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.
Stay informed with the latest updates in sustainability
Each quarter, we provide insights into key focus areas such as shipping, responsible business practices, real estate, investment and finance, and overarching regulations. Explore more than 80 updated sustainability regulations and initiatives in our Sustainability Database, or review some key highlights from the past quarter below.
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Overriding Regulations: The CSRD transposed into Norwegian law
On 1 November 2024, the Norwegian act transposing the EU Corporate Sustainability Reporting Directive (CSRD) into Norwegian law entered into force. The Norwegian Ministry of Finance also set out transitional rules for when different types of entities need to report for the first time, which correspond with the EU timeline set out in the CSRD itself. The first group of entities is set to report in 2025 for the current financial year.
Shipping: "Offshore Vessels" defined in the EU MRV Regulation
The EU has published a definition of "offshore vessels" under the EU MRV Regulation. From 1 January 2025, offshore vessels above 400 GT must report their greenhouse gas emissions data. The new definition covers various vessel types, such as accommodation vessels, anchor handling tugs, cable layer and cable repair ships, offshore supply ships, offshore support vessels and wind turbine installation vessels. This inclusion prepares for the addition of vessels over 5,000 GT to the EU ETS from 1 January 2027, though a final decision on including vessels above 400 GT is still pending.
Shipping: Preparing for FuelEU Maritime
From 2025, vessels over 5,000 GT must meet greenhouse gas intensity requirements for onboard fuel, capped at 89.34 grams of CO2 equivalent per MJ. Compliance is the responsibility of the ISM Company, with surcharges for non-compliance starting in 2026. BIMCO has issued a clause on responsibility allocation in time charterparties, but FuelEU Maritime should also be addressed in contracts like vessel sale & purchase, ship management agreements, bareboat charterparties, and voyage charterparties.
Overriding Regulations: Implementation of CBAM in Norway
The Norwegian Government has announced its support for the implementation of EU's Carbon Adjustment Mechanism (CBAM), an excess customs duty on certain goods produced in countries with less stringent climate policies than the EU. It is still too early to say when such a scheme could be implemented, but the government is working to ensure that CBAM can be operational in Norway from 1 January 2026.
Real Estate: Solar power agreements for commercial properties
A new article in the Sustainability Database explores standard form agreements for installing solar power systems on commercial properties, whether multi-tenant or single-tenant. These agreements grant the lessor the right to sell the generated solar power directly to lessees, who are required to purchase it for the duration of the lease. This arrangement addresses a key industry concern: the lack of profitability that often hinders the development of solar energy solutions.
