| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 63, Pages 1-27 |
| Publication Date | 28/02/2023 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2023/435 - adopted by the co-legislators on 27 February 2023 - introducing amendments to Regulation (EU) 2021/241 as regard the REPowerEU chapters within the National Recovery and Resilience Plans (NRRPs). It also amends Regulation (EU) No 1303/2013, Regulation (EU) 2021/1060, Regulation (EU) 2021/1755 and Directive 2003/87/EC. Further information:Regulation (EU) 2021/241 - also known as the RRF Regulation - established the Recovery and Resilience Facility (RFF). Among other elements, this scheme supports coordinated planning and financing of cross-border and national infrastructure as well as energy projects and reforms. Russia's invasion of Ukraine led the European Union (EU) to accelerate its clean energy transition and the reduction of dependence on Russian fossil fuels. High energy prices and risks of energy supply distortions threaten to deteriorate the economic outlook and weaken social and territorial cohesion for all Member States. This greatly affects the post-pandemic economic recovery which is at the core of the RRF. On 18 May 2023, the European Commission adopted a package of initiatives in the framework of its REPowerEU action plan seeking to respond to those challenges, which included the draft law for this Act. This Regulation introduces targeted amendments to the RRF Regulation to integrate dedicated REPowerEU chapters in Member States' existing National Recovery and Resilience Plans (NRRPs), which set the investment and reform agenda for each country in the framework of the RRF. It also amends Regulation (EU) 1303/2013 setting out the common principles, rules and standards as regards the operation of the European Structural and Investment Funds (ESI Funds) for the Multiannual Financial Framework (MFF) 2014-2020; Regulation (EU) 2021/1060, which sets out common provisions for seven shared management funds in the framework of the Multiannual Financial Framework (MFF) for the period 2021-2027; Regulation (EU) 2021/1755 setting out the establishment of a Brexit Adjustment Reserve (BAR); Directive 2003/87/EC establishing an EU emissions trading system (EU ETS). The Council of the European Union adopted its general approach on the draft Regulation on 4 October 2022. The plenary of the European Parliament endorsed a negotiating position on 10 November. An informal agreement between the co-legislators on a compromise text for this file on 14 December. This was formally endorsed by the Parliament on 14 February 2023 and by the Council on 21 February. The Act was signed by the co-legislators on 27 February 2023 and published in the Official Journal on 28 February 2023. |
|
| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2023/435/oj |
| Related Links |
|
| Subject Categories | Economic and Financial Affairs, Energy |
| Subject Tags | Economic Governance | Situation, Energy Infrastructure |
| International Organisations | European Union [EU] |
