European green deal

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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 apply from 30 December 2024, 18 months after the entry into force.

The regulation forms part of the European Green Deal (for more information on the Green Deal, refer to Latham’s blog post here), which includes a proposal to ensure EU consumption does not contribute to deforestation and forest degradation. The EUDR will repeal and broaden the scope of the existing EU Timber Regulation.[i]

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 Proposal). The Proposal seeks to deliver on the environmental targets outlined in the European Green Deal, specifically regarding sustainable consumption, by increasing consumer incentives to repair products rather than replace them, especially after a product’s legal guarantee under the EU’s Sale of Goods Directive has expired. The Proposal will therefore aim to create growth in the market for refurbished products, furthering the Green Deal ambition of promoting a circular economy.

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 Restriction of Chemicals (REACH Regulation). The REACH Regulation entered into force on 1 June 2007 and is to be fundamentally revised under the Commission’s Chemicals Strategy for Sustainability, which forms part of the European Green Deal. Until mid-April 2022, interested parties are encouraged to share their opinions on the most relevant aspects of the REACH Regulation to ensure the goals of the Commission on innovation for safe and sustainable chemicals and a high level of protection of health and the environment.

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 of proposals that seeks to align the EU’s climate, energy, land use, transport, and taxation policies with the European Green Deal’s emissions reduction target of at least 55% by 2030, compared to 1990 levels. The European Climate Law, which enters into force this month, will enshrine this target into binding legislation.

This blog post outlines the key elements of the package, which aims to fulfil the Commission’s ambition for Europe to be the world’s first climate-neutral continent by 2050. The proposals are interconnected and aim to ensure responsibility is shared evenly across sectors, with measures providing additional financial support where necessary.

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 (the EUGBS). This blog will highlight key areas of focus in the Strategy and will explore anticipated dynamics in the green bond market and between the EUGBS and the International Capital Market Association’s (the ICMA’s) Green Bond Principles (the GBPs).

Recent developments show how innovative sustainable finance instruments can help the transition to greener financial markets.

By Paul A. Davies and Edward R. Kempson

The EU Taxonomy Regulation[1] (the Regulation), which entered into force in July 2020, is one of the most significant developments in sustainable finance. The Regulation creates a classification system for green and sustainable economic activities (the Taxonomy) that is intended to be used by market participants in the EU and beyond to navigate the transition to a low-carbon, resilient, and resource-efficient economy. Under the Taxonomy, in order for an economic activity to be classified as “green”, it must (i) substantially contribute to one of six environmental objectives,[2] (ii) do no significant harm to the other five objectives, (iii) comply with certain governance safeguards,[3] and (iv) comply with specific science-based performance thresholds (or “technical screening criteria”).