World
Spain clean energy case shakes confidence in EU investment
MADRID (AP) — Renewable vitality buyers who misplaced subsidies promised by Spain are heading to a London courtroom to attempt to claw again $125 million from the federal government — a decadelong dispute with ramifications for clear vitality financing throughout the European Union.
The end result will likely be carefully watched by buyers after the U.S. handed a brand new regulation providing incentives for homegrown inexperienced know-how. Consultants say the Inflation Discount Act is already drawing clear vitality funding away from EU nations like Spain, leaving the 27-nation bloc a lot much less aggressive globally.
The European Fee, the EU’s government arm, has proposed its personal guidelines on permitting state assist and incentives for inexperienced funding. However these modifications wouldn’t have an effect on courtroom circumstances already underway.
The lawsuit in London’s Industrial Courtroom this week includes buyers from the Netherlands and Luxembourg who poured thousands and thousands right into a photo voltaic plant in southern Spain in 2011. The Spanish authorities provided subsidies to encourage progress in renewable vitality manufacturing, then controversially slashed the funds with out discover because it reduce prices after the 2008 monetary disaster.
Spain has been sued internationally greater than 50 instances over the retroactive modifications. It has not paid out regardless of shedding greater than 20 circumstances to date, in accordance with U.N. knowledge on worldwide funding disputes. The EU backs Spain’s place.
“These renewable buyers — multibillion-dollar corporations — are very involved concerning the perspective of Spain and Europe trying ahead,” mentioned Nick Cherryman, one of many legal professionals main the case in opposition to Spain. “Why ought to they take dangers investing in Europe given the observe document?”
Spain now ranks alongside Venezuela and Russia as nations with probably the most unpaid money owed over business treaty violations, in accordance with a current rating compiled by Nikos Lavranos, a Netherlands-based professional in funding arbitration and EU regulation.
Many of the circumstances allege that Spain broke agreements it agreed to honor underneath the worldwide Vitality Constitution Treaty, a legally binding settlement between 50 nations to guard corporations from unfair authorities interference within the vitality sector.
Environmental campaigners have criticised the treaty for safeguarding fossil gasoline funding as a result of financiers may also sue over coverage modifications aimed toward scaling again polluting initiatives. Nonetheless, for Spain, nearly all circumstances relate to renewable vitality.
“When you take the larger image, the EU is taking pictures itself within the foot by supporting Spain on this,” Lavranos mentioned. “You can’t belief that they’ll observe by with their agreements, so I believe you do shake buyers’ confidence.”
He additionally questioned how leaving buyers within the lurch over initiatives to ramp up renewable vitality manufacturing aligned with current EU initiatives just like the Inexperienced New Deal, a purpose for carbon neutrality by 2050 and leisure of subsidy guidelines.
“It’s very contradictory,” Lavranos mentioned.
In 2013, the buyers in Spain introduced a case earlier than the World Financial institution-backed Worldwide Centre for Settlement of Funding Disputes, an arbitration physique between governments and buyers.
Spain in 2018 was ordered to compensate buyers over its subsidy modifications. Regardless of being informed to pay out greater than $1 billion by the worldwide physique, Spain has refused, citing EU guidelines.
Spain’s Ecological Transition Ministry mentioned the funds “could also be opposite to EU regulation and represent unlawful state assist.” When the federal government is informed to make a payout, it says it notifies Brussels however that “Spain can not pay earlier than the fee’s resolution, so it’s faithfully complying with its authorized obligations.”
The European Fee mentioned the Vitality Constitution Treaty doesn’t apply in disputes between member states just like the Netherlands, Luxembourg and Spain, arguing EU regulation takes priority. The fee says the choice to compensate buyers over misplaced Spanish subsidies remains to be being studied and “the preliminary view is that the arbitration award would represent state assist.”
Cherryman, the buyers’ lawyer, mentioned the EU thinks it “must be superior to worldwide treaty regulation.” After ready for fee for a decade and given the EU place, his crew is making an attempt to grab a part of a $1 billion settlement awarded to Spain over a 2002 oil spill.
