EU Critical Raw Materials Act
The Critical Raw Materials Act ("CRMA"), proposed by the European Commission on March 16, 2023, aims to ensure a diverse, secure, and sustainable supply of critical raw materials for European Union ("EU") industries and came into force on May 23, 2024. As part of a broader "Green Industry Plan" and aligned with the "Net-Zero Industry Act"
EU Ecodesing Framework
On May 27, 2024, the Council of Europe announced that member states have approved new regulations for an "Ecodesign" framework that sets sustainability requirements for almost all products across the European Union, and introduced a new ban on the destruction of unsold textiles and footwear. The Council of Europe's announcement marks the final major step towards
EU Forced Labour Regulation
On April 23, 2024, the European Parliament approved the EU Forced Labour Regulation, which contains rules banning the import, sale, and export of products produced by forced labour in the European Union ("EU") market. The Regulation stipulates the prohibition of the sale, import, and export in the EU market of all products produced by forced labour
Expansion of the United Kingdom Emissions Trading Scheme
The UK Emissions Trading Scheme (UK ETS) Authority of the UK government announced the launch of a new consultation package on May 23, 2024. This package proposes to extend the UK ETS to new sectors, including waste-to-energy and waste incineration, and to integrate carbon removal activities into the ETS. The United Kingdom has had its own
Implementation of EU Emissions Trading System for Shipping Companies
As of January 2024, a European Union (“EU”) decision has assigned administering authorities to shipping companies, marking one of the final stages in the implementation of the Emissions Trading System (“ETS”) within the Union. This decision establishes a system for trading greenhouse gas emission allowances. In a collaborative effort to enhance environmental sustainability and mitigate carbon
ESMA Rules on ESG Funds
The European Securities and Markets Authority (ESMA), the European Union's markets regulator, announced on May 14, 2024, the publication of its final guidelines (the "Guidelines") on the use of ESG and sustainability-related terms in investment fund names. The Guidelines include required investment thresholds for sustainable investment funds and the creation of a transition category for investments
Canada Plastic Products Reporting Requirements
The Government of Canada has announced the launch of a new Federal Plastics Registry, requiring plastic manufacturers to report the quantity and type of plastic they place on the Canadian market and track its life cycle from production to end-of-life in the economy. According to the government's announcement, the new registration system supports Canada's goal of
European Union’s Net-Zero Industry Act
The Net-Zero Industry Act (NZIA), aimed at supporting the production of key technologies necessary for Europe to achieve its climate and energy goals, has been approved. Initially proposed by the European Commission in March 2023, the NZIA was approved by Members of the European Parliament on April 26, 2024, with 361 votes in favor and 121
European Union’s Greenwashing Action Plan for Airlines
On April 30, 2024, the European Commission announced the launch of an action plan against 20 airline companies, in cooperation with the European Union (EU) consumer authorities, due to deceptive greenwashing practices. This action plan focuses on additional charges passed onto consumers for supporting climate projects or using sustainable aviation fuel (SAF), as well as the
IFRS Sustainability Disclosure Taxonomy
The International Sustainability Standards Board (ISSB), operating under the International Financial Reporting Standards (IFRS), recently took a significant step in sustainability reporting by announcing the IFRS Sustainability Disclosure Taxonomy ("ISSB Taxonomy"). This digital tool is poised to fundamentally change how investors analyze sustainability-related financial disclosures, aligning with ISSB's most recent sustainability and climate-related reporting standards. This