Regulatory Round-up: EU plans to slash methane emissions, Japan publishes code of conduct for ESG data providers

The European Council has agreed on a proposal to reduce methane emissions in the energy sector. Under its measures, oil and gas companies operating in the EU would be required to disclose their methane emissions and have their reports checked by independent bodies. The new rules also propose that oil and gas operators should detect and repair methane leaks. The publication of a public inventory of closed and abandoned mines is also part of the proposal, which will now be negotiated with the European Parliament.

The European Council this week also confirmed that renewable sources should constitute at least 40 per cent of energy consumption in the EU in 2030. This will be facilitated by member states indicating ‘go-to areas’ for renewables, and the use of fast-track permits for zones with lower environmental risks.