globaltaxnews.ey.comSign up for tax alert emailsPrintDownload

07 June 2024

European Parliament enacts into law first rules to reduce global methane emissions

On 27 May 2024, the first rules aimed at curbing methane emissions within the energy sector, both in Europe and globally, officially became law. Set for release soon in the Official Journal of the EU, this new law will become effective 20 days after its publication.

The new law marks a significant milestone for the European Green Deal policy, mandating that the fossil fuel industry adhere to the highest standards for monitoring, reporting and verifying methane emissions, while also requiring oil, gas and coal companies to actively reduce their methane intensity.

The legislation's scope also includes imported fossil fuels, ensuring that non-EU exporters will gradually adhere to equivalent standards. For more information on the methane regulation, see EY Global Tax Alert, European Parliament adopts new regulation to reduce global methane emissions from energy sector, dated 19 April 2024.

* * * * * * * * * *
Contact Information

For additional information concerning this Alert, please contact:

Ernst & Young Law Zakrzewska i Wspólnicy sp.k., Warsaw

Ernst & Young GmbH Steuerberatungsgesellschaft, Frankfurt

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor

Document ID: 2024-1154

 
 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 2024, Ernst & Young LLP.

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

 

Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.

 


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or ey.com. Please refer to the privacy notice/policy on these sites for more information.


Yes, I accept         Find out more