Receive free updates on EU enlargement progress. Stay informed with our myFT Daily Digest email, delivered every morning. Greetings from scorching Madrid, where Pedro Sánchez’s government is multitasking with Spain’s six-month EU presidency and campaigning for an upcoming general election. In today’s edition, we delve into why Sánchez will oversee the EU’s restructuring to ensure it is ready for expansion. Additionally, we explore Europe’s potential to store carbon dioxide underground.
Spain’s presidency kicked off with an extensive to-do list, but the most crucial question at hand is the future of the European project. The conflict between Russia and Ukraine has revived discussions on EU enlargement, prompting an influx of applications from Ukraine and Moldova and reigniting efforts to move forward with the six Western Balkan countries’ accession processes.
Pedro Sánchez is fully aware of the challenges that lie ahead and recently met with leaders of the EU’s ten most populous countries to initiate discussions on how a larger bloc would operate. Furthermore, a summit will be held in Granada in October to thoroughly delve into this matter. While some member states are eager to expedite the process of bringing candidates into the fold, others are cautious about compromising on the bloc’s standards. Spain’s approach will strike a balance between realism and credibility.
Ursula von der Leyen, President of the European Commission, made it clear that excluding Ukraine, Moldova, and the Western Balkans from the EU is inconceivable. She emphasized the need to shape the decision-making process and allocate common funding accordingly. The discussion on expansion should take place promptly, irrespective of von der Leyen’s future as president.
Moving on, let’s take a look at today’s chart. Many countries are grappling with labor shortages, particularly in the services sector, due to low unemployment rates. Wages have consequently risen, contributing to persistent inflation despite the European Central Bank’s rate hikes.
In terms of environmental sustainability, a new study reveals that the EU has the potential to build storage facilities for up to 1,520 gigatons of carbon dioxide emissions. This amount is equal to 470 years of the EU’s carbon emissions at the current rate. Carbon capture, an underground storage method for CO2, is increasingly recognized as vital for emission reduction. The study also highlights the infrastructure requirements and potential benefits for large industrial emitters. However, the establishment of storage sites is uncertain, and heavy investment is necessary. Some policymakers and environmentalists express doubts about the effectiveness of carbon capture and storage in combating climate change.
For today’s agenda, Dutch Prime Minister Mark Rutte and Luxembourg Prime Minister Xavier Bettel will visit Kosovo, while Frans Timmermans, Vice-President of the European Commission, is attending climate talks in China.
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