On the forthcoming Czech Council Presidency

The European Parliament Office, the European Commission Representation and the Embassy of the Czech Republic to the Republic of Cyprus would like to invite you to a Press Conference to be held on Friday, 01 July 2022, on the occasion of the six-month rotating presidency of the Council of the European Union. During the event, Czech Ambassador Vladimír Nemec will present the priorities of the Czech Presidency of the Council to the Press. A discussion with the head of the European Commission Representation Myrto Zambarta and the head of the European Parliament Office Andreas Kettis will follow. The conference will begin at 11:00 am at the EU House (30 Vyronos Avenue, 1096 Nicosia). Please confirm your presence by replying to this message.

Source: Cyprus News Agency

Greece, Cyprus and Armenia to sign Friday first MOU during 5th trilateral meeting on Expatriate issues

The first Memorandum of Understanding (MOU) will be signed during the 5th trilateral meeting of Greece, Cyprus and Armenia on Expatriate issues that will take place in Patras, Greece, on Friday, June 24, 2022.

Presidential Commissioner for Humanitarian Affairs and Overseas Cypriots, Photis Photiou, told CN? that on the occasion of his visit to Patras, he will meet with Cypriots’ Union in Achaia, Greece.

Regarding the trilateral meeting, Photiou said that it is a very important cooperation between Greece, Cyprus and Armenia, as there are many organised groups of diaspora from the three countries and through various activities, we can promote common interests at important decision making bodies.

He also said an MOU will be signed to promote various activities at a trilateral level. He said “it will be the first trilateral MOU, as the previous ones were on a bilateral level. Through common actions, we promote issues that concern the new generation of expatriates to whom we attach particular significance, we invest greatly in the new generation”, he added.

The Greek side will be represented by the Deputy Minister of Foreign Affairs, Andreas Katsaniotis, the Cypriot side by Presidential Commissioner Photiou and the Armenian side by the High Commissioner of Diaspora Affairs, Zareh Sinanyan.

Source: Cyprus News Agency

Sustainable Finance: Commission welcomes political agreement on company sustainability reporting

The Commission welcomes the political agreement reached yesterday between the European Parliament and the Council on the Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD). The new Directive, which is an integral part of EU’s sustainable finance agenda and the European Green Deal, will modernise and strengthen the rules about the type of social and environmental information that companies have to report. A broader set of large companies, as well as listed SMEs, will also now be required to report on sustainability. The new rules will ensure that investors and other stakeholders have access to the information they need to assess investment risks arising from climate change and other sustainability issues. They will also create a culture of transparency about the impact of companies on people and the environment. Finally, reporting costs will be reduced for companies over the medium to long term by harmonising the information to be provided. Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, said: “This is a landmark in the development of company reporting, a significant step forward in the area of disclosures, covering many sectors of the economy. Sustainability reporting will now be on an equal footing with financial reporting. The Corporate Sustainability Reporting Directive will help drive the transition to a sustainable economic system built on innovation and investment opportunities. It will enable companies to communicate and manage their sustainability performance more efficiently. Citizens will be able to measure the success of companies not just in financial terms but also assess how they impact people and the environment.” The centrepiece of the Directive is the introduction of mandatory European sustainability reporting standards, which the European Financial Reporting Advisory Group (EFRAG) is currently developing. The CSRD will amend the existing requirements of the non-financial reporting Directive (NFRD). The reporting requirements will be phased in over time for different kinds of companies. Listed SMEs will only be obliged to report as from 2026, with a further possibility of voluntary opt-out until 2028. The first companies will have to apply the new rules for the first time in financial year 2024, for reports published in 2025.

Bringing the EU closer to citizens: Commission launches ‘Building Europe with Local Councillors’ project

The European Commission has today launched the ‘Building Europe with Local Councillors (BELC)’ project, which aims to equip local councillors and authorities across the EU with the tools they need to communicate about the EU to people in their local constituency or area. This project will set up a network across the EU, providing local authorities with access to up-to-date material about EU policy and rules that might affect their constituency, targeted webinars about key issues, as well as open the possibility to visit the EU institutions. As of today, local councillors and authorities can register to take part in this project. It is a direct response to one of the proposals from the Conference on the Future of Europe which called for “a system of local EU Councillors, as a way to reduce the distance between the EU institutions and European citizens”. This is a timely announcement given that on Friday 17 June, the Commission adopted a Communication setting out how it intends to follow up on the 49 proposals made by the Conference. Vice-President Dubravka Šuica, who will meet later today Mr Apostolos Tzitzikostas, President of the Committee of the Regions, to mark the launching of this project, said: “As a former mayor myself, I understand perfectly well the importance of local government for our citizens. Giving local authorities the tools they need to communicate about the EU will help our citizens learn more about the EU – and therefore feel part of the European project. I encourage as many local councillors as possible to register for this excellent initiative.” The project is implemented in close cooperation with the Committee of the Regions and its ‘EU Network of Regional and Local Councillors’. Communicating about the EU is a shared responsibility between EU institutions and all levels of governance in Member States.

