Europe\u2019s emerging role in the US-Israel-Iran conflict<\/p>\n
The escalating conflict between the U.S., Israel, and Iran is affecting global markets and the political position of the European Union simultaneously. The financial impact of the conflict has been immediate, with Brent crude oil surging to a 13-month high of almost $80 a barrel<\/strong> and natural gas futures rising by 25%<\/strong> on Monday. The euro and the British pound fell against the U.S. dollar, and European stocks fell sharply as well. Fear of energy security is high, as the potential shutdown of the Strait of Hormuz, a main trading route for around 20% of the world\u2019s oil, looms.\u00a0<\/p>\n EU leaders are struggling to respond cohesively, with Spain condemning the strikes<\/strong> and Germany urging restraint in criticising allies<\/strong>. In a statement Sunday night, Germany\u2019s Friedrich Merz, France\u2019s Emmanuel Macron, and the UK\u2019s Keir Starmer said they would \u201ctake steps to defend our interests and those of our allies in the region, potentially through enabling necessary and proportionate defensive action to destroy Iran\u2019s capability to fire missiles and drones at their source.\u201d The Commission President, Ursula von der Leyen, has yet to release a statement from Monday\u2019s emergency meeting. \u00a0<\/p>\n ***<\/p>\n Further reading: Oil jumps, euro slumps as Iran conflict erupts<\/a> | Iran crisis poses fresh test for divided EU<\/a><\/p>\n Featured ESG Tool of the Week:<\/strong> Argentina seeks to weaken glacier protection law Argentina\u2019s Senate, or upper house, voted 40 to 31 to reform the 2010 Glacier Protection Law. Reforms to this law could open up vulnerable glaciers to mining and exploration<\/b>, as it redefines what qualifies as a protected ice field. This is a part of President Javier Milei\u2019s push to reduce environmental protections around glaciers and increase foreign investment<\/b>, with Milei stating that \u201cthe era of environmentalists flying the flag of a false noble cause is coming to an end.\u201d Milei\u2019s government expects that peeling back protections will encourage $40 billion in investment<\/strong>. If the bill passes, provincial authorities will have the power to decide which glaciers should remain protected and which could be opened to hydrocarbon and oil exploration, as well as other mining activities.\u00a0<\/p>\n Protests have broken out outside of the country\u2019s Congress building. Environmental activists are urging the government to stop this reform<\/b>, claiming that it weakens national water security and protections for water reserves. The bill must now pass in the lower house.<\/p>\n *** Related Articles<\/strong><\/p>\n Here is a list of articles selected by our Editorial Board that have gained significant interest from the public:<\/p>\n Spain\u2019s Moeve invests $1.2 billion in green hydrogen project Moeve, an energy company from Spain, announced a new green hydrogen project in a press release<\/a> on Monday. Claiming to be the largest green hydrogen project in southern Europe<\/strong>, Moeve has secured \u20ac1 billion ($1.2 billion) in investment<\/strong> and partnered with Masdar, a renewable energy company based in Abu Dhabi. The project is expected to have a capacity of 300 megawatts (MW) as part of the first phase of the Andalusian Green Hydrogen Valley in Spain. In preparation for the project, Moeve established a secure connection with the Spanish grid. In addition to private investments, the project has received over \u20ac300 million in European Union subsidies<\/strong>. <\/p>\n Mohamed Jameel Al Ramahi, CEO of Masdar, said, \u201cAs an early mover in this sector, we have long recognized green hydrogen\u2019s role in decarbonizing hard-to-abate sectors. This partnership, under the leadership of Moeve, reflects our strategy of advancing commercially viable green hydrogen projects in markets where demand is clear.\u201d<\/p>\n ***<\/p>\n Further reading: Spain\u2019s Moeve teams up with Masdar on $1.2 billion green hydrogen project<\/a><\/p>\n Italian Minister pushes back on Europe\u2019s Emissions Trading System Adolfo Urso, Italy\u2019s Industry Minister, is urging the EU to suspend its Emissions Trading System (ETS)<\/b>, claiming that it is a harmful tax that hinders competitiveness<\/b>. The ETS forces companies to pay for their carbon emissions and is crucial for the bloc\u2019s carbon market reform. Urso has claimed that the system has a \u201cperverse effect,\u201d prohibiting the EU from remaining competitive with the U.S. and China. German Chancellor Friedrich Merz floated a similar suspension idea recently but quickly reversed course.\u00a0<\/p>\n Urso\u2019s proposal faces pushback of its own. Experts warn that suspension would increase market uncertainty and delay the bloc\u2019s energy transition<\/b>. Chiara di Mambro, Director of Strategy Italy and Europe for the environmental think tank ECCO, said, \u201cSuspending the ETS as proposed today or subsidising gas, as envisaged in the Government\u2019s recent decree, would move Italy in the opposite direction (higher energy prices): weakening the price signal, increasing market uncertainty, and ultimately delaying the transition away from expensive fossil fuels.\u201d\u00a0<\/p>\n ***<\/p>\n Further reading: Italy calls for suspension of EU carbon market<\/a><\/p>\n
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\n![\"ESG](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/03\/32-Argentina-Weakens-Glacier-Protection-Law-300x198.jpg\")
Greenpeace activists held banners saying, \u201cSenators, don\u2019t shit in our water \u2013 hands off the glacier law.\u201d\u00a0 Photo Credit: Boris Hadjur<\/a><\/p>\n
Further reading: Senate approves Milei\u2019s weakening of glacier protection law<\/a><\/p>\n
\n![\"ESG](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/03\/32-Moeve-Masdar-Partnership-300x200.png\")
The first phase will have the option to expand capacity by 100MW. Photo Credit: Moeve Global<\/a><\/p>\n
\n![\"ESG](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/03\/32-Italy-Asks-to-Suspend-Carbon-Market-233x300.jpg\")
Urso stated, \u201c\u2026It is necessary to suspend the ETS mechanism while awaiting a reform that must necessarily be comprehensive.\u201d Photo Credit: Wikimedia Commons<\/a><\/p>\n