Importers into the EU of CBAM goods should be aware of their transitional reporting obligations under the new rules. By Paul A. Davies, Michael D. Green, and James Bee On 17 August 2023, the European Commission (Commission) adopted rules governing the implementation of the Carbon Border Adjustment Mechanism (CBAM) during its transitional phase, which begins … Continue Reading
Renewable fuels of non-biological origin would play an expanded role in satisfying EU decarbonisation targets. By Paul A. Davies, JP Sweny, Michael D. Green, James Bee, and Alexander Leighton The European Council has formally endorsed the proposed amendments to Directive (EU) 2018/2001 on the promotion of the use of energy from renewable sources (the Renewable … Continue Reading
The regulation aims to minimise the EU’s contribution to deforestation and forest degradation. By Paul A. Davies, Michael D. Green, and James Bee The European Deforestation Regulation (EUDR) entered into force on 29 June 2023, following publication in the Official Journal of the European Union. However, the main requirements and prohibitions of the EUDR will … Continue Reading
The Guidelines build on current social, environmental, and technological issues facing businesses following the last update in 2011. By Paul A. Davies, Michael D. Green, and James Bee The Organisation for Economic Co-operation and Development (OECD) released updated Guidelines for Responsible Business Conduct on 8 June 2023 (the OECD Guidelines). Background to the OECD Guidelines … Continue Reading
Trialogue negotiations have begun following the parliament’s vote. By Paul A. Davies, Michael D. Green, and James Bee On 1 June 2023, the European Parliament voted to adopt its initial negotiating position on the EU’s proposed Corporate Sustainability Due Diligence Directive (CSDDD). If adopted, the CSDDD would apply to large EU and non-EU businesses with significant … Continue Reading
The Commission is also consulting on proposed targeted amendments to the Taxonomy Climate Delegated Act and on the Taxonomy Disclosures Delegated Act. By Paul A. Davies, Michael D. Green, and James Bee On 5 April 2023 the European Commission opened a consultation on its proposal for four additional environmental objectives under the EU Taxonomy Regulation[1] (the Taxonomy), including: … Continue Reading
As part of the European Green Deal ambitions, the proposal encourages sustainable consumption through additional incentives to repair products to reduce waste and emissions. By Paul A. Davies, Michael D. Green, and James Bee On 22 March 2023, the European Commission (Commission) adopted a new proposal on common rules promoting the repair of goods (the … Continue Reading
The proposals form part of the Green Deal Industrial Plan and aim to scale up technology and materials for the energy transition. By Paul A. Davies, Beatrice Lo, JP Sweny, Alexander Buckeridge-Hocking, Michael D. Green, and James Bee On 16 March 2023, the European Commission (Commission) formally proposed two legislative initiatives and announced the development … Continue Reading
The Plan aims to “simplify, accelerate and align incentives to preserve the competitiveness and attractiveness of the EU as an investment location for the net-zero industry”[1]. By Paul A. Davies, Michael D. Green, and James Bee On 1 February 2023, the European Commission (Commission) presented a proposal for a Green Deal Industrial Plan for the Net-Zero Age (the … Continue Reading
By Paul A. Davies, Michael D. Green, and James Bee The CBAM would seek to mitigate carbon leakage through the imposition of a levy on carbon-intensive imports into the EU, while free allowances under EU ETS would be phased out. On 13 December 2022, negotiators from the European Parliament and European Council reached a provisional … Continue Reading
The Council’s position includes a number of differences from the European Commission’s original proposal, including in relation to the requirement to diligence the broader value chain. By Paul A. Davies, Michael D. Green, and James Bee On 30 November 2022, the European Council (the Council) — which comprises the views of the EU Member State governments … Continue Reading
From 2024 at the earliest, more European and global companies will need to disclose their ESG activities in greater detail. By Paul A. Davies, Michael D. Green, and James Bee On 10 November 2022, the European Parliament adopted a final version of the Corporate Sustainability Reporting Directive (CSRD). The CSRD will require large EU companies … Continue Reading
