Currently, the green bond market is mainly organised through market-based and industry group standards. While these voluntary standards provided a basis for the development of the green bond market, the European Commission aims to provide issuers and investors with a more extensive and uniform regulatory framework with the introduction of a European green bond standard.
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By introducing additional tax relief limited to oil and gas investment, Treasury incentivises a slower transition and pushes companies to allocate profits towards new oil and gas developments instead of renewables. If this revenue had instead been spent on supporting energy efficiency measures it would have the potential to lift households out of energy poverty for good.
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RD-Law 6/2022 eliminated, for energy generated in 2023 and thereafter with the right to specific remuneration, the adjustment for deviations in the market price of electricity as compared to the forecasts taken into account for each three-year regulatory half-period (and each six-year regulatory period). This adjustment has now been reintroduced, again with changes to how it is regulated.
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Germany is urgently gearing up for a major electricity policy revamp impelled by the ongoing geopolitical circumstances and the need to secure its future national energy supply besides achieving its climate goals. The comprehensive energy package outlines new frameworks for renewables, power grids and markets in order to ensure that the country is on track to achieve climate neutrality in the electricity sector by 2035, with an interim target of 80 per cent renewable electricity (or 600 TWh) by 2030.
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The EPP2040 places an emphasis on increasing renewable electricity generation to drive the energy transition, especially on solar PV and offshore wind. It includes targets for solar PV capacity of 5-7 GW by 2030 and 10-16 GW by 2040, and for Poland to have 1 million prosumers using distributed renewables (mainly PV) by 2030. Although the EPP2040 was released in February 2021, it does not reflect the reality of PV deployment in Poland.
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Europe is taking comprehensive steps to deliver on its commitment to become climate neutral by 2050 as set out in the European Green Deal. For this, the European Commission (EC) proposes an EU strategy to make offshore renewable energy a core component of the continent’s energy system by 2050. In November 2020, the EC presented to the European Parliament its offshore renewable energy strategy titled ‘An EU Strategy to harness the potential of offshore renewable energy for a climate neutral future’.
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The existing vehicle fleet has a small proportion of low- and zero-emission vehicles. To boost the uptake of such vehicles, the commission will propose a revised CO2 standard for cars and vans by June 2021. Secondly, the commission will adopt regulations to ensure that the batteries available in the European market are sustainable and safe for their entire life cycle. Overall, the flagship area focuses on increasing the use of electric and hydrogen fuel technology in all transport fleets.
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The EC has adopted a proposal to revise the European Union (EU) rules on Trans-European Networks for Energy (the TEN-E Regulation). The need for this revision of the TEN-E framework was confirmed by the results of a thorough evaluation and stakeholder input. The move is aimed at supporting the modernisation of the continent’s cross-border energy infrastructure and the European Green Deal.
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