A call for smart implementation of EU sustainability rules

Posted on 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.

"The EU Green Deal lays the foundation for a transition that advances Europe’s prosperity, strategic interests, and climate goals. Weakening the sustainability reporting framework now would undermine progress, hinder corporate compliance, and obstruct the competitiveness of European companies. Rather than dismantling these frameworks, we urge the European Commission to prioritise smooth implementation, providing businesses with the support they need to thrive while contributing to the EU’s environmental and social objectives", said Mariana Ferreira, Sustainable Finance Policy Officer at WWF EU.

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.

Sustainability reporting is a vital tool for businesses, enabling companies to manage risks, identify opportunities, and drive long-term growth.

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