22/01/2024
EU Insight, 19 January 2024
Brussels, 19 January 2024
PARLIAMENT AND COUNCIL REACH DEAL ON ANTI-MONEY LAUNDERING PACKAGE
The European Parliament and the Council reached provisional political agreements on the Anti-Money Laundering Directive and Regulation. The agreements, which will now be subject to technical finalisation, complement existing agreements on the other two initiatives pertaining to the July 2021 AML Package, namely: the AML Authority (AMLA) Regulation – which is also currently being finalised at technical level – and the Transfer of Funds Regulation. Separately, and regarding AMLA, the European Commission published the assessment of all the applications submitted by nine Member States to host the new Authority. The selection of the AMLA seat will be made in the coming weeks.
NEW CONSUMER PROTECTION LAW AGAINST GREENWASHING BACKED BY PARLIAMENT
The European Parliament adopted a new Directive targeting greenwashing and misleading product information, following the agreement secured with the Council last year. The Directive aims to protect consumers from deceptive marketing and enhance their decision-making by prohibiting generic environmental claims like “eco-friendly” without grounded evidence. Only sustainability labels backed by official certification schemes or public authorities will be permitted. The new Directive complements the Green Claims Directive, which will detail the use of environmental claims. The Council will now have to adopt the agreement, after which it will be published in the Official Journal and member states will have two years to transpose it into national law.
PARLIAMENT ADOPTS POSITION ON REVISION OF EU FISCAL RULES
The European Parliament adopted its position on the so-called Economic Governance Review, which aims to reform the EU fiscal rules to ensure they are fit for the future. The new rules focus on strengthening the sustainability of public debt amidst economic crisis, as well as promoting inclusive growth in all Member States through additional reforms and investments. Parliament’s position, as opposed to the Council’s or the Commission’s proposal, introduces a extension for completing excessive debt reduction for an additional ten years. Given that Member States reached an internal position on 20 December, inter-institutional negotiations are expected to begin in the coming weeks.
PROPOSAL TO CUT FLUORINATED GAS EMISSIONS GET GREEN-LIGHT FROM PARLIAMENT
The European Parliament approved new rules to reduce emissions of powerful greenhouse gases, aligning with European Green Deal, international agreements, and global climate goals. The Parliament endorsed a deal to phase-out hydrofluorocarbons by 2050, introducing strict market restrictions and phase-out dates to move towards climate-friendly solutions. Another law, also adopted by an overwhelming majority, targets emissions from ozone-depleting substance during renovations, emphasizing recovery and recycling. The Council will now endorse the texts before their publication in the EU Official Journal and subsequent entry into force and application.
TRILOGUE DEAL TO LOWER CO2 EMISSIONS FROM TRUCKS AND BUSES
The European Parliament and the Council reached a provisional agreement on a Regulation that revises CO2 emissions standards for heavy-duty vehicles. The agreement foresees reductions in CO2 emissions compared to 2019 levels as follows: 45% reduction by 2030, 65% by 2035, and 90% by 2040. The 15% target for 2025 remains. The co-legislators also agreed to expand the scope to cover vocational vehicles such as garbage trucks or concrete mixers by 2035. Urban buses will have to med zero-emission by 2025, with a 90% target for 2030. The agreement will now be subject to technical finalisation and subsequently formal adoption before it is published in the EU’s Official Journal.
COMING UP NEXT WEEK
- 22 January: Foreign Affairs Council. On the agenda: Russian aggression against Ukraine, Situation in the Middle East, Current Affairs
- 23 January: EU-Egypt Association Council. On the agenda: 20th Anniversary of Association Agreement, Partnership priorities, human rights, security, counter-terrorism, migration
- 23 January: Agriculture and Fisheries Council. On the agenda: Belgian Presidency Work Program, Resilient European Forests, the future of agriculture in Europe
- 24 January: College of Commissioners. On the Agenda: ethical standards for participation in the European Elections, Economic Security Package, European supercomputer capacity
- 24 – 26 January: Informal meeting of justice and home affairs ministers.
- 25 January: Governing Council of the European Central Bank. On the agenda: Monetary Policy Meeting in Frankfurt
Karl Isaksson, Managing Partner Brussels, Kreab
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Kreab • Tel: +32 2 737 6900 • karl.isaksson@kreab.com • www.kreab.com/brussels • Twitter: @KreabEU