On 14 July 2021, the European Commission (the Commission) presented its “Fit for 55” legislative package (Fit for 55 or the package). Fit for 55 is a comprehensive step in overhauling European Union (EU) legislation to align it with its increased climate ambitions as stated in the European Green Deal (EGD). It consists of 13 interconnected legislative proposals, including revisions to existing laws and proposals of new legislation. The package is comprehensive and complex in nature and it is expected to virtually impact every industry. While months of negotiations between the 27 EU Member States and the European Parliament will follow, businesses can start to digest and analyze what the changes may mean for their operations and their sustainability transformation plans.
Source EY
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