The EU taxonomy also includes economic activities related to nuclear power and natural gas. Soil carbon sequestration can significantly contribute to the elimination of CO2 from the atmosphere. Pursuant to the European Central Bank, the financial sector will have to focus more on the quality of disclosed sustainability information. This and other topics related to sustainability were often discussed in the past months. Read what other news has been moving the world of environmental law.
Carbon sequestration in agricultural land as a regulatory tool for reducing emissions
As the European Commission says, if the EU wants to prevent climate change from reaching dangerous proportions, it must reduce greenhouse gas emissions as part of a wider international effort. In this context, the Commission has long initiated various surveys to continuously map the situation and assess recent, current or future trends. Read some of the reports and analyses that address these trends in relation to emissions, the potential for emission reduction through agriculture, the readiness of companies to implement emission reduction in their plans and an analysis of the state of the EU carbon market to date.
The European Commission included natural gas and nuclear power in EU taxonomy
Currently, one of the most accentuated topics in the world of environmental law is the complementary delegated act to EU taxonomy, which reflects activities related to nucleus and gas. However, other important proposals significantly expanding the current taxonomy were published as well in the past months. The platform for sustainable finance presented e.g. a proposal for technological screening criteria regarding four environmental goals, an expanded taxonomy proposal was presented, defining transitional and non-sustainable activities, and the platform also presented a social taxonomy proposal.
Banks have to focus on the quality of disclosed information on sustainability
The European Commission has made a point of finding a way to direct its financial resources on achieving a sustainable and competitive EU economy. For this purpose, it has decided to set the rules for disclosure of transparent information on sustainability for individual measures and sectors. The entire financial sector, banks, market participants and other institutions, and namely authorities responsible for the functioning and control of the financial market have to react to this development.
Businesses will be subject to new sustainability due diligence obligations
Climate impacts are more widespread and severe than expected, and managers’ concerns are growing along with it, according to a Deloitte study. In order to meet the targets set by the Green Deal, the European Commission has adopted a proposal for a Directive on corporate sustainability due diligence, which sets out mandatory human rights and environmental due diligence obligations for larger companies. What is also worth attention is the new Guidelines on State aid for climate, environmental protection and energy, which are designed to facilitate the development of economic activities in a way that contributes to environmental protection.
No more synthetic textiles? The EU wants to stop the release of microplastics into the environment
The European Union is preparing new regulations and amendments to regulate another group of products in order to move towards a circular economy. In this context, it is also examining microplastic pollution and ways to prevent it. In addition, the CJEU has also issued a long-awaited judgment on the obligation to pay for the costs associated with the management of waste photovoltaic panels. The repeal of part of the Directive on Waste from Electrical and Electronic Equipment (WEEE) was prompted by an initiative from a Czech company.