The Council of the EU has formally approved the Net-Zero Industry Act, for strengthening Europe's net-zero technology manufacturing ecosystem, on 28 April 2024. As the Council and the European Parliament have both formally approved the agreement, it is now adopted. The Regulation aims to improve the industrial deployment of net-zero technologies required to reach the EU's climate goals, utilising the single market to boost Europe’s position as a leader in industrial green technologies. After signature by the respective Presidents of the European Parliament and Council, the Regulation will be published in the Official Journal of the European Union and will enter into force on the day of its publication.

The Council of the EU has formally approved the Regulation on Nature Restoration which aims to mitigate climate change and the effects of natural disasters by setting legally binding targets and obligations for nature restoration terrestrial, marine, freshwater and urban ecosystems. As the Council and European Parliament have both formally approved the agreement, it is now adopted. Once signed by Presidents of the European Parliament and Council, it will be published in the Official Journal of the European Union and then enter into force and become directly applicable in all Member States.

The Council of the EU has formally approved the Regulation on Substances of Human Origin (SoHo) to improve the safety and quality of blood, tissues and cells that are used in healthcare and facilitate their cross-border circulation in the EU. As the Council and European Parliament have now both formally approved the agreement, it is now adopted. Once signed by Presidents of the European Parliament and Council, it will be published in the Official Journal of the European Union and then enter into force.

The Council of the EU has given final approval to a regulation establishing an EU Talent Pool, a digital platform designed to connect non-EU jobseekers with employers across the EU. The regulation creates a centralised system to facilitate international recruitment in sectors where Member States face labour shortages by matching job vacancies with profiles of third-country nationals residing outside the EU.

The Council of the EU has, by giving its final approval, adopted the EU Critical Raw Materials Act (EU CRMA). The EU CRMA seeks to establish a secure and sustainable supply of critical raw materials by introducing clear deadlines for permit procedures for extracting projects, introducing supply-chain risk assessments for large manufacturers to identify vulnerabilities of supply chains, and requiring Member States to have national exploration plans. The Regulation also identifies 34 critical and 17 strategic materials which are crucial for the green and digital transitions and for the defence and space industries. The EU CRMA establishes benchmarks for EU annual consumption of raw materials with 10% to be consumed from local extraction, 40% to be processed in the EU and 25% to be from recycled materials respectively. After the Regulation is signed by the Presidents of the European Parliament and the Council, it will enter into force on the 20th day following its publication in the Official Journal of the EU.

The Council of the European Union has published an ‘I’ Item Note inviting the Permanent Representatives Committee (PRC) to agree to the text (ahead of negotiations with the European Parliament) of a Regulation to amend the EU Central Securities Depositories Regulation (Regulation (EU) 909/2014) to shorten the settlement cycle for transactions in transferable securities on trading venues from two business days (T+2) to one business day (T+1).

The Council of the EU has given a written notification of European Union’s withdrawal from the Energy Chater Treaty to the depositary of the Energy Charter Treaty. This is the final step that the EU needs to take to leave the Treaty. The withdrawal will take effect one year later, in June 2025.

The Council of the EU has published the 2023 international climate finance figures for the EU and its 27 Member States. Overall, they contributed €28.6bn in climate finance from public sources and mobilised an additional amount of €7.2bn of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to impacts of climate change. These figures are published in preparation for the United Nations Climate Change Conference of the Parties (COP29), due to take place between 11 and 21 November 2024 in Baku, Azerbaijan.

The Council of the EU has published a cover note from the Secretary-General of the European Commission to the Secretary-General of the Council of the EU attaching the Commission Regulatory Scrutiny Board’s (RSB) opinion on a legislative proposal. The proposal seeks to amend Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) and Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs). Additionally, it proposes repealing Commission Delegated Regulation (EU) 2022/1288.

The Council of the European Union has published an opinion by the European Central Bank (ECB) on the proposal for a regulation and a directive of the European Parliament and of the Council on payment services electronic money services (the PSR and PSD3). A technical document attached to the opinion sets out specific drafting proposals.

The Council of the EU has published a the European Commission’s Delegated Regulation supplementing the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA) regarding market abuse ahead of adoption by the Council.

The Council of the EU has published the compromise text for a regulation of the European Parliament and of the Council laying down harmonised rules on artificial intelligence (Artificial Intelligence Act or AI Act). This text has been endorsed by EU Member States on 2 February 2024. The main elements of the compromise text includes modifications made to, amongst others, the subject matter and scope of the AI Act, the definition of an AI system, prohibited AI practices, exceptions for law enforcement authorities, fundamental rights impact assessment, testing high-risk AI systems in real world conditions outside AI regulatory sandboxes, general purpose AI models, penalties and the entry into application. The committees of the European Parliament are expected to adopt the text on 13 February 2024.