Renault F1 boss Cyril Abiteboul believes the sport's 2021 regulations will deliver "significant opportunities" for the French outfit in the future.
The FIA's World Motor Sport Council cast a positive vote on F1's 2021 rules, finally setting in stone a regulation platform that has been practically two years in the making.
While Abiteboul recognizes that a fair amount of refining remains in the works, the Renault chief welcomed the direction in which the sport is now officially heading.
"The approval of the 2021 financial, technical and sporting regulations by the FIA World Motor Sport Council marks the conclusion of a very comprehensive work by Formula One, the FIA and the teams," Abiteboul said in a statement issued on Thursday.
"They also confirm the vision laid down by Formula One’s new ownership for a more equitable, more entertaining and more sustainable sport, without betraying the DNA that made us love this complex sport, and to which Renault has been loyal since 42 years.
"Despite some compromises made to bring together the diversity of models created by the current Concorde Agreement and its unsustainable discrepancies, these measures represent significant opportunities for a team like ours, increasing our prospects to reduce the gap to the front and challenge for wins and titles in a reasonable time frame.
"We will continue to work together to fine tune these regulations, but the fact the fundamentals are now secured will allow us to plan the developments required between now and the first race of 2021."
Despite Abiteboul's positive feedback on the regs, Renault's future in F1 beyond next season is up in the air following recent changes to the car maker's management and interim CEO Clotilde Delbos decision to undertake a full strategic review of the company's vision, which includes its involvement in F1.