Video | Webinar Recording

    Now & Next: European Elections Special – The Green Agenda

    September 2024
    Region: Europe
    Featuring:

    How Will Recent Changes in Environment, Sustainability and Energy Policies Impact Your Business?


    Key takeaways from our recent Now & Next Elections Special webinar:

    • The new European Commission (EC) is prioritising a clean transition that emphasises environmental sustainability, climate action, energy efficiency and housing, in response to the current geopolitical and economic landscape. Key themes include competitiveness, industrialisation and decarbonisation.
    • The prospect of a European Green Deal 2.0 appears unlikely; instead, the focus will be on implementing numerous legislations that were agreed upon on the environmental and climate field in the previous legislature. There is still much to explore in the EC’s mission letters and new initiatives, particularly in clean industries, chemical industries, water resilience and affordable energy.
    • Given the changes in the power dynamics, the EC aims to strike a balance among its leadership while concentrating on the implications of current green energy laws, rather than proposing new legislation. Investment is a critical priority, necessitating a strategic alignment between environmental objectives and funding needs in collaboration with the European Union (EU).
    • Companies must pay close attention to both primary and secondary energy legislation, with ongoing attention to the circular economy and emerging strategies in the bioeconomy and water resilience. The EU mission letter outlines a roadmap to end energy imports from Russia and emphasises the need for an energy investment strategy focused on infrastructure, supply security, and clean energy solutions.
    • Compliance with new and existing legislation presents significant challenges for both companies and member states as these regulations are implemented.
    • In the UK, the Labour Party secured victory in the 2024 general election, committing to transform the nation into a clean energy superpower with a target of achieving net zero carbon electricity by 2030. Its agenda includes reversing climate policy rollbacks from the previous Conservative government and adopting a comprehensive climate strategy. A significant challenge lies in obtaining the necessary funding for these initiatives while effectively communicating its plans to the electorate.
    • While the government has outlined various plans for environmental reform, securing funding poses potential financial pressure on citizens through increased taxes, which could adversely affect the government. Additionally, the planning system presents substantial obstacles to the development of energy infrastructures.
    • Companies in the UK face heightened regulatory changes, requiring strict compliance, particularly with the Corporate Sustainability Directive enacted in 2022, which will impact their reporting for the 2024-2025 financial year.
    • The government intends to expand the use of wind, solar and nuclear power as renewable energy sources to ensure energy security and lower costs for constituents. The government is committed to maintaining alignment with previous policies, such as the Climate Change Act, while also addressing competitive factors like the UK Emissions Trading Scheme and the Carbon Border Adjustment Mechanism to ensure a level playing field in Europe.

    Featuring

    Matthew Kirk London
    Christina Economides Brussels

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