Digital Assembly 2022: A closer look into the digital future

At the Digital Assembly, held on 21 and 22 June in Toulouse, the European Commission and the French Presidency of the Council of the European Union have organised a session on continued support for Ukraine’s digital sector. This session was marked by the launch of a dedicated digital tech donations hub for Ukraine. Additionally, Ministers from Member States have signed a declaration on climate transition to reduce the environmental footprint of the digital sector, and discussed concrete actions to strengthen the EU’s leading role in immersive technologies. Member States agreed to act together in these two crucial areas and request the support of the Commission to define specific targets for the ICT sector in the green transition and to develop immersive technologies in line with European fundamental values. This year’s edition of the Digital Assembly was also dedicated to the 2030 targets outlined in the Commission’s Digital Decade Communication, including on digital skills, digital infrastructures, digital value chain, and digital transformation. Suggestions for actions have for example been taken to reach the target for skills, in particular on how to reach 20 million ICT specialists by 2030, gender convergence, as well as increasing the number of sectoral experts using advanced digital technologies. More information is available in this joint press release by the European Commission and the French Presidency of the Council of the European Union.

Healthier Together: the Commissions launches €156 million initiative on non-communicable diseases in Europe

Today, the European Commission launches an important initiative to support EU Member States to reduce the burden of EU Non-Communicable Diseases (NCDs) by addressing the leading causes of avoidable premature death in Europe and improving citizens’ health and well-being. To do so, the Commission has published a guiding document to the “Healthier Together: EU Non-Communicable Diseases (NCDs) Initiative”. This Initiative identifies effective actions and the available legal and financial supporting tools across five main areas: cardiovascular diseases, diabetes, chronic respiratory diseases, mental health and neurological disorders, as well as their main contributing factors. The Initiative will have a budget of €156 million under the 2022 work programme of the EU4Health programme. Stella Kyriakides, Commissioner for Health and Food Safety said: “Non-communicable diseases represent 80% of the disease burden in the EU, placing considerable pressure on our healthcare systems. Today’s initiative is an important step to continue tackling them in a systematic and comprehensive way. By forging this path to better prevention, detection and treatment together with Member States and stakeholders, we are continuing to build the foundations of our strong European Health Union, whilst delivering on our key initiatives in the area of health, such as Europe’s Beating Cancer Plan.” The guiding document can be found here.

Financial markets: Commission adopts two equivalence decisions for Chinese and Israeli central counterparties

The European Commission has today adopted two equivalence decisions for central counterparties (CCPs) under the supervision of the People’s Bank of China and the Israel Securities Authority. These decisions determine that the legal and supervisory frameworks for these CCPs are equivalent to the requirements applicable in the EU under the European Market Infrastructure Regulation (EMIR). Today’s decisions will allow these CCPs to apply for recognition by the European Markets and Securities Authority (ESMA). Once recognised, such CCPs will be able to provide central clearing services in the EU to EU clearing members and trading venues. This follows the recent decisions adopted for CCPs in Malaysia, Chile and Indonesia, amongst others. The Commission adopted these equivalence decisions as they are in the EU’s interest. This will facilitate EU clearing members’ access to these foreign CCPs and to the clearing of products denominated in local currencies. Once third-country CCPs are recognised, EU bank exposures to those CCPs will be subject to lower capital requirements. The transitional regime of the Capital Requirements Regulation (CRR) – under which EU banks may consider any third-country CCP that has applied for recognition by ESMA as a ‘Qualifying CCP’ – expires on 28 June 2022 for those CCPs that have applied before 27 June 2020. After that date, higher capital requirements apply to EU banks for exposures to non-recognised third-country CCPs. However, as ESMA will not have time to recognise the third-country CCPs by then and, as foreseen under the CRR, EU banks will benefit from a three-month grace period before higher capital requirements apply, unless the relevant banking supervisors exercise their discretion to shorten it. CCPs are bodies that operate between the buyer and seller of a derivative contract, becoming the buyer to every seller and the seller to every buyer. Their use was encouraged by the G20 following the financial crisis, to reduce risk in derivatives trading. To ensure that its equivalence decisions remain adequate, the Commission reviews them where necessary.

Joint press release by the European Commission and the French Presidency of the Council of the European Union

At the Digital Assembly, held on 21 and 22 June in Toulouse, the European Commission and the French Presidency of the Council of the European Union have organised a session on continued support for Ukraine’s digital sector. This session was marked by the launch of a dedicated digital tech donations hub for Ukraine.

Ministers from Member States have also signed a declaration on climate transition to reduce the environmental footprint of the digital sector, and discussed concrete actions to strengthen the EU’s leading role in immersive technologies. Member States agreed to act together in these two crucial areas and request the support of the Commission to define specific targets for the ICT sector in the green transition and to develop immersive technologies in line with European fundamental values.

Thierry Breton, Commissioner for Internal Market, said: “It is more than ever important to keep Ukraine as close as possible to the EU’s single market. In recent months, the European Union has already shown strong solidarity with Ukraine. However, massive efforts are still needed to rebuild the country. Offering EU level co-ordination and structure will help us to ensure increased and continued support to Ukraine’s digital sector.”

