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Legal strategies to tackle fraud in early-stage investments in Asia
In the wake of the recent eFishery scandal early-stage investors are recalibrating their approach to due diligence and risk tolerance.
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.
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In the wake of the recent eFishery scandal early-stage investors are recalibrating their approach to due diligence and risk tolerance.
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As we stand on the cusp of transformative change within the energy sector, anticipation builds around the UK government’s impending decision on the Review of Electricity Market Arrangements (REMA). This briefing provides a recap of the proposals made to date and looks at the potential future impact of the REMA proposals on market players.
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Following the launch of the new Electricity Law on 30 November 2024, which took effect on 1 February 2025 (Electricity Law 2024), Decision No. 768/QD-TTg (Decision 768) issued on 15 April 2025 by the Prime Minister of Vietnam approved the revised National Power Development Plan VIII (PDP 8) for the period 2021–2030, with a vision to 2050. This decision replaces the previous Decision No. 500/QD-TTg, dated 15 May 2023.
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