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Every month, ARC Advisory Group capsulizes the current environment of the global energy regulations into regional summaries. This September Round Up covers the USA, Europe, and Asia.
Europe Energy Regulations:
The French President Emmanuel Macron unveiled the country’s “ecological plan” to cut greenhouse gas (GHG) emissions by 55% by 2030, compared to 1990 levels. The plan includes key areas of investment in electric vehicles, battery facilities, commuter trains, and boosting building energy efficiency.
On September 12th, the EU government gave their final approval to legally binding targets to expand renewable energy faster this decade. The law significantly raises the EU targets, requiring 42.5% of EU energy to be renewable by 2030, replacing the previous 32% target. The lead EU Parliament negotiator on the law said it would allow faster approval of new renewable projects and will encourage new technologies.
USA Energy Regulations:
The Climate Corporate Data Accountability Act (SB253) passed in the California State Assembly, marking it the first policy in the country requiring companies to report on scope 1-3 emissions. SB 253 will require any companies who make over 1 billion in revenue and conduct business in the state of California to report on emissions starting in 2027. Starting in 2026, companies will have to report on their direct and indirect emissions from energy consumption for the previous year (scope 1 & 2). An estimated 5500 companies will be affected by this regulation.
During the Greenbuild International Conference and Expo, the Biden Administration will define what amounts to a “zero-emission” building. It will be compromised of three pillars, it will require buildings to be energy efficient, produce no on-site emissions and use 100 percent renewable energy.
Asia Energy Regulations:
China responds to recent power outages over the last few years with a decision to merge their six regional grids into a unified electricity market. The unification of grids should boost consumption of renewable energy. System blueprints were issued that included mechanisms for spot trading nationwide for the first time and a pricing scheme that is determined by short-term supply and demand conditions. The Chinese cabinet has pledged to act fast on renewable energy reform. Also with a nationwide spot market, it will allow discovery of electricity prices in real time, boosting renewable energy consumption.
Ministers from Japan and five central Asian countries met in Tokyo to discuss ways to collaborate while driving emissions down to net zero. The ministries issued a joint statement after the meeting, saying they have all agreed to work on a road map for net zero emissions. They would also encourage public and private sector financing to help support the transition to green energy.