Bruno Le Maire, Minister of Economy and Finance of France, said: “The Digital Assembly marks the termination of the French Presidency of the Council of the European Union. In 6 months, the French Presidency achieved major milestones, with the adoption of the Digital Markets Act and the Digital Services act to make digital platforms accountable, as well as initiatives such as Scale Up Europe to strengthen the EU’s innovative ecosystems. I am proud to see that during this event, Member States agreed to further accelerate the green and digital transition and to strengthen EU capabilities in immersive technologies. They also concluded to the necessity to go further in cloud sovereignty and data ownership. This is essential if the EU wants to achieve its digital objectives for 2030. I know that the Czech Republic will pursue these efforts and I wish them all the best for the upcoming Presidency.”

This year’s edition of the Digital Assembly was also dedicated to the 2030 targets outlined in the Commission’s Digital Decade Communication, including on digital skills, digital infrastructures, digital value chain, and digital transformation. Suggestions for actions have for example been taken to reach the target for skills, in particular on how to reach 20 million ICT specialists by 2030, gender convergence, as well as increasing the number of sectoral experts using advanced digital technologies.

Tech4UA: Mobilisation of digital actors in support of Ukraine

Commissioner Breton, in cooperation with the French Presidency and key representatives from the technology sector, ensured continued support to Ukraine’s digital sector, in particular equipment support, in addition to the €25 million already provided by the Commission. This session was also marked by the launch of a dedicated Digital tech hub for equipment donations to Ukraine. Based in Slovakia, this hub will allow to cut red tape at the border for companies donating equipment and allowing them to cover the costs of transport. In addition, participants agreed to offer EU level co-ordination and structure for continued technical support, and discussed Ukraine’s imminent association to the Digital Europe Programme. The main objectives are to support people in Ukraine and refugees, and to help re-establish connectivity infrastructures and allow businesses to continue operating.

The future of the Internet: Strengthening EU technological capabilities

During this session dedicated to the future of the Internet, EU representatives, Ministers, and stakeholders reaffirmed their commitment to protecting and respecting human rights online and across the digital world. Participants called, among others, to further develop the European semi-conductors industry, through the European Chips Act, in order to achieve 20% of the global market share by 2030; to invest in digital technologies; as well as to develop immersive technologies in line with European values, fundamental rights and regulation. Following the debate at the Digital Assembly, Member States will start to discuss concrete actions in order to seize the opportunities stemming from immersive technologies, in line with European fundamental values.

Towards a successful green and digital transition in Europe

The digital transition and a smarter and greener use of technologies will help the EU to reduce net greenhouse gas emissions by at least 55% by 2030, and make Europe the first climate-neutral continent by 2050, as set out in the European Green Deal and the European Climate Law. In parallel with this year’s Digital Assembly, Ministers from Member States discussed concrete actions to reduce the environmental footprint of digital sector, with the objective to use the full potential of technologies in order to transform it into a lever for the environmental transition, as well as to monitor and optimise the environmental cost of the digital sector. A Declaration will be published here by Friday 24 June.

Report of the European working team on digital commons: Towards a sovereign digital infrastructure of commons

The members of the task force on digital commons, established in February 2022 at the “Building Europe’s Digital Sovereignty” conference, met at the Digital Assembly to discuss funding opportunities, the creation of a European incubator for digital commons, as well as the means or a structure to provide guidance and assistance to Member States. The outcomes of these discussions are available in a report published online. Digital commons are non-rivalrous and non-exclusive digital resources defined by shared production, maintenance and governance. This initiative is aimed at enabling Europe to take a step forward by meeting the needs of digital commons in order to unlock their full potential for Europe’s economy, security, resilience, and democracy, in line with the Union’s values and principles.

Source: Cyprus News Agency

GREEN DEAL: PIONEERING PROPOSALS TO RESTORE EUROPE’S NATURE BY 2050 AND HALVE PESTICIDE USE BY 2030

Today, the Commission adopted pioneering proposals to restore damaged ecosystems and bring nature back across Europe, from agricultural land and seas, to forests and urban environments. The Commission also proposes to reduce the use and risk of chemical pesticides by 50% by 2030. These are the flagship legislative proposals to follow the Biodiversity and Farm to Fork Strategies, and will help ensure the resilience and security of food supply in the EU and across the world.

The proposal for a Nature Restoration Law is a key step in avoiding ecosystem collapse and preventing the worst impacts of climate change and biodiversity loss. Restoring EU wetlands, rivers, forests, grasslands, marine ecosystems, urban environments and the species they host is a crucial and cost-effective investment: into our food security, climate resilience, health, and well-being. In the same vein, the new rules on chemical pesticides will reduce the environmental footprint of the EU’s food system, protect the health and well-being of citizens and agricultural workers, and help mitigate the economic losses that we are already incurring due to declining soil health and pesticide-induced pollinator loss.

