Europe Just Passed a Law That's About to Change Your Life ESG WORLDWIDE

1 month ago
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What better way to control the opposition than to become them..

Trump may appear to want to help "save America" Remember they are ALL playing their part.

However he will have to pretend to try that may slow this agenda down a bit to help people world wide to understand what is going on under their noses.

If Trump does says nothing this will prove without a doubt he is working for them.. TEST EVERYONE!!

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The European Climate Law was published in the Official Journal on 9 July 2021 and entered into force on 29 July 2021.

Corporate sustainability due diligence
Fostering sustainable and responsible corporate behaviour for a just transition towards a sustainable economy.

On 25 July 2024, the Directive on corporate sustainability due diligence (Directive 2024/1760)

https://eur-lex.europa.eu/eli/dir/2024/1760/oj
entered into force.

The aim of this Directive is to foster sustainable and responsible corporate behaviour in companies’ operations and across their global value chains.

The new rules will ensure that companies in scope identify and address adverse human rights and environmental impacts of their actions inside and outside Europe.

corporate sustainable due diligence directive

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464

The European Climate Law

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32021R1119

writes into law the goal set out in the

European Green Deal
https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal_en

for Europe’s economy and society to become

climate-neutral by 2050.

https://climate.ec.europa.eu/eu-action/climate-strategies-targets/2050-long-term-strategy_en

The law also sets the intermediate target of reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels.

Climate neutrality by 2050 means achieving net zero greenhouse gas emissions for EU countries as a whole, mainly by cutting emissions, investing in green technologies and protecting the natural environment.

The law aims to ensure that all EU policies contribute to this goal and that all sectors of the economy and society play their part.

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Key takeaways

Large EU companies (with more than 1,000 employees and a worldwide turnover of more than €450 million) and non-EU companies doing significant business in the EU (with a turnover of more than €450 million in the EU) will be required to identify and address actual or potential adverse human rights and environmental impacts in their supply chains.

In-scope companies will be required to perform risk-based due diligence, adopt a climate transition plan and report on their implementation and effectiveness.

The Directive also applies to certain companies receiving more than €22.5 million in royalties under franchising or licensing agreements.
For groups,
the ultimate parent company will be responsible for compliance if the group passes the relevant thresholds when viewed on a consolidated basis.

Obligations will come into force over a period of three to five years starting from 2027, depending on the size of the company, beginning with the largest.
In-scope companies could be civilly liable for negligently or intentionally causing damage by breaching their due diligence obligations.
Penalties include maximum fines of at least 5% of the company's net worldwide turnover in its previous financial year.

Objectives

Set the long-term direction of travel for meeting the 2050 climate neutrality objective through all policies,
in a socially fair and cost-efficient manner

Set a more ambitious EU 2030 target, to set Europe on a responsible path to becoming climate-neutral by 2050

Create a system for monitoring progress and take further action if needed
Provide predictability for investors and other economic actors
Ensure that the transition to climate neutrality is irreversible

The European Climate Law sets a legally binding target of net zero greenhouse gas emissions by 2050.
The EU Institutions and the Member States are bound to take the necessary measures at EU and national level to meet the target, taking into account the importance of promoting fairness and solidarity among Member States.

The Climate Law includes measures to keep track of progress and adjust our actions accordingly, based on existing systems such as the governance process for Member States’ national energy and climate plans, regular reports by the European Environment Agency, and the latest scientific evidence on climate change and its impacts.

Progress will be reviewed every five years, in line with the global stocktake exercise under the Paris Agreement.

The Climate Law also addresses the necessary steps to get to the 2050 target:

Based on a comprehensive impact assessment, the EU has set a new target for 2030 of reducing net greenhouse gas emissions by at least 55% compared to levels in 1990. The new EU 2030 target is included in the Law.
In July 2021, the Commission adopted a series of proposals to revise all relevant policy instruments to deliver the additional emissions reductions for 2030.
The Law also includes a process for setting a 2040 climate target.
The Climate Law includes:

a legal objective for the Union to reach climate neutrality by 2050
an ambitious 2030 climate target of at least 55% reduction of net emissions of greenhouse gases as compared to 1990, with clarity on the contribution of emission reductions and removals
recognition of the need to enhance the EU's carbon sink through a more ambitious LULUCF regulation, for which the Commission made a proposal in July 2021 and which entered into force in May 2023
a process for setting a 2040 climate target, taking into account an indicative greenhouse gas budget for 2030-2050 to be published by the Commission
a commitment to negative emissions after 2050
the establishment of European Scientific Advisory Board on Climate Change, that will provide independent scientific advice
stronger provisions on adaptation to climate change

strong coherence across Union policies with the climate neutrality objective
a commitment to engage with sectors to prepare sector-specific roadmaps charting the path to climate neutrality in different areas of the economy

European Climate Law

https://climate.ec.europa.eu/eu-action/european-climate-law_en

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original link found on Allie Beth Stuckey

https://youtu.be/s5cx56CDHLY

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