EFRAG Collaborations with other ESG Frameworks
On 30 September, EFRAG and the recently launched TISFD, signed a cooperation agreement to advance social-related financial disclosures.
January 29th: The European Council announced the adoption of legislation aimed at phasing down highly potent greenhouse gases, including fluorinated gases (F-gases) and ozone-depleting substances (ODSs).
According to the European Commission, these regulations are the most ambitious globally and are expected to eliminate 500 million tonnes of CO2-equivalent emissions by 2050, equivalent to the annual emissions of France and Belgium combined.
Wopke Hoekstra, EU Commissioner for Climate Action, hailed the new rules as a game-changer, emphasising their role in making products like refrigeration, heat pumps, air conditioning equipment, and aerosol sprays more climate-friendly.
The legislation targets fluorinated gases and ODSs commonly found in industrial applications and appliances, such as refrigeration and air conditioning equipment. By phasing out hydrofluorocarbons (HFCs) and restricting the use of F-gases where climate-friendly alternatives exist, the EU aims to drastically reduce emissions by 2030 and achieve complete phase-out by 2050.
The regulations also include an export ban to prevent obsolete equipment containing high global warming potential gases from being sold outside the EU. The rules also extend requirements for the recovery and disposal of ODSs across various sectors, promoting a circular economy approach.
Read more about the regulation here.
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