The Commission plans to adopt a proposal for a revised Regulation on the Registration, Evaluation, Authorisation and Restriction of Chemicals in the last quarter of 2022. By Joachim Grittmann and Alexander Wilhelm On 20 January 2022, the European Commission opened a public consultation on revising Regulation (EC) No 1907/2006 concerning the Registration, Evaluation, Authorisation and … Continue Reading
The package aims to deliver on the targets agreed in the European Climate Law and fundamentally transform the EU’s economy and society for a greener future. By Paul A. Davies, Nicola Higgs, David Little, Elisabetta Righini, JP Sweny, and Michael D. Green On 14 July 2021, the European Commission (the Commission) unveiled a long-awaited package … Continue Reading
The new green bond standard aims to hit EU Green Deal targets, address environmental challenges, and increase investment in sustainable activities. By Paul Davies and Edward Kempson The European Commission (the Commission) recently issued two key announcements relating to the newly published EU Sustainable Finance Strategy (the Strategy) and the new EU Green Bond Standard … Continue Reading
Discussion Paper opens debate on potential new rules to improve diversity in financial services. By Rob Moulton, David Berman, Paul Davies, and Charlotte Collins On 7 July 2021, the FCA, the PRA, and the Bank of England published a joint Discussion Paper on diversity and inclusion in the financial sector. The regulators, in particular the … Continue Reading
The package focuses on material sustainability reporting and disclosure obligations, as the EU looks to direct capital toward sustainable activities. By Paul A. Davies, Nicola Higgs, David Little, and Michael Green On 21 April 2021, one day prior to Earth Day and a US-led global climate summit, the European Commission adopted a much-anticipated package of … Continue Reading
New regulations in renewable energy, infrastructure, telecommunications, and ESG are expected to impact companies and investors in Spain in the coming year. By José María Alonso and Leticia Sitges Despite the ongoing effects of the pandemic, the Spanish government has established a route toward decarbonizing and digitalizing the economy and toward promoting circular-economy initiatives. This … Continue Reading
A new report shows headway in reducing greenhouse gases and details the latest climate change policy developments. By Paul A. Davies and Michael D. Green On 30 November 2020, the European Commission (EC) adopted the EU Climate Action Progress Report Kick-starting the journey towards a climate-neutral Europe by 2050 (the Report). The Report, which is … Continue Reading
The plan promises 250,000 jobs and emphasises a “green industrial revolution” to stimulate a post-pandemic economic recovery. By Paul A. Davies and Michael D. Green On 17 November 2020, UK Prime Minister Boris Johnson announced a ten-point plan as part of the government’s initiative to “build back better”. The plan aims to bolster the economy … Continue Reading
The annual report shows a considerable uptake in the adoption of climate-centred financial disclosures. By Paul A. Davies and Michael D. Green The Task Force on Climate-related Financial Disclosures (TCFD) published its Annual Report on TCFD-aligned disclosures by firms (Annual Report), on 29 October 2020. The TCFD was established by the Financial Stability Board (FSB) … Continue Reading
The FRC prompts boards, companies, and auditors to improve responses to climate change challenges through improved governance structure and narrative reporting. By Paul A. Davies and Michael D. Green On 10 November 2020, the Financial Reporting Council (FRC) published its findings (the Report) on its thematic review undertaken in 2020, concerning climate-related considerations that various … Continue Reading
The proposed initiative would embed sustainability in companies’ corporate governance frameworks and their business strategies. By Paul A. Davies and Michael D. Green On 26 October 2020, the European Commission (the Commission) launched a public consultation on a proposed sustainable corporate governance framework. The Commission is seeking views from a broad range of stakeholders, including, … Continue Reading
Making Europe greener, fairer, and more sustainable is at the heart of the European Commission’s new work programme. By Paul Davies, David Little, Michael D. Green, and Pierre Bichet On 19 October 2020, the European Commission (Commission) published its Work Programme (Programme) for 2021. The Programme — “A Union of vitality in a world of … Continue Reading