Nature restoration law to repair damage done to Europe’s nature by 2050

The Commission is today proposing the first-ever legislation that explicitly targets the restoration of Europe’s nature, to repair the 80% of European habitats that are in poor condition, and to bring back nature to all ecosystems, from forest and agricultural land to marine, freshwater and urban ecosystems. Under this proposal for a Nature Restoration Law, legally binding targets for nature restoration in different ecosystems will apply to every Member State, complementing existing laws. The aim is to cover at least 20% of the EU’s land and sea areas by 2030 with nature restoration measures, and eventually extend these to all ecosystems in need of restoration by 2050.

The law will scale up existing experiences of nature restoration measures such as rewilding, returning trees, greening cities and infrastructure, or removing pollution to allow nature to recover. Nature restoration does not equal nature protection and does not automatically lead to more protected areas. While nature restoration is necessary in protected areas as well due to their increasingly poor condition, not all restored areas have to become protected areas. Most of them will not, as restoration does not preclude economic activity. Restoration is about living and producing together with nature by bringing more biodiversity back everywhere, including to the areas where economic activity takes place like managed forests, agricultural land and cities for example.

Restoration closely involves and benefits all parts of the society, it has to be done in an inclusive process and it has particularly positive impact on those who directly depend on healthy nature for their livelihood, including farmers, foresters and fishers. Investment into nature restoration adds €8 to €38 in economic value for every €1 spent, thanks to the ecosystem services that support food security, ecosystem and climate resilience and mitigation, and human health. It also increases nature in our landscapes and daily lives, with demonstrable benefits for health and wellbeing as well as cultural and recreational value.

The Nature Restoration Law will set restoration targets and obligations across a broad range of ecosystems at land and sea. Ecosystems with the greatest potential for removing and storing carbon and preventing or reducing the impact of natural disasters such as floods will be the top priorities. The new law builds on existing legislation, but covers all ecosystems rather than being limited to the Habitats Directive and Natura 2000 protected areas, aiming to put all natural and semi-natural ecosystems on the path to recovery by 2030. It will benefit from substantial EU funding: under the current Multiannual Financial Framework, around €100 billion will be available for biodiversity spending, including restoration.

The targets proposed include:

Reversing the decline of pollinator populations by 2030 and increasing their populations from there on,

No net loss of green urban spaces by 2030, a 5% increase by 2050, a minimum of 10% tree canopy cover in every European city, town, and suburb, and net gain of green space that is integrated to buildings and infrastructure,

In agricultural ecosystems, overall increase of biodiversity, and a positive trend for grassland butterflies, farmland birds, organic carbon in cropland mineral soils and high-diversity landscape features on agricultural land.

Restoration and rewetting of drained peatlands under agricultural use and in peat extraction sites,

In forest ecosystems, overall increase of biodiversity and a positive trend for forest connectivity, deadwood, share of uneven-aged forests, forest birds and stock of organic carbon,

Restoring marine habitats such as seagrasses or sediment bottoms, and restoring the habitats of iconic marine species such as dolphins and porpoises, sharks and seabirds,

Removing river barriers so that at least 25 000 km of rivers would be turned into free-flowing rivers by 2030.

To help deliver on the targets while keeping flexibility for national circumstances, the law would require Member States to develop National Restoration Plans, in close cooperation with scientists, interested stakeholders and the public. There are specific rules on governance (monitoring, assessment, planning, reporting and enforcement) – which would also improve policymaking at national and European levels, making sure authorities consider together the related issues of biodiversity, climate and livelihoods.

The proposal delivers on a key element of the European Green Deal: the Biodiversity Strategy for 2030 commitment for Europe to lead by example on reversing biodiversity loss and restoring nature. It is the EU’s key contribution in the ongoing negotiations on a post-2020 Global Biodiversity Framework to be adopted at the Convention on Biological Diversity COP15 in Montréal from 7 to 15 December this year.

Strong rules to reduce the use of chemical pesticides and ensure more sustainable food systems by 2030

Today’s proposal to reduce the use of chemical pesticides translates our commitment to halt biodiversity loss in Europe into action. The proposal will help building sustainable food systems in line with the European Green Deal and the Farm to Fork Strategy, whilst ensuring lasting food security and protecting our health.

Scientists and citizens are increasingly concerned about the use of pesticides and the build-up of their residues and metabolites in the environment. In the final report of the Conference on the Future of Europe citizens specifically requested to address the use and risk of pesticides. However, the current rules of the Sustainable Use of Pesticides Directive have proven to be too weak and have been unevenly implemented. Also, insufficient progress has been made in the use of Integrated Pest Management as well as other alternative approaches. Chemical pesticides harm human health and cause biodiversity decline in agricultural areas. They contaminate the air, the water and the wider environment. The Commission is therefore proposing clear and binding rules:

Legally binding targets at EU and national level to reduce by 50% the use and the risk of chemical pesticides and the use of the more hazardous pesticides by 2030. Member States will set their own national reduction targets within defined parameters to ensure that the EU wide targets are achieved. Strict new rules on environmentally friendly pest control: New measures will ensure that all farmers and other professional pesticide users practice Integrated Pest Management (IPM), in which alternative environmentally methods of pest prevention and control are considered first, before chemical pesticides may be used as a last resort measure. The measures also include mandatory record keeping for farmers and other professional users. In addition, Member States have to establish crop-specific rules identifying the alternatives to be used instead of chemical pesticides.

