"A call for smart implementation of EU sustainability rules over disruptive U-turns," 12 December 2024

More than 90 organisations representing civil society, business, banks and investor interests, express deep concern over the misrepresentation of EU sustainability reporting as a threat to competitiveness.

Their statement, published on 12 December, is a response to the recent omnibus proposal announcement by EU Commission President, Ursula von der Leyen.

The Commission has stated that scaling up sustainable finance is a major priority. Achieving that requires access to consistent and reliable information on businesses’ sustainability performance, enabling better transparency and comparability.

Sustainability reporting is a vital tool for businesses, enabling companies to manage risks, identify opportunities, and drive long-term growth. The statement highlights the flexible and proportional nature of the framework and offers practical solutions to address overcompliance challenges.

At a moment where European leaders are seeking to boost competitiveness and attract major financing to support companies’ sustainability transition, the EU sustainability reporting framework plays a key role in protecting the EU market and levelling the playing field with global players.

The statement signatories call on European and national policymakers to focus on supporting a smart and easy implementation of EU sustainability reporting standards, instead of playing ping-pong with the legal framework.