The Regulation, as agreed by the EU Institutions, is set to ensure sustainable sourcing for more than 95% of all EU imports of “3TG”, which will be covered by due diligence provisions as of 1 January 2021. In the meantime, the EU Commission and Member States will work to make sure that the necessary structures are in place to ensure EU-wide implementation.
Accompanying measures to provide support for importers, especially small and medium-sized enterprises, will also be deployed. This will be combined with a range of development aid and foreign policy actions to ensure the effectiveness of the Regulation, and its positive impact on the ground.
Formally, the Regulation will now be adopted by the Council and the European Parliament.
Similar due diligence legislation already affects the US market - the Dodd-Frank Act