200 organisation signed the letter "Omnibus initiative: Sustainability rules are essential for European competitiveness" and #WAE is one of them !

198 signatories, including 84 investors and financial institutions, 29 companies, 42

service providers, as well as 43 supporting organisations*, are issuing this joint

statement to emphasise the importance of preserving the core of the EU sustainable

finance framework. Rules on sustainability reporting, transition plans, climate targets

and corporate due diligence are a key foundation for achieving the EU’s economic

and sustainability goals. Improving their implementation is a priority.

By promoting transparency and responsible business conduct, these rules are

conducive to competitiveness and growth, as well as long-term value creation and

subsequent returns for investors. Companies that implement EU sustainability rules

are likely to be more resilient, better prepared for sustainability-related challenges

and opportunities, and more capable of communicating these factors to investors

and other financial stakeholders.

In the context of the Omnibus I simplification initiative, we call attention to the

investors, banks, other financial institutions and companies across our economy that

support preserving the core elements of the Corporate Sustainability Reporting

Directive (CSRD) underpinned by the European Sustainability Reporting Standards

(ESRS), and of the Corporate Sustainability Due Diligence Directive (CSDDD).

CSRD/ESRS and CSDDD are essential for achieving the EU’s wider sustainability,

growth and competitiveness ambitions. They contribute to reorienting investment

towards the technologies and sectors that support the goals of the Clean Industrial

Deal. They can also reinforce harmonisation efforts for EU capital markets, as set

out in the Savings and Investment Union.

The signatories of this statement consider that regulatory simplification can be

achieved without compromising on the substance of sustainability rules or

their significant benefits for businesses across the EU. This can be achieved via

the following recommendations:

• Simplify the ESRS in a way that maintains the double materiality approach of

the CSRD, covering environmental, social and governance topics, and

ensuring interoperability with international standards and frameworks

(including ISSB, GRI and TNFD).

• Include companies with more than 500 employees in the scope of CSRD, in

line with the scope of the Non-Financial Reporting Directive (NFRD) which

was adopted a decade ago. This will ensure regulatory continuity for

companies reporting under NFRD and for companies that have already

reported or prepared to report under the CSRD. A phase-in period of 2-4

years could eventually be applied, starting with companies above 1000

employees.

• Ensure the value chain cap allows for the constructive exchange of

sustainability information between investors and companies.

• Safeguard the core elements of the CSDDD and maintain risk-based

corporate due diligence, in line with the UN Guiding Principles for Business

and Human Rights, and OECD Guidelines.

• Maintain a requirement under CSDDD for companies to adopt climate

transition plans that include science-based targets with disclosures in line with

CSRD. Clarify the requirement to “through best efforts, put into effect” these

plans, which should explicitly reference an obligation of means, not an

obligation of results.

For further details, see the full statement :  

This joint statement is still open for signatures. Interested organisations can sign until Friday 29 August COB using this form.