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Sustainable finance and benchmarks: Low-carbon benchmarks and positive-carbon-impact benchmarks

20-01-2020

In May 2018, the European Commission presented a package of measures on the financing of sustainable growth. The package includes three proposals aimed at establishing an EU taxonomy on sustainable economic activities, improving disclosure requirements and creating a new category of financial benchmarks to help investors measure the carbon footprint of their investments. Financial benchmarks have an important impact on investment flows. Many investors rely on them for creating investment products ...

In May 2018, the European Commission presented a package of measures on the financing of sustainable growth. The package includes three proposals aimed at establishing an EU taxonomy on sustainable economic activities, improving disclosure requirements and creating a new category of financial benchmarks to help investors measure the carbon footprint of their investments. Financial benchmarks have an important impact on investment flows. Many investors rely on them for creating investment products, measuring their performance and devising asset allocation strategies. The Commission proposes to create a new category of benchmarks comprising low-carbon and positive-carbon-impact benchmarks, by amending the Benchmark Regulation. As the regulation is directly applicable, amending it would restrict the possibility of divergent measures being taken by the competent authorities at national level. Parliament voted in plenary on 26 March 2019 to approve the compromise text agreed in trilogue negotiations. Following approval of a corrigendum by Parliament in October, the Council adopted the text on 8 November 2019. The final act was signed on 27 November 2019, published in the Official Journal on 9 December and entered into force the following day. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Revision of the EU system for monitoring, reporting and verifying CO2 emissions from ships

18-10-2019

This initial appraisal assesses the strengths and weaknesses of the European Commission's impact assessment accompanying its proposals to revise the EU system to monitor, report, and verify CO2 emissions from ships, established by Regulation (EU) 2015/757. The proposal envisages aligning partially the EU system with the system adopted by the International Maritime Organization to monitor and report ship's fuel oil consumption. While the IA clearly identifies the problem – to facilitate the simultaneous ...

This initial appraisal assesses the strengths and weaknesses of the European Commission's impact assessment accompanying its proposals to revise the EU system to monitor, report, and verify CO2 emissions from ships, established by Regulation (EU) 2015/757. The proposal envisages aligning partially the EU system with the system adopted by the International Maritime Organization to monitor and report ship's fuel oil consumption. While the IA clearly identifies the problem – to facilitate the simultaneous application of the EU and IMO systems – its evolution could have been substantiated further. The general objectives identified by the IA are not entirely consistent with the manner in which the problem was defined; furthermore, there are no specific objectives, contrary to the requirements of the Better Regulation guidelines. The operational objective identified is not defined in operational terms. The only two options considered for further assessment, in addition to the baseline, do not appear to be substantially very different from each other, with the third option even being judged artificial by the Commission’s Regulatory Scrutiny Board. Moreover, the IA does not appear to have succeeded in structuring these two options convincingly. The analysis regarding the impacts of the identified options is very succinct. The Commission consulted a wide range of stakeholders, whose views were satisfactorily reported in the IA and were taken into account when considering the policy options. Overall, the IA appears to have taken on board most of the RSB's recommendations. However, the final revision of the IA report does not appear to have quantified the cost savings of the preferred option, as demanded by the RSB, and still contains Option 3, which the RSB had recommended to discard. As the IA does not explain how it has addressed the Board's suggestion regarding Option 3, it is unclear whether any changes were made to it or it was left untouched. Finally, the legislative proposal seems to be substantially consistent with the analysis carried out in the IA.

Monitoring, reporting and verification of CO2 emissions from maritime transport

04-10-2019

In February 2019, the Commission adopted a proposal to revise the EU system for monitoring, reporting and verification of CO2 emissions from maritime transport, in order to align it with the global data collection system introduced by the International Maritime Organization (IMO). The existing EU system requires ships above 5 000 gross tonnes using European ports to monitor and report fuel consumption and CO2 emissions per voyage and on an annual basis, starting with the year 2018. The IMO system ...

In February 2019, the Commission adopted a proposal to revise the EU system for monitoring, reporting and verification of CO2 emissions from maritime transport, in order to align it with the global data collection system introduced by the International Maritime Organization (IMO). The existing EU system requires ships above 5 000 gross tonnes using European ports to monitor and report fuel consumption and CO2 emissions per voyage and on an annual basis, starting with the year 2018. The IMO system requires ships above 5 000 gross tonnes on international voyages to report consumption data for fuel oil, hours underway and distance travelled. The system entered into force on 1 March 2018, and reporting starts with the year 2019. The proposed revision aims to facilitate the simultaneous application of the two systems, while preserving the objectives of the current EU legislation. In the European Parliament, the ENVI committee has appointed Jutta Paulus (Greens/EFA, Germany) as rapporteur for the file. The Environment Council discussed the proposal in June 2019. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Climate change [What Think Tanks are thinking]

20-09-2019

The United Nations’ Secretary-General, Antonio Guterres, will convene a special summit on climate change on 23 September, during the annual session of the UN General Assembly in New York. The meeting, entitled ‘Climate Action Summit 2019: A race we can win, a race we must win’, is meant to encourage world leaders to do more to limit emissions of greenhouse gases responsible for global warming. Guterres has said the meeting will seek to challenge states, regions, cities, companies, investors and citizens ...

