Vulcan Consulting | Vulcan View The latest EU developments October 13, 2023

EU completes key “Fit for 55” climate and energy legislation

Earlier this week, the Council of the EU adopted the revised Renewable Energy Directive and the RefuelEU Aviation Regulation, completing its momentous “Fit for 55” legislative package. The “Fit for 55” package is a set of legislation that updates EU legislation to ensure EU policies align with the climate goals. It was introduced in July 2021 in response to the EU Climate Law’s requirements and updated by the Commission to boost the EU’s energy security in response to Russia’s invasion of Ukraine. Keep reading.

European Parliament agrees on new standard for Green Bonds

The green bond market has seen exponential growth in recent years. In 2021, the market was valued at over $500bn for the first time ever. Europe has become especially important for green bonds. In 2020, 51 percent of the global total were issued in the region. However, critics have warned of an increase in greenwashing across the industry. There has since been an effort in the Parliament to tackle this issue. On 5 October, MEPs approved a regulation introducing new voluntary standards for green bonds. Keep reading.

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