EU Member States have adopted the revised Renewable Energy Directive and the ReFuelEU Aviation Regulation, meaning that the EU now has legally binding climate targets covering all key sectors of the economy.
These two pieces of legislation were seen as the final pillars of its Fit for 55 legislative package for delivering the EU’s 2030 climate targets. The comprehensive package encompasses emissions reduction objectives spanning various sectors, a target to enhance natural carbon absorption mechanisms and a revised emissions trading system designed to cap emissions, institute a pollution pricing mechanism and stimulate investments in the transition to green practices.
The ReFuelEU Aviation Regulation binds aviation fuel suppliers to incorporate increasing sustainable aviation fuels (SAF) into kerosene. This will commence with a minimum blend of two per cent in 2025 and progressively increase to 70 per cent by 2050. The Regulation anticipates a substantial reduction in aviation CO2 emissions, approximately two-thirds less by 2050 compared to a scenario with no action, along with enhancements in air quality.
On the other hand, the new Renewables Energy Directive seeks to raise the share of renewable energy in the EU’s overall energy consumption to 42.5 per cent by 2030 with an additional 2.5 per cent indicative top up to allow the target of 45 per cent to be achieved.
MEPs approve concept of European Green Bonds
The European Parliament has approved a novel voluntary standard for the application of the “European Green Bond” label, the world’s first of its kind. The regulation, approved a strong majority, establishes consistent criteria for issuers interested in using the designation ‘European green bond’ or ‘EuGB’ for their bond marketing.
According to lawmakers pushing for this label, the agreed criteria will allow investors to confidently direct their funds toward more sustainable technologies and enterprises. It will also provide assurance to bond-issuing companies that their bonds are well-suited for investors seeking to incorporate green bonds into their portfolios.
This will stimulate interest in this type of financial product and further support the EU’s journey towards climate neutrality. The European Parliament said that these standards are aligned with the EU’s taxonomy framework, which delineates the economic activities that the EU deems environmentally sustainable.
New stringent requirements for organic pet food approved
EU Member State governments have green-lighted legislation which will harmonise the regulations concerning the labelling of organic pet food with those governing organic food designated for human consumption.
The new regulation aims to simplify the process for pet owners when buying organic food for their animals and also offers a prospect for farmers involved in organic production. Pet food can bear the EU organic production logo provided that at least 95 per cent of its agricultural ingredients are organic.
This aligns with the regulations for organic human food and underscores the EU’s stringent standards for organic items. To guarantee stability for producers, organic pet food labelled in accordance with national regulations or private standards between January 1, 2022, and the regulation’s effective date can continue to be sold until existing stock is depleted. Furthermore, pet food producers now have a six-month grace period before they must include the EU organic logo on their products.