European Union

The European Union's agriculture industry is losing €28 billion ($31.5 billion) a year due to increasing climate risks, such as droughts and flooding, according to a new study.

The primary objective of Solvency II was to create a risk-based regulatory framework.

One part of the plan is a voluntary public-private reinsurance mechanism that would pool private risks across the EU to help backstop weather-related losses.

The European Union is enacting the most comprehensive guardrails on the fast-developing world of artificial intelligence after the bloc's parliament passed the AI Act on Wednesday.

About 20 nations have signed on to a deal to stop funding foreign fossil fuel projects -- with a last-minute entry by Italy. But the impact of the accord is undermined by the absence of key countries like China.