The World Motor Sport Council has validated the framework for the new power unit regulations aimed for introduction in 2026.
Meetings have been ongoing throughout the year involving the current OEMs involved in F1, Mercedes, Ferrari, Red Bull and Renault and those interested in joining the sport such as members of the Volkswagen Group, namely Audi and Porsche.
The WMSC has outlined a framework for the new regulations after meeting at the FIA Annual General Assembly Week in Paris, with attention being put onto a shift of focus to electrical power and 100 per cent sustainable fuels as well as achieving a significant reduction in cost.
Also highlighted was the need for possibilities for newcomers to join at a competitive level, as well as demonstrating a "powerful and high-revving power unit" to protect the show aspect of the sport.
Four pillars were outlined, which include the elimination of the MGU-H, the introduction of a power unit cost cap, an increase in electrical power to 350kW all whilst retaining the current 1.6-litre V6 combustion engine.
A statement indicated a detailed document of the 2026 power unit regulations would be developed and submitted early next year.
The 2022 calendar has also been ratified by the WMSC, with the season confirmed to kick off in Bahrain on March 20 before heading to Saudi Arabia a week later.
Australia, Canada, Singapore and Japan are all slated to make their comebacks to the schedule, whilst Miami has been confirmed for its inaugural race on May 8.
Imola also returns, separating the Australian and Miami grands prix.
Jean Todt has also been made honorary president of the FIA as his tenure as president draws to a close.
The former Ferrari CEO and general manager of the Scuderia's racing division took over the post from Max Mosely in 2009.