A ban on all pesticides in sensitive areas. The use of all pesticides will be prohibited in places such as urban green areas, including public parks or gardens, playgrounds, schools, recreation or sports grounds, public paths and protected areas in accordance with Natura 2000 and any ecologically sensitive area to be preserved for threatened pollinators. This new rules will remove chemical pesticides from our proximity in our everyday lives.

The proposal transforms the existing Directive into a Regulation which will be directly applicable in all Member States. This will tackle the persistent problems with weak and uneven implementation of existing rules over the last decade. Member States will have to submit to the Commission detailed annual progress and implementation reports.

Supporting the transition:

A package of key policies will support farmers and other users, with the transition to more sustainable food production systems, including:

New Common Agriculture Policy rules to ensure that farmers are compensated for any costs related to the implementation of the new rules for a transition period of 5 years;

Stronger action to increase the range of biological and low risk alternatives on the market;

Research and Development under EU’s Horizon programmes in support of new technologies and techniques, including precision farming and

An Organic Action Plan, to deliver the Farm to Fork pesticide targets.

The transition will also be supported by the proposal on farm sustainability data, and by market developments in relation to precision farming such as sprayers using geospatial localisation and pest recognition techniques.

Delivering globally:

In line with its policy for sustainable pesticide use, the Commission will soon propose, for the first time ever, a measure that follows up on its commitment to take account of global environmental considerations when deciding on maximum residue levels in food. Imported food containing measurable residues of prohibited substances should, over time, not be marketed in the EU. This will contribute to a virtuous circle and encourage third countries to also limit or prohibit the use of these pesticides, already banned in the EU.

Concretely, the Commission will soon consult Member States and third countries on a measure reducing to zero the residues of thiamethoxam and clothianidin, two substances known to contribute significantly to the worldwide decline of pollinators. These are substances no longer approved in the EU. When the measure is adopted, imported food containing measurable residues of these two substances may – after certain transitional periods – no longer be marketed in the EU.

Members of the College said:

Executive Vice-President for the European Green Deal, Frans Timmermans, said “We humans depend on nature. For the air we breathe, for the water we drink, for the food we eat – for life. Our economy also runs on nature. The climate and biodiversity crises are threatening the very foundation of our life on Earth. We have been making progress on tackling the climate crisis, and today we add two laws that represent a massive step forward in tackling the looming ecocide. When we restore nature, we allow it to continue providing clean air, water, and food, and we enable it to shield us from the worst of the climate crisis. Reducing pesticide use likewise helps nature recover, and protects the humans who work with these chemicals.”

Commissioner for the Environment, Oceans and Fisheries, Virginijus Sinkevicius, said: “Europeans are clear: they want the EU to act for nature and bring it back to their lives. Scientists are clear: there is no time to lose, the window is closing. And clear is also the business case: every euro spent for restoration will bring us at least eight in return. This is what this landmark proposal is about, restoring biodiversity and ecosystems so that we can live and thrive together with nature. It is a law for all people in Europe and for the generations to come, for a healthy planet and a healthy economy. It is a first of its kind globally, and we hope that it can inspire high international commitment for the protection of biodiversity in the upcoming COP15.”

Commissioner for Health and Food Safety, Stella Kyriakides, stressed: “It is time to change course on how we use pesticides in the EU. This is about the health of our citizens and our planet. Through this proposal, we are delivering on our citizens expectations and on our commitments in the Farm to Fork Strategy to build a more sustainable and healthy food production system. We need to reduce the use of chemical pesticides to protect our soil, air and food, and ultimately the health of our citizens. For the first time, we will ban the use of pesticides pesticide in public gardens and playgrounds, ensuring that we are all far less exposed in our daily lives. The Common Agricultural Policy will support farmers financially to cover all costs of the new rules for a period of 5 years. No one will be left behind.”

Next steps

Both proposals will now be discussed by the European Parliament and the Council, in line with the ordinary legislative procedure. Following adoption, the impact on the ground will be gradual: nature restoration measures are to be in place by 2030, while the pesticides targets should be reached by 2030.

As such, there is no direct relation to the immediate impacts of the Russian war of aggression against Ukraine. These proposals will strengthen Europe’s resilience and food security in the medium term, as as pollinator populations will become healthier and more abundant, soil erosion will decrease and water retention will improve, and our natural environment will become cleaner and increasingly toxic free. It will also reduce farmers’ dependency on expensive inputs, such as chemical pesticides, supporting affordable food for all Europeans.

Background

Healthy and resilient ecosystems are the backbone of our well-being and prosperity, providing food, clean water, carbon sinks and protection against natural disasters, including those caused by climate change. Over half of global GDP depends on nature and the services it provides, and more than 75% of global food crop types rely on animal pollination.