Beginning Wednesday, the London courtroom will hear Spain’s arguments that the buyers shouldn’t be allowed to grab these property in lieu of compensation they’ve but to be paid.
José Ángel Rueda, a Spanish worldwide arbitration lawyer who has represented a number of renewable vitality buyers in opposition to Spain, mentioned the nation’s fame is at stake. Different EU members like Germany and Hungary have paid out after worldwide disputes, opting to take care of a optimistic picture, he mentioned.
“Spain will not be like Russia or Venezuela. It was anticipated to be a critical nation. However the awards stay unpaid,” Rueda mentioned. “Buyers can see that Spain may not be a dependable state by way of the rule of regulation.”
Following years of authorized wrangling, the EU is now contemplating a coordinated withdrawal from the vitality treaty, although that may not have an effect on pending disputes.
“It isn’t potential to modernize the treaty to make it suitable with the goals of the Paris settlement and the European Inexperienced Deal,” Spain’s Ecological Transition Ministry mentioned.
The European Fee agreed, saying a withdrawal was “probably the most pragmatic approach ahead.”
Which may merely nudge buyers to look throughout the Atlantic, Cherryman mentioned.
“America has been nimble, and it launched very favorable laws to encourage renewable funding,” he mentioned. “They’ll respect my funding. Or I can take threat and go into Europe, go into Spain.”
The chance was the lack of more cash for renewables, that are “a win for everyone,” Cherryman mentioned. “All of us need to see renewables being invested in and all of us need a greener atmosphere that could be a safer future for our youngsters.”
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World
Israel keeping its ‘eyes open’ for Iranian attacks during Trump transition period, ambassador says
Israel’s U.N. Ambassador Danny Danon tells Fox News Digital that his country is keeping its “eyes open” for any potential aggression from Iran during the Trump transition period, adding it would be a “mistake” for the Islamic Republic to carry out an attack.
The comments come after Iranian Foreign Minister Abbas Araghchi vowed earlier this week that Iran would retaliate against Israel for the strategic airstrikes it carried out against Tehran on Oct. 26. Araghchi was quoted in Iranian media saying “we have not given up our right to react, and we will react in our time and in the way we see fit.”
“I would advise him not to challenge us. We have already shown our capabilities. We have proved that they are vulnerable. We can actually target any location in Iran. They know that,” Danon told Fox News Digital.
“So I would advise them not to make that mistake. If they think that now, because of the transition period, they can take advantage of it, they are wrong,” he added. “We are keeping our eyes open and we are ready for all scenarios.”
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Danon says he believes one of the most important challenges for the incoming Trump administration will be the way the U.S. deals with Iran.
“Regarding the new administration, I think the most important challenge will be the way you challenge Iran, the aggression, the threat of the Iranian regime. I believe that the U.S. will have to go back to a leading position on this issue,” he told Fox News Digital.
“We are fighting the same enemies, the enemies of the United States of America. When you look at the Iranians, the Houthis, Hezbollah, Hamas, all those bad actors that are coming against Israel… that is the enemy of the United States. So I think every American should support us and understand what we are doing now,” Danon also said.
IRAN HIDING MISSILE, DRONE PROGRAMS UNDER GUISE OF COMMERCIAL FRONT TO EVADE SANCTIONS
Danon spoke as the U.S. vetoed a draft resolution against Israel at the U.N. Security Council on Wednesday.
The resolution, which was overseen by Algeria, sought an “immediate, unconditional and permanent cease-fire” to be imposed on Israel. The resolution did not guarantee the release of the hostages still being held by Hamas within Gaza.
“It was a shameful resolution because… it didn’t have the linkage between the cease-fire and the call [for] the release of the hostages. And I want to thank the United States for taking a strong position and vetoing this resolution,” Danon said. “I think it sent a very clear message that the U.S. stands with its strongest ally with Israel. And, you know, it was shameful, too, to hear the voices of so many ambassadors speaking about a cease-fire but abandoning the 101 hostages. We will not forget them. We will never abandon them. We will continue to fight until we bring all of them back home.”
Fox News’ Benjamin Weinthal contributed to this report.
World
Fact-check: What do we know about Russia’s nuclear arsenal?
