Emissions rules to be tightened for member states under Fit for 55
The EU Parliament and the EU Council agreed on stricter regulation of greenhouse gas (GHG) emissions, by increasing reduction goals, limiting flexibility in GHG transferring or borrowing and improving transparency.
UN COP27 has begun in Egypt, and Parliament and Council negotiators have reached a provisional deal to raise the EU 2030-target for GHG reduction from 30% to 40% as compared to 2005 for emission from road transport, heating of buildings, agriculture, small industrial installations and waste management. These sectors – which were not included until now in the EU Emissions Trading System (EU ETS) - currently generate about 60% of EU greenhouse gas emissions.
In order to meet these more ambitious national reduction targets, each member state will have to ensure that they do not exceed their annual GHG emission allocation. Parliament has requested that the EU Commission make information easily accessible on national actions in order to hold member states more accountable.
Important to mention that the new law cannot be enacted until Parliament and Council approve it formally.
For inquiries please contact:
RBI Regulatory Advisory
Raiffeisen Bank International AG | Member of RBI Group | Am Stadtpark 9, 1030 Vienna, Austria | Tel: +43 1 71707 - 5923