To embed sustainability aspects in its core business, an organisation should be aware of effects it has on the environment and on its stakeholders, as well as how the environment and stakeholders affect its business. Embedding sustainability aspects in business is a process that encourages the organisation to revise its business model and overall strategy, as well as gathering and analysing data for use in decision-making to identify and mitigate risks affecting it. This article offers a brief overview of the sustainability or ESG framework, focusing on “G” for governance. We are zooming in on tax governance as a sustainability aspect that we encourage organisations to embed in their core business.
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Ask questionFollowing the UN Framework Convention on Climate Change, aka the Paris Agreement, the European Parliament signed the resolution on the European Green Deal on 15 January 2020 and urged the member states to carry out the required transition to a climate-neutral society by 2050 at the latest. The Green Deal involves making a variety of important changes. One of such changes is Regulation (EU) 2023/851 of the European Parliament and of the Council of 19 April 2023 amending Regulation (EU) 2019/631 as regards strengthening the CO2 emission performance standards for new passenger cars and new light commercial vehicles in line with the Union’s increased climate ambition. What this Regulation provides for is nothing new in substance, as CO2 emission requirements for vehicles have been adopted earlier, but it does introduce some fairly ambitious goals. This article explores some of its requirements.
Regulation (EU) 2023/956 of the European Parliament and of the Council establishing a carbon border adjustment mechanism (CBAM) came into force on 17 May 2023. This so-called “carbon tax” applies from October 2023, with companies subject to CBAM being liable to file their first CBAM reports in January 2024. Carbon emission certificates will have to be purchased from 2026. In this article we are explaining in detail which companies are subject to CBAM.
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