As the push for sustainable development intensifies, keeping up with the rapidly evolving sustainability regulations can be challenging. Thommessen's Sustainability Database is here to help you navigate the complex landscape of regulations and industry initiatives relevant to your sector.
Keep up with the latest in Sustainability regulation
Each quarter, we bring you the Thommessen Sustainability Update, featuring the latest developments in key focus areas, including Shipping, Responsible Business, Real Estate, Investment and Finance, as well as Overriding Regulations. Explore the Sustainability Database for detailed insights on 80 sustainability regulations and initiatives, or read our sector-specific summaries below.
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Overriding Regulations: Prepare for ETS2 and the Net-Zero Industry Act
Among the overriding regulations aiming to reduce negative environmental impacts, ETS2 and Net-Zero Industry Act stands out as key regulations to watch. ETS2 – a new emissions trading system targeting CO2 emissions from buildings, road transport, and other sectors – will take effect on 1 January 2025. From this date, obligated parties must have a permit with an approved monitoring plan. The Net-Zero Industry Act, designed to boost clean technology manufacturing in the EU, is already in force in the EU and is under review for incorporation into the EEA Agreement.
Investment and Finance: CSRD, SFDR and EU Taxonomy - guiding capital towards sustainability
Directing the flow of capital is a key component of the myriad sustainability regulations and initiatives that have been developed in recent years. The Corporate Sustainable Reporting Directive (CSRD), the Sustainable Finance Disclosure Regulation (SFDR), and the EU Taxonomy are key pillars aimed at enhancing transparency and access to sustainability information. These frameworks continue to evolve, and among the ongoing processes are the phasing in of the comprehensive CSRD reporting obligations and review of the SFDR.
Responsible Business: New section in the database
The regulatory landscape for responsible business is rapidly evolving, with new legal requirements mandating businesses to respect human rights and contribute to a sustainable development. This trend reflects growing expectations for corporate accountability and transparency. To stay compliant and proactive, explore our new section and the latest updates on key legislations like the Norwegian Act on Sustainable Products and Supply Chains, the EU Green Claims Directive, the EU Green Transition Directive, and the Norwegian Transparency Act.
Shipping: FuelEU Maritime - shaping the future of shipping
A key developments in shipping is the current implementation of FuelEU Maritime, which mandates a higher share of renewable and low-carbon fuels in the fuel mix for maritime transport. Effective from 1 January 2025, it requires ships on voyages to, from, and within the EU to reduce the carbon intensity of their fuels or implement other energy-efficient measures. Shipping companies should review their contracts ahead of the implementation in order to allocate rights and liabilities in respect of compliance.
Real Estate: Amendments to the Energy Labelling Scheme
Regulatory and tenant demands for sustainable building practices are intensifying, driving the continuous evolution of sustainability regulations in the real estate industry. A significant development this autumn is the Ministry of Energy's proposed amendments to the energy labelling scheme, currently under consultation until 4 October 2024. Notable proposed changes include a new calculation method for energy ratings and the removal of the heating rating, designed to better align with the Taxonomy Regulation.
