UNITED KINGDOM SUSTAINABLE AVIATION FUELS
On April 25, 2024, the UK government announced that it had approved a target mandating at least 10% sustainable aviation fuel (SAF) in jet fuel blends by 2030. Sustainable aviation fuel, typically produced from renewable sources like waste oils and agricultural residues, is seen as a crucial tool to help decarbonize the aviation industry in the
SBTi Carbon Certificates and Carbon Credits in Net Zero Targets
On April 9, 2024, the Science Based Targets initiative (SBTi), a significant organization focused on aligning corporate environmental sustainability actions with global targets to limit climate change, announced plans to expand the use of environmental attribute certificates, such as emissions reduction credits, in tackling Scope 3 value chain emissions as part of its corporate net-zero target-setting
European Union Forced Labour Regulation
On April 23, 2024, the European Parliament approved the EU Forced Labour Regulation, which contains rules prohibiting the import, sale, and export from the EU market of goods produced by forced labor. On April 23, 2024, the European Parliament approved the EU Forced Labour Regulation ("Regulation"), marking a significant step in the fight against forced labor
European Union Industrial Emissions Directive
On April 12, 2024, the European Council approved the revision of the Industrial Emissions Directive ("IED") and the regulation for the establishment of the Industrial Emissions Portal ("IEP"), two complementary legal frameworks aimed at regulating and monitoring the environmental impact of industrial activities. The European Green Deal necessitates revised European Union ("EU") measures against pollution from
Paris Court Ruling Decision in Lawsuit Filed Against Environmental NGO and Consulting Firm
On March 28, 2024, the Paris Judicial Court dismissed a lawsuit filed by TotalEnergies, one of France's largest oil and gas companies, against an environmental non-governmental organization ("NGO") and a consulting firm. The lawsuit, based on allegations of disseminating misleading information about the company, was dismissed because the subpoena issued by TotalEnergies was deemed too vague,
United Kingdom Carbon Border Adjustment Mechanism
The UK government has announced that the UK Carbon Border Adjustment Mechanism (“UK CBAM”) will be implemented by 2027, one year after the European Union Carbon Border Adjustment Mechanism (EU CBAM) becomes fully operational in 2026. The UK CBAM implementation is expected to be linked with the UK Emissions Trading System (“UK ETS”). The UK government
Revision of the Energy Performance of Buildings Directive by the European Union
The European Council announced on April 12, 2024, the official adoption of the revised Energy Performance of Buildings Directive (EPBD) across the European Union (EU), aiming to reduce energy consumption and emissions from buildings throughout the EU, including targets for all new buildings to be zero-emission by 2030, and the gradual phasing out of fossil fuels
Sustainable Packaging in the European Union
As part of the European Green Deal and the new circular Economy Action Plan, the European Commission proposed a revision of The Packaging and Packaging Waste Directive (“the PPWD”) in November 2022. The initiative aims to ensure that all packaging is economically feasible for reuse or recyclability by 2030. It seeks to reinforce the essential requirements
ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCİNG MEASURES AND TÜRKİYE’S 3RD ENHANCED FOLLOW-UP REPORT
The FATF 20 July 2023 Turkey Report, which is published annually as a result of the FATF General Assembly's close monitoring of Turkey within the framework of the criteria for combating the financing of terrorism Counter Terrorist Financing (CTF) and anti-money laundering (AML) in 2019, has been published. Introduction The Financial Action Task Force (FATF) is
ESG DUE DILIGENCE
ESG due diligence, or Environmental, Social, and Governance due diligence, is a comprehensive assessment process employed by investors, financial institutions, and other stakeholders to evaluate the non-financial aspects of a company. This evaluation is crucial for making informed investment decisions, as it considers the potential impact of a company's practices on the environment, society, and its