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The ‘Fit for 55’ package introduces several new supports and measures for the EU to achieve its climate neutrality goal by 2050. These measures also include a revision of the Energy Taxation Directive, Emissions Trading Scheme and introduction of the Carbon Border Adjustment Mechanism.
Irish businesses working in energy-intensive sectors who import raw materials or products into the EU will be obligated to comply with reporting requirements and obtaining carbon certificates under CBAM. These changes will also affect other sectors, such as aviation and transport by revising the taxation system for energy products (favouring renewable sources) to discourage the use of fossil fuels.