The United Nations’ Secretary-General, Antonio Guterres, will convene a special summit on climate change on 23 September, during the annual session of the UN General Assembly in New York. The meeting, entitled ‘Climate Action Summit 2019: A race we can win, a race we must win’, is meant to encourage world leaders to do more to limit emissions of greenhouse gases responsible for global warming. Guterres has said the meeting will seek to challenge states, regions, cities, companies, investors and citizens to step up action in the areas of energy transition, climate finance and carbon pricing, industry transition and nature-based solutions. This note offers links to a series of recent commentaries and reports from major international think tanks and research institutes on climate change and ways to mitigate it. Earlier reports on trade can be found in a previous edition of 'What Think Tanks are thinking' published in April 2019.

The UN Sustainable Development Goals Summit and the Climate Action Summit, New York, 23-25 September 2019

12-09-2019

The United Nations (UN) High Level Political Forum (HLPF) in 24-25 September 2019 is a one-and-a-halfday event that for the first time since the adoption of the Sustainable Development Goals (SDGs) takes place under the auspices of the UN General Assembly (GA). This special event, called the SDG Summit, will be a litmus test for the 2030 Agenda. Ending a four-year review cycle of all 17 SDGs, the Summit will enable a first assessment of the progress achieved so far and the challenges ahead. So far ...

The United Nations (UN) High Level Political Forum (HLPF) in 24-25 September 2019 is a one-and-a-halfday event that for the first time since the adoption of the Sustainable Development Goals (SDGs) takes place under the auspices of the UN General Assembly (GA). This special event, called the SDG Summit, will be a litmus test for the 2030 Agenda. Ending a four-year review cycle of all 17 SDGs, the Summit will enable a first assessment of the progress achieved so far and the challenges ahead. So far, there has been a lack of political leadership and guidance at the international level.

Išorės autorius

Elisabeth HEGE, David LEVAÏ (IDDRI)

Review of the Clean Vehicles Directive

30-08-2019

In November 2017, the European Commission proposed a revision of Directive 2009/33/EC on the promotion of clean and energy-efficient road transport vehicles (the Clean Vehicles Directive), after an evaluation showed that the directive had yielded limited results. The proposed directive aims to promote clean mobility solutions in public procurement tenders and thereby raise the demand for, and the further deployment of, clean vehicles. The proposal provides a definition for clean light-duty vehicles ...

In November 2017, the European Commission proposed a revision of Directive 2009/33/EC on the promotion of clean and energy-efficient road transport vehicles (the Clean Vehicles Directive), after an evaluation showed that the directive had yielded limited results. The proposed directive aims to promote clean mobility solutions in public procurement tenders and thereby raise the demand for, and the further deployment of, clean vehicles. The proposal provides a definition for clean light-duty vehicles based on a combined CO2 and air-pollutant emissions threshold; for heavy-duty vehicles, it gives a definition based on alternative fuels. The proposal is in line with the European Commission's energy union package, which plans action on the further decarbonisation of road transport in line with the 2030 climate and energy targets. The proposal was referred to the European Parliament's Committee on Environment, Public Health and Food Safety (ENVI). A trilogue agreement was reached on 11 February 2019. The Parliament adopted the text in the April II 2019 plenary session and the Council on 13 June. The Directive was published in the Official Journal on 12 July 2019. Member States must transpose it into national law by 2 August 2021. Fourth edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

A just energy transition, opportunity for EU industries, the role of hydrogen in the future and the example of energy transition in Germany

14-06-2019

This report summarises the presentations and discussions of the workshop on “A just energy transition, opportunity for EU industries, the role of hydrogen in the future and the example of energy transition in Germany”, which was organised for the ITRE Committee and held on 19th February 2019. This document was prepared by Policy Department A at the request of the Industry, Research and Energy (ITRE) Committee.

This report summarises the presentations and discussions of the workshop on “A just energy transition, opportunity for EU industries, the role of hydrogen in the future and the example of energy transition in Germany”, which was organised for the ITRE Committee and held on 19th February 2019. This document was prepared by Policy Department A at the request of the Industry, Research and Energy (ITRE) Committee.

Išorės autorius

Trinomics, B.V.

CO2 standards for new cars and vans

28-05-2019

In November 2017, the European Commission adopted a proposal for a regulation on reducing CO2 emissions from new passenger cars and light commercial vehicles (vans). The proposed measures and targets are aligned with the 2030 climate and energy framework and with the energy union strategy, which envisages a reduction in transport emissions and energy consumption. The Commission sets new targets for the EU fleetwide average CO2 emissions of new passenger cars and vans. Average CO2 emissions from new ...

In November 2017, the European Commission adopted a proposal for a regulation on reducing CO2 emissions from new passenger cars and light commercial vehicles (vans). The proposed measures and targets are aligned with the 2030 climate and energy framework and with the energy union strategy, which envisages a reduction in transport emissions and energy consumption. The Commission sets new targets for the EU fleetwide average CO2 emissions of new passenger cars and vans. Average CO2 emissions from new passenger cars and vans registered in the EU would have to be 15 % lower in 2025, and 30 % lower in 2030, compared to their respective limits in 2021. The proposal includes a dedicated incentive mechanism for zero