Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Global | Publication | July 2024
In this article we provide an update on significant new proposals affecting the UK and EU ETS. In particular, we consider the recent consultation on the potential expansion of the UK ETS to include waste, waste incineration and greenhouse gas removals (GGRs). We also look at the new draft EU regulation for permanent capture and utilisation of carbon emissions (CCU) in products which are exempt from the obligation to surrender allowances under the EU ETS.
This updater builds upon our previous articles on the subject (see, e.g., our article on the inclusion of energy from waste (EfW) into the UK ETS).
In the UK, the Department for Energy Security and Net Zero (DESNZ) has published consultations (due to close in August 2024) on expanding the UK ETS to include EfW and waste incineration, and integrating GGRs. The outcome of the consultations will determine the proposed way forward.
The waste consultation seeks views on the following proposals:
The GGR consultation seeks views on the following proposals:
Back in 2023, the EU introduced significant amendments to the EU ETS framework, including creating an exemption from the obligation to surrender allowances in respect of emissions of greenhouse gases “considered to have been captured and utilised in such a way that they have become permanently chemically bound in a product…”. The European Commission has recently published a draft regulation (the draft Delegated Regulation) for consultation (now closed) setting out the requirements for greenhouse gases to be considered to have become permanently bound in a product.
Key points from the draft Delegated Regulation are:
The draft Delegated Regulation provides that the European Commission shall review the list of CCU products based on relevant technological developments and innovation in the field.
Following the European Commission’s adoption of the regulation, the European Parliament and the Council will have the opportunity to examine this (usually they have 2 months to do so). If there is no objection, the regulation will enter into force shortly thereafter.
These proposals will impact those market players active in the waste sector as well as those involved in the development of new technologies around GGRs and CCU. Should these changes go ahead and be implemented, it will remain to be seen whether they will be a sufficient incentive to drive investment in decarbonisation.
The NRF Environment team will continue to monitor amendments to the ETS and provide further updates as appropriate. Our global climate change and sustainability practice has extensive experience advising clients across all key environmental and carbon markets.
Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Publication
On 01 August 2024, the European Commission (EC) launched a public consultation on the draft text of the Guidelines on the application of Article 102 TFEU to abusive exclusionary conduct by dominant undertakings (the draft Guidelines).
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