22 Apr 2022

Earth Day Special Report: Fit for 55

Today is Earth Day, a global celebration held on April 22 every year to show support for environmental protection. It began on April 22, 1970, and has since grown to include a diverse range of events coordinated globally, involving over a billion people in over 193 nations.  On Earth Day 2016, the United States, the United Kingdom, China, and 120 other countries signed the historic Paris Agreement.  To mark this important day, Gecić Law is bringing you a special Insights Report dedicated to the European Union’s legislative journey toward a carbon-neutral continent.  In July 2021, the European Commission (“EC“) adopted the Fit for 55 climate action plan, announcing the legislative package that aims to cut carbon emissions in the European Union (“EU”) by 55% by 2030, compared to levels measured in 1990.  It also calls for action to reach net-zero by 2050.

Fit for 55 is an expression of the EU’s Green Deal, a vision to transition the EU towards a sustainable model of economic growth.  The European Green Deal was presented in December 2019 and its primary objective is for Europe to become climate-neutral by 2050.  At the same time, the Green Deal aims to modernize the EU economy by inciting innovation and building its competitiveness.

Having in mind the tremendous importance and potentially far-reaching implications of the Fit for 55 proposals for both the EU internal market and the global economy – especially for international trade, manufacturing, energy and transport – this Earth Day Gecić Law is presenting an overview of the upcoming legislation aiming to provide a comprehensive and practical guide to each change and initiative entailed and their potential reflection on the regional markets and participants.

Click on the link to read the full report and find out more!