ARTICLE
24 January 2020

European Commission Announces European Green Deal And Zero Carbon Target By 2050

AO
A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On 11 December 2019, the European Commission announced the European Green deal.
European Union Environment

On 11 December 2019, the European Commission announced the European Green deal. The European Green deal is a growth strategy to cut carbon emissions in a way which benefits the European Union's economy. In relation to the corporate aspects of the deal, the commission will review the NFRD to require companies and financial institutions to disclosure more climate and environmental data. A reason for this is to allow investors to choose to invest in financial institutions and companies which have a positive impact on the environment.

More generally, the "European Climate Law" which sets a statutory target of the EU being carbon neutral by 2050, will be accompanied by proposed legislation in March 2020. The Commission will also review existing environmental legislation such as the EU Emissions Trading System (EU ETS) and Energy Efficiency Directive (2012/27/EU). One of the material changes that is being considered by the Commission is to extend the EU ETS to the maritime sector to reduce maritime emissions of greenhouse gases.

View the European Commission's Green Deal overview here.

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