Despite its importance, Europe’s nature is in alarming decline with more than 80% of habitats in poor condition. Wetlands, peatlands, grasslands and dune habitats are the worst affected. In Western, Central and Eastern Europe wetlands have shrunk by 50% since 1970. 71% of fish and 60% of amphibian populations have declined over the last decade. Between 1997 and 2011, biodiversity loss accounted for an estimated annual loss of €3.5–18.5 trillion.

The impact assessment for the Nature Restoration Law has shown that the benefits of nature restoration far outweigh the costs. The economic benefits of restoring peatlands, marshlands, forests, heathland and scrub, grasslands, rivers, lakes, marine and alluvial habitats, and coastal wetlands are estimated to be greater than the costs by eight times.

The proposal on the sustainable use of pesticides replaces the Sustainable Use Directive 2009/128/EC (SUD) which aimed to achieve a sustainable use of pesticides in the EU by reducing the risks and impacts of pesticide use on human health and the environment and promoting the use of IPM. The main actions in the Directive related to training users and distributors, inspecting pesticide application equipment, prohibiting aerial spraying, and limiting pesticide use in sensitive areas. Various reports highlighted weaknesses in implementation of the Directive, with the result that there was insufficient reduction in the use and risk of pesticides.

Citizens from across Europe and across various walks of life recommended during the Conference on the Future of Europe a ‘drastic reduction of chemical pesticides and fertilizers in all types of farms’ and ‘the development of sustainable agriculture, including the respect for nature and the workers’. With today’s package, the Commission answers to five proposals and eight specific measures recommended by citizens.

Source: Cyprus News Agency

Cypriot and Israeli Health Ministers discuss expansion of cooperation between two countries

Health Ministers of Cyprus and Israel, Michael Hadjipantela and Nitzan Horowitz, discussed on Wednesday ways to expand cooperation between the two countries, during their visit to the Karaiskakio Foundation, in Nicosia.

Hadjipantela expressed his pride for the Karaiskakio Foundation, which “is in no way inferior not only to foundations in Israel but also in other EU countries.” He said ways to work with the Israeli Ministry of Health were discussed, adding that the Ministry of Health will always be next to the Karaiskakio Foundation to strengthen it “so that it continues to make us proud.”

Asked about cooperation with Israel in terms of donor exchange, the Minister of Health noted that there is cooperation, but at the moment it is most likely to discuss a way to send samples from Israel to the Karaiskakio Foundation for tests.

On his part, Nitzan Horowitz said he was “impressed” by the capability of the Karaiskakio Foundation, which he described as a “state-of-the-art laboratory”. In addition, he said he was impressed by the coexistence of all its services under one roof, which facilitates the treatment of various diseases, especially the rare ones. “We are going to cooperate and exchange information and maybe we will do the same thing in Israel,” he added.

The Israeli Minister of Health also stated that he has learned a lot about the health system of Cyprus and that there is a great room for expanding cooperation between Israel and Cyprus in terms of health and medicine. “Cyprus is an extremely good friend of Israel and a very close ally geographically but also morally and politically,” he said, expressing his eagerness to expand co-operation between the two countries for the benefit of both peoples.

Source: Cyprus News Agency

The Cyprus Economy and Competitiveness Council proposes the creation of a Deputy Ministry for Climate

The Cyprus Economy and Competitiveness Council is proposing the creation of a Deputy Ministry for Climate, as part of its suggestions for Green Development – Energy.

A statement from the Council has said that the proposal, made public in May, includes seven suggestions which will act as a catalyst for the long-term goals and commitments of Cyprus in relation to Green Transition. At the same time, it will support policies for a holistic approach which will contribute to reducing the cost of energy in the long term.

It suggests creating a deputy ministry for Climate, the Environment and Green Sustainability that will allow a unified adoption and monitoring of a long-term energy strategy, climate neutrality by 2050 and monitoring key performance indicators (KPIs) that will guide the actions towards the single goal.

It also proposes a long-term Energy strategy by 2050 to allow the Cypriot economy survive in the new global conditions of green and sustainable development.

Furthermore, it suggests upgrading the infrastructure and network of the electricity grid through greater use of renewable energy sources (RES).

Source: Cyprus News Agency

European Council draft conclusions include references to Turkey’s behaviour after the end of the General Affairs Council

The draft conclusions of the upcoming European Council contains references to concerns expressed by the EU over Turkey’s behaviour, CNA has learnt after the conclusion of the General Affairs Council which was held in Luxembourg on Tuesday.

These concerns were brought up before Tuesday’s discussion, focusing in particular on calls on Turkey to respect the sovereignty and territorial integrity of all EU member states.

The 27 leaders are also expected to call on Turkey to respect international law and de-escalate tensions in the region in the interest of regional stability, and to promote good neighbourly relations in a sustainable manner.

On Monday, in interventions during the Foreign Affairs Council, the Foreign Ministers of Cyprus and Greece pointed out Turkey’s problematic behaviour, including in relation to the Aegean Sea and Turkish occupied northern Cyprus.

