CSRD transposition: Belgium, Denmark, Finland and Slovenia transpose the “stop-the-clock” directive
22 December 25
Bianca Sofian
Cullen International tracks the progress made by EU member states to transpose the CSRD as well as the “stop-the-clock” directive.
Power and manufacturing emissions under the EU ETS fell in 2024
22 December 25
Michael van Maris van Dijk
The European Commission's annual report on the functioning of the European carbon market found that overall emissions covered by the system rose in 2024, in part because the maritime transport sector was included in the scope for the first time. Emissions from the power generating and industrial installations covered by the EU's Emissions Trading System (ETS) fell by 5.8% year-on-year in 2024 but emissions from the covered aviation sector rose by 15% over the same period.
EU agrees 90% emissions reduction target by 2040, including international carbon credits
19 December 25
Peter Dunn
EU legislators agreed on a binding intermediate target to reduce greenhouse gas emissions by 90% by 2040, compared with 1990 levels. The agreement included: "flexibility" for up to five percentage points of the target to be achieved from 2036 through international carbon credits; a review every two years of the progress made towards the climate targets; and the postponement of the application of ETS2 from 2027 to 2028.
Co-legislators agree on the final text of the Omnibus I proposal
16 December 25
Emilie Degand
The final agreement on Omnibus I significantly reduced the scope of application of both the CSRD and the CSDDD. The agreement also limited the information that can be requested from out-of-scope companies under both directives.
New EU omnibus package simplifies additional environmental legislation
12 December 25
Bianca Sofian
On 10 December, the European Commission published a package of measures to simplify environmental legislation (the “environmental omnibus”) in the areas of the circular economy, industrial emissions, environmental assessments and geospatial data.
EFRAG proposes a 61% reduction of data points for the revised ESRS
09 December 25
Emilie Degand
EFRAG published its advice on revising the first set of ESRS. EFRAG recommended reducing the number of current data points by 61%; clarifying the ESRS requirements; eliminating the preference for direct data in value chain reporting; clarifying the DMA; and improving interoperability with the ISSB standards.