Key Impact Points
- Over 90 organizations urge the EU Commission to support smart and smooth implementation of sustainability reporting.
- Weakening sustainability rules risks undermining progress, compliance, and European competitiveness.
- Policymakers are urged to focus on practical solutions, avoiding unnecessary changes to the legal framework.
EU Sustainability Reporting Misrepresented as a Threat
More than 90 organizations representing civil society, business, banking, and investor interests expressed deep concern about the misrepresentation of EU sustainability reporting as a threat to competitiveness.
The statement, issued on December 12, is a direct response to EU Commission President Ursula von der Leyen’s recent omnibus proposal announcement.
The EU Green Deal and Transparency
The European Commission has made scaling up sustainable finance a priority. Achieving this goal depends on access to consistent and reliable sustainability data to improve 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,” said Mariana Ferreira, Sustainable Finance Policy Officer at WWF EU.
“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.”
A Vital Tool for Competitiveness
Sustainability reporting is essential for businesses to manage risks, identify opportunities, and drive long-term growth. The signatories emphasized the framework’s flexible and proportional nature while offering practical solutions to address overcompliance concerns.
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Supporting a Level Playing Field
As European leaders aim to boost competitiveness and attract investment to advance sustainability transitions, the EU sustainability reporting framework is key to:
- Protecting the EU market
- Levelling the playing field with global competitors
The statement calls on European and national policymakers to focus on:
- Smart implementation of reporting standards
- Avoiding unnecessary revisions to the legal framework
Policymakers are urged to support businesses through smooth implementation, ensuring they can thrive while contributing to Europe’s environmental and economic goals.
