Germany is the litmus test for Europe’s environmental revolution. The nation’s Greens are on the cusp of power in the region's largest economy, and the party is proposing some of the most progressive climate policies yet. But the reality is that they will likely fall short of those aims, with the party already acknowledging it will have to compromise on issues like banning combustion-engine cars by 2030. For keen EU watchers, it’s a familiar tale. The Commission has released the first stage of its rulebook for what counts as green and what doesn’t, but controversial decisions on natural gas and nuclear power have been left until later in the year. And after a year of record temperatures and devastating floods, the need for a radical overhaul of the way we do business is more urgent than ever. - John Ainger

What’s Happening

‘Re-Engineering’ Finance | The EU’s new standards for classifying sustainable investment will change the way economies operate, divert cash flows and reverberate across the globe, the officials in charge of the new rulebook said. Read our interview with Commissioner Mairead McGuinness.

Italian Spending | Prime Minister Mario Draghi’s plan to reinvent Italy’s economy with 200 billion euros of EU funds aims to achieve a maximum impact on growth with six overall “missions” — the biggest chunk targeting the green transition — according to a draft document.

Standing Pat  | The ECB is widely expected to keep its crisis tools unchanged when it meets today. President Christine Lagarde will probably be quizzed about the state of the recovery and the institution’s plans for winding down the unprecedented stimulus it’s unleashed to keep the economy on track. One key challenge is set to come later this year.

Shots Missed | Italy will likely miss its target of half a million daily Covid-19 vaccinations by the end of the month, but is set to sharply accelerate the pace of its campaign thanks to a boost in supplies, according to the country’s civil defense chief. Meanwhile, German Chancellor Angela Merkel got backing for her controversial lockdown law. 

Macron’s Job | In exactly 12 months time, the French will start the process of deciding whether they want to keep Emmanuel Macron as president, or dismiss him. There’s a crowded and moving field in the running to replace him. We take a look at the key contenders. 

In Case You Missed It

Recovery Relief | The process to dispense around 800 billion euros under the recovery fund took another step closer after Germany’s top court allowed the country to ratify it. All 27 member states still need to agree to the plan, but it’s looking increasingly likely that funds will be released in the second half of this year.

Putin’s Warning | With tensions running increasingly high on the Ukrainian border, Russian President Vladimir Putin is showing few signs of backing down. He warned rival nations not to cross Russia’s “red line” or face a tough response, all while extending an offer of strategic talks.

Facial Recognition | The EU is coming after facial-recognition software, which has been slammed by civil liberties groups over cases of wrongly identifying women or people with different skin tones. The Commission proposed measures that would ban certain artificiaI intelligence applications throughout the bloc.

Wirecard Scandal | Germany’s finance ministry provided Merkel’s office with incomplete information about Wirecard that implied the payments company was a victim of manipulation, according to an internal email exchange seen by Bloomberg. It marks the latest twist in the fall of a rising fintech star. Finance Minister Olaf Scholz is due to testify today to the parliamentary inquiry investigating the scandal.

Chanel Spat | Chanel lost an EU court fight with Huawei to protect its famous logo. Judges ruled in favor of the Chinese telecom giant to get a region-wide trademark for a logo, which the French maker of tweed suits and No. 5 perfume said was too similar to its own.

Footie Fumble | The rebel Super League is dead, bringing relief to millions of football fans across the continent. Executives behind the plan, backed by U.S. bank JPMorgan with 4 billion euros, weren’t so chuffed about being left to pick up the pieces.

Chart of the Day

EU exports of waste to non-EU countries reached 32.7 million tons last year — an increase of 75% since 2004, according to Eurostat data published this week. Almost 40% of that waste went to Turkey, followed by India and the U.K. Waste imports from non-EU countries declined to 16 million tons in 2020.

Today’s Agenda (All times CET.)

• 7:30 a.m. Informal virtual meeting of EU energy ministers
• 9 a.m. European Parliament Committee on the Environment, Public Health and Food Safety holds exchange of views with Health Commissioner Stella Kyriakides 
• 9:30 a.m. The EU’s top court rules in a challenge by the Council of the EU against a 2018 decision in favor of the Kurdistan Workers’ Party, or PKK, against being added to a list of people and groups penalized for being involved in terrorist acts
• 9:30 a.m. The EU’s top court rules in a dispute between Austrian Airlines and a passenger who is trying to get 250 euros in compensation after his flight from Vienna to Berlin was diverted to a different airport in the German capital
• 10:30 a.m. German Finance Minister Scholz testifies at Wirecard parliamentary hearings
• 2:05 p.m. Commission President Ursula von der Leyen speaks at New European Bauhaus Conference
• 2:30 p.m. ECB’s Lagarde holds a press conference following monetary policy meeting
• 5:45 p.m. Justice Commissioner Didier Reynders speaks at European Parliament’s legal affairs committee 5:45 p.m. Press statement by Home Affairs Commissioner Ylva Johansson and Marko Gasperlin, chair of the Frontex management board
• Von der Leyen participates in the Global Leaders Summit hosted by U.S. President Joe Biden on Earth Day