475 organisations are calling on EU policymakers to preserve 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.
In the context of the Omnibus I simplification initiative, we call attention to the investors, companies, banks, and other financial institutions across our economy. They 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:
- 130 investors (such as Allianz SE, Nordea AM, Union Investment, Federated Hermes, Robeco, Mirova, LBPAM and P&V Verzekeringen),
- 87 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).
Jurei Yada, Director & Head of EU Sustainable Finance
Circa 480 responsible businesses and investors demand a stable policy environment. The sustainable finance framework is essential to reorient investment towards industry decarbonisation and competitiveness. The Omnibus has been entrenched in uncertain outcomes, rather than promising solutions. And now, Companies are calling for a pragmatic result – keeping midcaps under CSRD scope and maintaining key due diligence provisions.
Daniele Ciatti, Policy Advisor EU Sustainable Finance:
More than 475 companies, investors and financial institutions resonate a clear message for the Omnibus: sustainability rules are not red tape. They’re an essential pillar for corporate accountability and long-term resilience. Streamlining can be a noble cause, but it has been poisoned by dangerous motives from industry laggards. Now the EU has to decide: will it side with the sustainability leaders or with the climate laggards?
The statement asks for targeted simplification that safeguards the following elements:
- Double materiality reporting across all Environmental, Social and Governance topics and ensuring interoperability with international standards and frameworks including GRI, ISSB and TNFD.
- A meaningful CSRD scope covering companies with 500+ employees.
- Flexibility in value chain information exchange beyond the value chain cap that would limit information to a VSME standard, which is not adapted and was designed for micro-companies and SMEs.
- A requirement to adopt and implement credible climate transition plans, and
- Risk-based due diligence under the CSDDD.
The initiative 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.
Read the full joint statement here.
Please note that the deadline for signing this statement was Friday 29th August. However, should your organisation be interested in appearing as a signatory, you can reach out bilaterally (pierre.garrault@eurosif.org and anne.risse@eurosif.org).
