The European Commission published last week the “FitFor55” package, which should allow the EU to decarbonize by 55% by 2030 as compared to 1990. To achieve this, Fitfor55 is reviewing almost all legislation they have at their disposal, therefore fundamentally changing the way businesses will operate. It took us more than a week to go through, synthesize and analyze the impact of the entire package on several types of businesses (e.g. the RED3, including Impact Assessment, is already +400 pages) and many journals’ headers that this will change Europe fundamentally, is quite right:
1. RED3 will impose a 2,6% sub-target for RFNBOs as transport fuel (with the overall renewable fuel targeted being increased) and impose a 50% RFNBO target in traditional H2 sectors;
2. Alternative Fuels Infrastructure Regulation (AFIR – formerly AFID) requires an HRS for every 150 km;
3. CO2 Standards Regulation foresee a phase-out of sales of ICE by 2035!;
4. FuelEU Maritime gradually reduces emission towards 65% by 2050;
5. RefuelEU Aviation phases in low carbon fuels & synthetic fuels (RFNBO) towards 63% by 2050;
6. ETS will deliver 61% GHG reduction as compared to 43% by 2030 & will be expanded to the road, maritime transport, and the built environment;
7. CBAM will impose ETS charges on imports in Steel, Ammonia, Fertilizers, Cement, etc;
8. Energy Taxation Directive (ETD) will ensure no more tax exemptions for fossil-based fuels & polluting fuels will be taxed higher… And a significant amount of these funds will serve to fuel the ETS-IF (which will support a CCfD scheme) and a (72 billion!) Social Climate Fund. On the other hand, for those companies not interested in decarbonization yet, the EC will put forward towards the end of the year the Hydrogen and Gas Decarbonization packages with probably even more measures to come.
Within Hinicio, we rolled out Hi-Regulate Service Suite, for industries to grasp the highlights & the details of the Winter Package with great success. Today, we are ready with our Fitfor55 update of Hi-Regulate to reach these new goals. If you want to know more about this service, please visit our full Service Suite presentation and get in touch with our experts at servicesuites@hinicio.com.