According to an official statement on Foreign Affairs Minister Ioannis Kasoulides’s participation in the General Affairs Council, the meeting focused on the French proposal for the creation of a “European Political Community” and European prospects for Ukraine, Moldova and Georgia, as well as the Western Balkan countries.

Kasoulides said that Cyprus agrees with this idea, but stressed that such a structure should involve only states that share the same values and objectives as the EU. He also stressed the need to safeguard the autonomy of the EU and its member states in decision-making with regard to the participation of third countries. He also underlined that this framework cannot be a substitute for the enlargement process.

Kasoulides also welcomed the Commission’s recommendations on Ukraine, Moldova and Georgia and underlined the need to reinvigorate the enlargement process towards the Western Balkans.

Source: Cyprus News Agency

Silver Lake Enters Into Definitive Agreement to Acquire a Majority Stake in Facile.it from EQT and Oakley Capital to Support Management in the Next Phase of Growth, Making Facile Italy’s Second Unicorn

Silver Lake, the global leader in technology investing, has today announced that it has entered into a definitive agreement to acquire a majority stake in Facile.it (“Facile”), the leading Italian online price comparison platform, from EQT VIII fund (“EQT Private Equity”) and Oakley Capital, a pan-European private equity firm. With the transaction, Facile will become the second Italian unicorn.

Tobias Stuber, CEO of Facile, said: “On behalf of the Facile management team and all employees, I would like to thank EQT for the successful, collaborative, and highly productive partnership over the past four years on our journey towards capitalizing further on our position as a landmark destination for Italy’s household spending. Thanks to EQT’s support, we are in an even better position today for the next phase of our growth with our new partner Silver Lake.”

Christian Lucas, Co-Head of Silver Lake EMEA, said: “Facile is an exceptional business with a differentiated and powerful value proposition for customers, channel partners and financial service providers. We are truly impressed by what Tobias and the rest of the team have built over the past years. The company is now Italy’s leading online destination for consumers to compare prices with a market-leading tech platform and unique omnichannel capabilities across its agent networks and stores.

Investing in high-growth and pioneering business models with differentiated technology capabilities is at the core of our mission. We look forward to partnering with Tobias and the rest of the management team to significantly invest in the business and drive further growth and value creation over the coming years by contributing our experience from investments in multiple similar businesses across Europe.”

Dominik Stein, Partner at EQT Private Equity, said: “Facile is a great example of how EQT can help unlock a company’s full potential by combining our local-with-locals approach and deep sector expertise, with our long experience from developing tech companies. EQT is proud of having been a part of Facile’s remarkable growth trajectory and development. We would like to thank the whole management team for the trusted partnership over the past four years. We would also like to thank our co-investor Oakley Capital, the Advisory Committee members and all employees for their daily commitment in making Facile the unique company it is today.”

Founded in 2008 and headquartered in Milan, Italy, Facile originated with pioneering the offering of motor insurance brokerage online, for which it is the clear market leader in Italy today. Over time, Facile successfully diversified its offering by adding new product lines including gas & power, broadband, mortgages, consumer loans and, more recently, a new car sales marketplace platform. Facile has built a market-leading brand through several years of successful investment resulting in unparalleled brand awareness and leading website traffic volumes in the Italian market. Facile also benefits from a scaled omni-channel distribution approach across its online channels, its network of owned stores as well as its networks of insurance and mortgage & consumer loan agents it collaborates with, enabled by a market-leading tech platform that benefits from years of significant investment.

Silver Lake will leverage its extensive experience in the field from its many investments into similar companies across Europe to support Facile’s management team in the next phase of growth. Silver Lake intends to continue to invest in and broaden Facile’s product range to help accelerate the company’s strong growth trajectory across its core verticals, its recently launched growth verticals as well as future potential new product launches to strengthen the value proposition to both Italian consumers and partners.

The transaction is subject to customary conditions and approvals and is expected to close in Q3 2022.

Morgan Stanley acted as the exclusive financial advisor, Simpson Thacher & Bartlett and BonelliErede as legal advisors to Silver Lake.

About Facile

Facile.it is the leading Italian Online Price Comparison platform, helping over 4 million customers every month to compare prices on key areas of their household spending, providing access to a wide product offering, helping them save time and money. The Company in 2021 generated approximately €140 million in revenue.

About Silver Lake

Silver Lake is a global technology investment firm, with more than $88 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate nearly $254 billion of revenue annually and employ approximately 557,000 people globally.

About EQT

EQT is a purpose-driven global investment organization with €77 billion in assets under management across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately €29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

About Oakley Capital

Founded in 2002, Oakley Capital is a pan-European private equity firm backing ambitious growth companies across three core sectors – Technology, Consumer and Education. Oakley is able to deliver differentiated investment opportunities and superior returns by leveraging its entrepreneurial mindset and deep sector expertise. The Oakley team works closely with a unique network of entrepreneurs and successful management teams to help source primary, proprietary opportunities and gain valuable insights into the businesses in which it invests. Its ability to overcome complexity, and a flexible approach to value creation, allows Oakley to support its portfolio companies to achieve sustainable growth.

