EU Green Deal and Maritime Fuel
As we reported here, in July 2021, the EU published its update to the ‘green deal’, known as “Fit for 55” in reference to the 55% reduction in carbon emissions targeted for 2030.
The EU Green Deal is a legislative and regulatory action plan proposed by the EU Commission to achieve the EU’s target of net zero by 2050 and to transition the EU economy to a more sustainable model.
The deal is financed by the European Green Deal Investment Plan, designed to mobilise at least €1 trillion worth of public and private investment over the next decade.
Read our latest insights on some of the key aspects of the EU Green Deal and how this may impact your business.
Increasingly, Greece’s transition to a low carbon economy and towards a new energy model is assuming a higher priority; the country’s ambitious climate action and energy plans include reducing greenhouse gas (GHG) emissions, increasing the renewable energy share (of the nation’s gross total energy consumption) and improving energy efficiency generally. Electricity storage plays an important role in the transition to a low carbon economy and drives energy efficiency while at the same time allowing the integration of more renewable energy sources into the electricity system.
As the global aviation industry looks towards post-pandemic recovery and less turbulent skies, it is the topic of decarbonisation that is increasingly top of everyone’s agenda. There have been a number of eye-catching announcements around the world in recent weeks, from United Airlines announcing its intention to purchase 100 electric aircraft, an increased focus on the use of sustainable aviation fuel (SAF) from several airlines, and Korean Air utilising the green bond markets.
The European Union’s (EU) Green Deal is the EU’s main new growth strategy to transition the EU economy to a sustainable economic model.
In the run-up to COP26 in Glasgow, momentum is strengthening to accelerate the decarbonisation of the global economy, and in particular of energy and transport systems.
Ensuring that global economic development is sustainable in light of climate change and other challenges is key to the European Union’s (the EU’s) Green Deal.
COP26, the 26th Conference of the Parties to the UNFCCC, will take place between 1 and 12 November 2021 in Glasgow.
While global demand for energy continues to rise, increasing pressure to support the decarbonisation of the industry has spearheaded radical change.
© Norton Rose Fulbright LLP 2021