The EU was even requested by the F20 Foundations to look at the interdependencies between the climate and the COVID-19. The F20 Foundations, a platform of more than 50 foundations and philanthropic organizations, underlines the importance of joint, transnational actions towards sustainable development.
Every EU law and regulation in all businesses and industries will be reviewed to align them with the goal of net-zero emissions. Companies will have to steer their operations towards net zero in the next years. “They’ll have to look at what is [their] climate or carbon risk; look at their supply chains and products” states Woodburn.
One aspect of the climate law is a “carbon border adjustment mechanism” which is proposed for several sectors starting in 2021. This “carbon border tax” forces non-European importers to buy allowances of CO2 emissions in the EU. This would increase the cost for importing materials from outside the EU and aims to avoid the risk of carbon leakage.
See further information and the original documents on the EU website: the Green Deal roadmap, the European Climate Law, the circular economy action plan and the European industrial strategy as well as factsheets and details for the policy areas on sustainable industry, the farm to fork strategy and taxation.