This material is not a CNA editorial material and CNA shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person mentioned in the text of the press release.

Source: Cyprus News Agency

English School students and staff welcomed the Earl of Wessex during his official visit to Cyprus

The English School students and faculty warmly welcomed HRH Prince Edward, the Earl of Wessex, to their premises on Tuesday, 21 June 2022, as part of the celebrations of Queen Elizabeth II‘s Platinum Jubilee across the Commonwealth of Nations. The Earl was received by Headmaster David Lambon and the Board of Management.

According to a press release by the English School, the school was founded in 1900 and stands as the oldest school of its kind outside the United Kingdom. “This unique status was on full display during the Earl’s visit, also reflecting the school’s long-standing tradition of royal visits and its broader linkage to the United Kingdom, dating back to Princess Mary’s visit in 1936”.

It adds that among the historic milestones in the school’s illustrious history was Prince Philip’s visit, in 1993, who also awarded that year’s prestigious Duke of Edinburgh’s Award to students. The English School has a long and distinguished history with the Duke of Edinburgh’s International Award, dating back to 1968, which seeks to equip young people for life and work, as the world’s leading youth achievement award. Indeed, the school is the oldest Independent Award Centre in the world, counting an astonishing 700 student participants this current academic year alone.

In regards to the Earl’s visit, Headmaster David Lambon underscored the school’s established and multifaceted connection to the UK, alongside its excellent relations with the British High Commission. “We were delighted to welcome Prince Edward to our school, further expanding our longstanding relations. Since our founding in 1900, we have enjoyed close links with the UK, both through the Duke of Edinburgh’s International Award Scheme and many generations of students attending UK universities. There are many changes in the world at present, however, the Duke of Edinburgh’s International Award Scheme remains a constant avenue for student development, and we were delighted to welcome the Earl of Wessex to meet recipients today”.

Headmaster Lambon had the opportunity to share the school’s newly-launched Students First initiative, through which the school is taking the next step in the future of education and pastoral care. The flagship programme aims to reinforce the school’s educational mission through comprehensive improvements across all sectors, in continuing to prepare students to access the highest quality tertiary education and to become global and democratic citizens, empowered to aspire to key leadership roles in their adult lives.

During his visit, the Earl of Wessex also toured the institution’s grounds and was presented with a commemorative photo album, replete with archival highlights of the school’s rich 120-year history, including photos from previous royal visits by Princess Mary (in 1936) and Prince Philip (in 1993).

Source: Cyprus News Agency

PPG introduces PPG DIGIMATCH camera and PPG VisualizID software for easier, faster color matching in global refinish industry

PPG (NYSE: PPG) today announced the introduction of PPG VISUALIZID™ advanced 3D visualization software and the PPG DIGIMATCH™ digital color camera for easier and faster color matching in body shops. The advanced tools are the latest components of the PPG LINQ™ end-to-end digital solution for the global refinish industry.

PPG has announced the introduction of PPG VISUALIZID™ advanced 3D visualization software and the PPG DIGIMATCH™ digital color camera for easier and faster color matching in body shops. (Photo: Business Wire)

With the PPG LINQ digital solution, refinish customers can streamline their repair process by using PPG’s cloud-based platform and its interconnected digital hardware, software and innovative services.

The PPG DigiMatch multi-angle digital color camera helps body shop employees match color easier and faster. It features an ergonomic design that is lightweight and can be used with one hand. The camera’s six imaging angles and six reflectance angles, provide color and texture information to help retrieve the correct formula matches quickly and efficiently.

PPG VisualizID software takes information from PPG DigiMatch or PPG’s other spectrophotometers to help users find the best color match from PPG’s extensive color portfolio. It is the first software of its kind in the industry, digitizing a process that used to involve trial and error and ultimately reducing waste.

“We know that body shop owners are looking to digital solutions to improve productivity, efficiency and sustainability,” said Chancey Hagerty, PPG global vice president, Automotive Refinish. “Developed and tested alongside customers, the PPG LINQ digital system helps meet these goals, allowing our customers to work more quickly and sustainably with features that provide optimized product consumption and waste reduction.”

The launch of PPG VisualizID software and the PPG DigiMatch camera follow the PPG MOONWALK® system, which is the company’s award-winning, automated paint mixing system that launched in 2019. Additional components of the PPG LINQ system will be launched later this year.

“We are heavily invested in providing solutions that power the body shops of tomorrow on a global scale,” said Denise Lu, PPG marketing director, Automotive Refinish. “PPG VisualizID software and the PPG DigiMatch spectrophotometer will help increase efficiency and ultimately allow body shops to service more cars, faster and more sustainably.”

PPG: WE PROTECT AND BEAUTIFY THE WORLD®

At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for nearly 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 75 countries and reported net sales of $16.8 billion in 2021. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets.

Digimatch, PPG Linq, and VisualizID are trademarks and We Protect and Beautify the World, MoonWalk and the PPG Logo are registered trademarks of PPG Industries Ohio, Inc.

Source: Cyprus News Agency