March 27, 2023
5 min read
There’s a regulatory proposal on the table in the UK, designed to drive emission reduction. It’s becoming increasingly clear that corporates in the UK will need to be carbon accounting properly so that the impact of the proposed regulations can be measured. It’s been positioned as a wake up call for Australian policymakers as well, increasing pressure for a regulatory response.
The European Commission has released the Net Zero Industry Act (NZIA) and the Critical Raw Materials Act (CRMA). A proposal that is designed to help the UK achieve its target of net-zero greenhouse gas emissions by 2050. This target is part of the UK’s commitment to the Paris Agreement, which aims to limit global warming to 1.5°C above pre-industrial levels.
‘The explanatory memorandum states:
The Net-Zero Industry Act is part of the actions announced in that context, aiming at simplifying the regulatory framework, and improving the investment environment for the Union’s manufacturing capacity of technologies that are key to meet the Union’s climate neutrality goals and ensure that our decarbonised energy system is resilient whilst contributing to reducing pollution, to the benefit of public health and planetary environmental wellbeing.
Key objectives include:
The Act supports the development of eight strategic net zero technologies:
The road to net-zero continues to be pushed from a policy perspective in the UK.
UK based firms will have a clear role to play in bringing GHG accounting to businesses in an accessible and auditable way. It is likely that the more transparent client’s can be in this space, the more opportunities will be available on their own path to net zero.