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June 7, 2024
2024-1154

European Parliament enacts into law first rules to reduce global methane emissions

On 27 May 2024, the first rules aimed at curbing methane emissions within the energy sector, both in Europe and globally, officially became law. Set for release soon in the Official Journal of the EU, this new law will become effective 20 days after its publication.

The new law marks a significant milestone for the European Green Deal policy, mandating that the fossil fuel industry adhere to the highest standards for monitoring, reporting and verifying methane emissions, while also requiring oil, gas and coal companies to actively reduce their methane intensity.

The legislation's scope also includes imported fossil fuels, ensuring that non-EU exporters will gradually adhere to equivalent standards. For more information on the methane regulation, see EY Global Tax Alert, European Parliament adopts new regulation to reduce global methane emissions from energy sector, dated 19 April 2024.

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Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor
 

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