EU Nature Restoration Act comes into force, raising environmental, commercial impacts
Date
8/19/2024 9:11:50 AM
(MENAFN) The European Commission has announced that the EU's Nature Restoration Act has officially come into effect, requiring all EU member states to formulate and implement national restoration plans to meet the specified targets. After two years of intense debate, the act was adopted on June 17, marking a significant milestone in the European Green Deal and the EU Biodiversity Strategy. The legislation mandates that member states implement restoration measures for at least 20 percent of the EU’s terrestrial and marine areas by 2030. By 2050, restoration measures should cover all ecosystems identified as needing intervention. The EU’s executive body has emphasized that over 80 percent of European habitats are currently in a “poor or degraded” condition, underscoring the critical need for these measures.
The Nature Restoration Act delineates specific targets for various types of ecosystems, including peatlands, forests, marine environments, and urban areas. Member states have the discretion to determine the exact measures needed for their regions but must submit their national recovery plans to the European Commission within two years. These plans should outline targets for 2030, 2040, and 2050. The European Commission will assist in the development of these plans to ensure effective implementation and compliance with the restoration objectives.
The act also poses potential threats to global trade, valued at approximately USD110 billion annually, according to a news agency. By the end of the year, major companies involved in commodities such as coffee, cocoa, soybeans, palm oil, cattle, rubber, and timber will be required to demonstrate that their supply chains do not include lands that have been deforested since 2020, whether through legal or illegal means. This regulation could significantly impact global trade practices and supply chain management.
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