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# Legal

# International Law:

  • Paris Agreement, with the special importance of the article 6 (1) :

    • allows Parties to use international trading of emission allowances to help achieve emissions reduction targets
    • establishes a framework for common robust accounting rules, and creates a new, more ambitious market mechanism.

  • Kyoto Protocol

  • Framework Convention on Climate Change UN

    • guide for conducting measurements for estimation of carbon stocks in afforestation and reforestation (A/R) project activities under the clean development mechanism

# EU Law:

Main framework established by a set of proposal called Fit for 55 package is the basis, formally adopted in april 2023:

  • revision to the EU emission trading system (EU ETS)(2) and a creation of EU ETS 2 - separate from EU ETS, in order to cover: “ … CO2 emissions from fuel combustion in buildings, road transport and additional sectors (mainly small industries not covered by the existing EU ETS).”(3)
  • Carbon Border Adjustment Mechanism (CBAM) to function in symbiosis with the EU ETS, preventing the offsetting in EU at the cost of countries outside its borders(4)
  • The land use, land-use change and forestry (LULUCF) regulation amended in order to increase the GHG reduction targets(5)
  • The effort sharing regulation, binding annual greenhouse gas emissions targets for member states not covered be neither EU ETS, nor LULUCF
  • The establishment of Social Climate Fund(6), created

Additionally:

  • EU Auctioning Regulation(7), establishing rules for participation, trading and participation in EU ETS

  • The EU- China joint statement on the Climate Change(8),

  • Korean Emission Trading Scheme (K-ETS) (9)

  • CARBON DIOXIDE PURCHASE AND SALE AGREEMENT

  • International Carbon Action Partnership(10)

ICAP ETS Map provides and visualizes up-to-date information on ETSs around the world – including systems that are in force, under development and under consideration. The interactive map features downloadable factsheets and gives granular information on individual design aspects(11)

source: International Carbon Action Partnership(12) https://icapcarbonaction.com/en/ets

  • Commission Regulation (EU) No 1123/2013 of 8 November 2013 on determining international credit entitlements pursuant to Directive 2003/87/EC of the European Parliament and of the Council(13)
  • Commission Regulation (EU) No 550/2011 of 7 June 2011 on determining, pursuant to Directive 2003/87/EC of the European Parliament and of the Council, certain restrictions applicable to the use of international credits from projects involving industrial gases(14)
  • COMMISSION DELEGATED REGULATION (EU) 2023/1185 of 10 February 2023 supplementing Directive (EU) 2018/2001 of the European Parliament and of the Council by establishing a minimum threshold for greenhouse gas emissions savings of recycled carbon fuels and by specifying a methodology for assessing greenhouse gas emissions savings from renewable liquid and gaseous transport fuels of non-biological origin and from recycled carbon fuels(15)

# ISO

  • ISO 14001 Environmental Management
  • ISO 45001 Occupational Health and Safety
  • ISO 50001 Energy Management
  • ISO 14064 Greenhouse Gasses(16)
  • ISO 26000 Social Responsibility
  • ISO 20121 Sustainable Events
  • ISO 37001 Anti-bribery Management

# Exploring legal pathways

Documents listed below are undergoing a thorough investigation in order to determine their suitability as one of the pillars of our Sustainability metrics:

  • The Enhancement and Standardization of Climate-Related Disclosures for Investors, newly adopted by the US’ Security and Exchange Commission
  • Forests Stewardship Council (FSC) certification (18)

# References:

  1. ADOPTION OF THE PARIS AGREEMENT
  2. Revision of the EU ETS Directive, april 2023
  3. ETS 2: buildings, road transport and additional sectors
  4. REGULATION (EU) 2023/956 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 10 May 2023 establishing a carbon border adjustment mechanism
  5. REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) 2018/841
  6. REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) 2018/841 as regards the scope, simplifying the reporting and compliance rules, and setting out the targets of the Member States for 2030, and Regulation (EU) 2018/1999 as regards improvement in monitoring, reporting, tracking of progress and review
  7. Commission Delegated Regulation (EU) 2023/2830 of 17 October 2023 supplementing Directive 2003/87/EC of the European Parliament and of the Council by laying down rules on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances
  8. EU-China Joint Statement on Climate Change 29 June 2015
  9. Carbon Neutral Framework Act Enforcement Decree of the Act on the Allocation and Trading of Greenhouse Gas Emissions Allowances Act on the Allocation and Trading of Greenhouse Gas Emissions Allowances First Basic Plan for 2015-2024 Second Basic Plan for 2017-2026 Third Basic Plan of the ETS First Allocation Plan Second Allocation Plan Greenhouse Gas Emissions Allocation and Trade Act (amended in June 2020) Third Allocation Plan
  10. https://icapcarbonaction.com/system/files/document/ICAP%202023%20Status%20Report%20Executive%20Summary_EN.pdf
  11. https://icapcarbonaction.com/system/files/2023-07/230315_Report_Infographics_03_1.pdf
  12. https://icapcarbonaction.com/system/files/2023-07/230315_Report_Infographics_03_1.pdf
  13. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R1123
  14. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32011R0550
  15. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023R1185
  16. https://carbon.landleaf-tech.com/wp-content/uploads/2022/04/ISO14064-1-2018.pdf
  17. https://www.sec.gov/files/rules/final/2024/33-11275.pdf
  18. https://connect.fsc.org/document-centre