EU budget will be to repay debt incurred through the recovery plan.
With a strong majority, MEPs stressed that these new revenues will strengthen long-term financing of the EU budget, funding new priorities, and circumventing the need to curtail existing EU programs and policies. With the Parliament’s endorsement in the consultation procedure, the European Council must now unanimously approve these proposals, which would then need to be ratified by all member states.
EU takes big step towards digital ID
The Council Presidency and the European Parliament have reached a preliminary agreement on a fresh framework for a European digital identity (eID). This revised regulation marks a significant shift in the digital identity landscape across Europe, aiming to ensure widespread access for individuals and businesses to dependable and secure electronic identification and authentication. According to the new legislation, member states will provide citizens and businesses with digital wallets enabling them to connect their national digital identities with proofs of other personal credentials (e.g., driving licenses, diplomas, bank accounts).
Revised regulation marks a significant shift in digital identity landscape
The digital ID has the objective of allowing citizens to verify their identity and share electronic documents from their digital wallets seamlessly via a simple click on their mobile phones. The ID will be free to use for natural persons, but member states may provide for measures to ensure that the free-of-charge use is limited to non-professional purposes.
EIB loans Malta Development Bank €30m to support green projects
The European Investment Bank (EIB) and Malta Development Bank (MDB) are joining forces to boost the green transition of small and medium-sized companies and public sector entities. To this end, the EIB will provide MDB with a €30 million loan to finance small-scale green investments on favourable conditions. Thanks to this new agreement, MDB will provide access to credit to small and medium-sized enterprises (SMEs), mid-caps and local authorities willing to invest in projects that contribute to the fight against adverse climate change. MDB will pass on the EIB’s favourable financing conditions and a longer repayment period to final beneficiaries, enabling entities that plan to invest in sustainable projects to make major financial savings. Through this agreement, the EIB will be leveraging on MDB’s market positioning, local outreach, and ability to channel funds in Malta. Investments eligible under this programme include a wide range of green initiatives such as electric vehicle charging infrastructure, solar photovoltaic installations, energy efficiency in both public and private buildings, as well as waste recycling projects.