At the end of May, the European Union (EU) Council approved three significant pieces of legislation, making a substantial step towards sustainability and green transition goals. These approved regulations aim to support the EU’s eco-friendly policies and economic growth strategies.
Net Zero Industry Act
On May 27, the Council gave its final approval to the Net Zero Industry Act. This act plays a critical role in achieving the EU’s goal of becoming carbon-neutral by 2050. It aims to make industrial production more eco-friendly and promote the use of renewable energy sources. Additionally, it offers various incentives to increase investments in green technologies and develop low-carbon production processes.
Ecodesign Regulation
Another key regulation approved on the same day was the Ecodesign Regulation. This regulation aims to minimize the environmental impacts of products. It introduces stricter standards for energy efficiency, durability, and recyclability of products. This will enhance consumer access to more sustainable products and reduce waste. The regulation aims to minimize the environmental impact of all products sold in the EU market throughout their life cycle.
Corporate Sustainability Due Diligence Act
On May 24, the final approval was given to the Corporate Sustainability Due Diligence Act, which brings regulations that will enable companies to better manage their environmental and social impacts. This act increases the responsibilities of companies to adhere to human rights, environmental, and good governance principles. Companies will be required to comply with sustainability and ethical responsibility principles at all stages of their supply chains. Additionally, the act mandates companies to provide transparency on these matters, informing the public.
These three regulations represent significant steps taken by the EU towards achieving green transition and sustainability goals. With these laws, the EU aims to both elevate environmental protection standards and make economic growth sustainable.
