EU to consider consolidating ESG reporting regulations (2024)
| Environmental, social, and corporate governance |
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What’s the story?
European Commission President Ursula von der Leyen said Nov. 8 that some current and potential future EU ESG reporting regulations would be combined into one comprehensive package as early as next year.
Why does it matter?
Von der Leyen argued the omnibus regulation would make compliance easier for EU-based corporations.
What’s the background?
Some companies, including TotalEnergies SE, have previously claimed the EU’s ESG/climate reporting regulations were burdensome and put them at a disadvantage against American competitors. To read more about those complaints, click here.
Read more:
According to Latham & Watkins:
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[V]on der Leyen stated that the 'often overlapping' reporting requirements included in the Corporate Sustainability Reporting Directive (CSRD), EU Taxonomy Regulation, and Corporate Sustainability Due Diligence Directive (CSDDD) would be combined in an effort to 'reduce bureaucracy'. The new omnibus regulation is set to be published in 2025. … While the full content and timeline of the omnibus regulation are yet to be confirmed, the EU clearly views a trimming of regulatory red tape as a key part of its attempts at increasing its competitiveness in the coming years. Competitiveness has been a key focus of the EU in recent months. The July 2024 Political Guidelines for the Next European Commission 2024-2029 (Political Guidelines) include a new plan for Europe’s 'Sustainable Prosperity and Competitiveness', underscoring the need to 'make business easier'. In this context, the Political Guidelines mention that the Commission will make proposals to 'simplify, consolidate and codify legislation' in order to eliminate overlaps, 'while maintaining high standards'.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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