Introducing the first in a series of Spotlight articles on the Brussels Effect, we provide an initial overview of the key drivers and the impact emerging policies will have in Europe and beyond.
As the world seeks to recover from the impact of the Covid-19 pandemic and tries to define a balance with the urgent need to address the climate crisis and social justice, Europe has been nurturing a global role as a regulatory powerhouse on a diverse range of issues from data protection, fairer taxation, sustainability, chemicals and competition rules to developing a circular economy. Whether it’s the much lauded GDPR or its latest commitment to a 55% reduction in greenhouse gas emissions by 2030, putting it on track to be the first climate neutral continent by 2050, Europe is a first mover. It has established itself as an international standard bearer for regulatory practices around the world. The scale of EU ambitions is unprecedented, with 44 legislatives initiatives planned for 2021 alone. Termed the ‘Brussels effect,’ we look at how this policy agenda impacts business around the world. It’s a trend set to continue.
Authors: Kerstin Duhme and Sebastian Maag, Energy and Natural Resources Practice
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