Moscow has lowered the bar for using nuclear weapons and fired a missile capable of carrying a nuclear warhead into Ukraine, heightening tensions with the West.
Russia’s nuclear arsenal is under fresh scrutiny after an intermediate-range ballistic missile capable of carrying an atomic warhead was fired into Ukrainian territory.
President Vladimir Putin says the unprecedented attack using the so-called “Oreshnik” missile is a direct response to Ukraine’s use of US and UK-made missiles to strike targets deep in Russian territory.
He has also warned that the military facilities of Western countries allowing Ukraine to use their weapons to strike Russia could become targets.
The escalation comes days after the Russian President approved small but significant changes to his country’s nuclear doctrine, which would allow a nuclear response to a conventional, non-nuclear attack on Russian territory.
While Western officials, including US defence secretary Lloyd Austin, have dismissed the notion that Moscow’s use of nuclear weapons is imminent, experts warn that recent developments could increase the possibility of nuclear weapons use.
Here’s what we know about Russia’s inventory of atomic weapons.
How big is Russia’s nuclear arsenal?
Russia holds more nuclear warheads than any other nation at an estimated 5,580, which amounts to 47% of global stockpiles, according to data from the Federation of American Scientists (FAS).
But only an estimated 1,710 of those weapons are deployed, a fraction more than the 1,670 deployed by the US.
Both nations have the necessary nuclear might to destroy each other several times over, and considerably more atomic warheads than the world’s seven other nuclear nations: China, France, India, Israel, North Korea, Pakistan and the United Kingdom.
Of Moscow’s deployed weapons, an estimated 870 are on land-based ballistic missiles, 640 on submarine-launched ballistic missiles, and potentially 200 at heavy bomber bases.
According to FAS, there are no signs Russia is significantly scaling up its nuclear arsenal, but the federation does warn of a potential surge in the future as the country replaces single-warhead missiles with those capable of carrying multiple warheads.
Russia is also steadily modernising its nuclear arsenal.
What could trigger a Russian nuclear response?
Moscow’s previous 2020 doctrine stated that its nuclear weapons could be used in response to an attack using nuclear or other weapons of mass destruction “when the very existence of the state is put under threat.”
Now, the conditions under which a nuclear response could be launched have changed in three crucial ways:
- Russia will consider using nuclear weapons in the case of a strike on its territory using conventional weapons, such as cruise missiles, drones and tactical aircraft.
- It could launch a nuclear attack in response to an aggression by a non-nuclear state acting “with the participation or support of a nuclear state”, as is the case for Ukraine.
- Moscow will also apply the same conditions to an attack on Belarus’ territory, in agreement with President Lukashenko.
Is there a rising nuclear threat?
The size of the world’s nuclear stockpiles has rapidly decreased amid the post-Cold War détente. The Soviet Union had some 40,000 warheads, and the US around 30,000, when stockpiles peaked during the 1960s and 70s.
But FAS warns that while the overall number is still in decline, operational warheads are on the rise once again. More countries are also upgrading their missiles to deploy multiple warheads.
“In nearly all of the nuclear-armed states there are either plans or a significant push to increase nuclear forces,” Hans M. Kristensen, Director of the Nuclear Information Project at the Federation of American Scientists (FAS), said in June this year.
Is the West reacting?
When Putin approved the updated nuclear protocol last week, many Western leaders dismissed it as sabre rattling.
German Foreign Minister Annalena Baerbock said Germany and its partners would “not be intimidated” and accused Putin of “playing with our fear.”
But since Russia used a hypersonic ballistic missile capable of carrying a nuclear warhead in an attack on Dnipro, European leaders have raised the alarm.
“The last few dozen hours have shown that the threat is serious and real when it comes to global conflict,” Polish Prime Minister Donald Tusk said on Friday.
According to Dutch media reports, NATO’s secretary-general Mark Rutte is in Florida to urgently meet President-elect Donald Trump, potentially to discuss the recent escalation.
NATO and Ukraine will hold an extraordinary meeting in Brussels next Tuesday to discuss the situation and the possible allied reaction, according to Euronews sources.
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