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

Last July, #WeAreEurope joined 190 other organisations in signing the joint statement "Omnibus initiative: Sustainability rules are essential for European competitiveness". Today, more than 480 organizations are raising their voices to support this commitment.

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, and improving their implementation is a priority.

In the context of the Omnibus I simplification initiative, we call attention to the investors, companies, banks and other financial institutions 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). These rules 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 and can 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.

Signatories include:

• 134 investors (such as Allianz SE, Nordea AM, Union Investment, Federated Hermes, Robeco, Mirova, LBPAM and P&V Verzekeringen),
• 88 real-economy companies (such as Ingka Group (IKEA), ALDI SOUTH, EDF, Decathlon, Nokia, H&M, ACCIONA, Vattenfall, SEBN SE Group, S Group and Nestlé),
• and 92 other organisations (such as Accountancy Europe, the Dutch Federation of Pension Funds, amfori and B Lab).

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.

#WeAreEurope latest study, is aligned with those facts and reveals that large businesses are taking corporate sustainability seriously and do not want to see drastic cutbacks in EU due diligence legislation. The survey findings also show that:

• Companies are already addressing risks: Over one in three (38%) companies conducting some form of due diligence have already benefited from directly spotting and addressing a human rights risk or environmental risk.
• Mandatory due diligence is desired: Three in five (60%) respondents think that due diligence across the value chain should be compulsory in EU law.
• CSDDD is seen as an advantage: Companies are over four times more likely to think that the Corporate Sustainability Due Diligence Directive (CSDDD) is a competitive advantage for EU organisations than not (49% agree while only 11% disagree).
• Companies want to stick to original rules: Almost three in five (58%) of those surveyed are satisfied with the original CSDDD legislation and don't want to see it watered down. 

The survey results are published as Parliament prepares for a fiery debate in plenary on the 12-13th November to finalise its negotiating position on the Omnibus Simplification Package - an initiative bringing sweeping changes to the EU’s existing sustainability and due diligence rules for companies. 

The Omnibus file will be voted on in the November plenary session as MEPs will decide whether to back the JURI Committee’s compromise proposal. If the compromise is agreed to, the file will enter the final trilogue stages, which are interinstitutional negotiations between the Parliament, Council, and Commission. The final text is expected to be decided at the end of the year.

If you feel aligned with those statements, it is not too late to sign the initiative. This joint statement is still open for signatures. Interested organisations can sign until Friday 29 August COB using this form. 

It was coordinated by the European Sustainable Investment Forum (Eurosif), the Institutional Investors Group on Climate Change (IIGCC), the Principles for Responsible Investment (PRI), the Corporate Leaders Group Europe (CLG Europe), the Global Reporting Initiative (GRI) and E3G.

For further details, see the full statement :