European Union countries and negotiators from the EU's parliament reached a provisional deal Thursday to raise the share of renewables in the bloc's energy mix, another step to accelerate its green transition. The European Council, which represents the 27 member nations, said the agreement reached after all-night negotiations would raise the renewable energy target to 42.5% of total consumption by 2030. To meet the EU’s goal of becoming climate neutral by 2050, the EU's executive commission supported a target of 45%.
Grant Shapps said the shift away from gas to alternative ways of heating homes would take place over ‘the next decade or two’.
The pound held steady on Thursday, and was heading for its biggest monthly gain versus the dollar since November, as an apparent abatement in concern among investors over the banking sector drove flows away from the U.S. currency. Sterling has risen by nearly 3% against the dollar in March and is hovering around eight-week highs. Data this week showed UK grocery inflation hit a record high of 17.5% in March.