EU Climate Policy: The European Commission is set to unveil a major overhaul of the Emissions Trading System, testing how far it can support industry while keeping the bloc’s 2040 emissions cuts on track. Energy & Grid Governance: Iberdrola is pushing for a clearer split between electricity system operation and grid transport management to boost investor confidence as Spain accelerates electrification. Electricity Markets: Spain’s Ibex slips again, with heavy selling in power and infrastructure names including Endesa, Iberdrola, Cellnex and Solaria. Aviation Modernisation: Indra signs an MoU with Ukraine’s air navigation provider to help rebuild and digitise Ukraine’s air traffic management systems under EU interoperability standards. Air Transport Demand: IATA data shows the US remains the world’s biggest air passenger market in 2025, but with the slowest growth among top markets; Spain ranks among the largest. Maritime & Sanctions: Greece blocks an EU sanctions package over Russian LNG shipping restrictions tied to Dynagas, highlighting how shipping interests can derail EU policy. Road & Rail Disruption Watch: Spain braces for another heatwave, with Murcia forecast to hit 42°C and transport networks facing knock-on risks. World Cup Logistics & Costs: With Spain vs Argentina in the final, coverage highlights major travel and ticket-price pressure, plus expanded public transport planning around MetLife Stadium.