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Utilities
In a significant move to streamline corporate sustainability requirements and boost competitiveness, the European Council has approved a proposal to delay the implementation of the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). This decision marks a crucial step in reducing regulatory burdens for businesses, particularly small and medium-sized enterprises (SMEs), and aligns with the EU’s broader strategy to enhance competitiveness.
The CSRD and CSDDD are part of the EU’s efforts to foster transparency and accountability in sustainability practices. The CSRD aims to ensure that large companies report on their sustainability practices, while the CSDDD requires companies to conduct due diligence in their supply chains to mitigate adverse sustainability impacts.
Two-Year Delay: The application of CSRD requirements for large companies not yet reporting, as well as listed SMEs, will be delayed by two years. For instance, companies initially expected to report for the financial year 2025 will now start reporting for the financial year 2027[1][2].
Scope Reduction: The CSRD scope will be limited to companies with over 1,000 employees and a revenue exceeding €50 million, reducing the number of affected companies by approximately 80%[1].
Simplified Reporting Standards: The European Commission intends to revise the European Sustainability Reporting Standards (ESRS) to reduce the number of required data points, making compliance more manageable for businesses[1].
One-Year Delay: The deadline for applying the CSDDD will be pushed back by one year, phase-in now set to begin in July 2028[2][3].
Due Diligence Scope and Frequency: Companies will only need to conduct full due diligence on direct business partners unless there is evidence of risks further down the supply chain. Additionally, the frequency for assessing the effectiveness of due diligence measures will shift from annually to every five years[1][3].
The EU's Competitiveness Compass initiative aims to cut reporting burdens across industries, with targets of a 25% reduction for all companies and a 35% reduction specifically for SMEs[1]. This move is designed to improve business conditions and reinforce the EU's competitive edge on the global stage.
The decision has been welcomed by EU member states and businesses as it aligns with efforts to reduce bureaucracy and enhance competitiveness. Adam Szłapka, Poland's Minister for the European Union, emphasized the importance of this step, stating, "Today’s agreement is a first step on our decisive path to cut red tape and make the EU more competitive"[1][2].
European Parliament Vote: The European Parliament is scheduled to vote on the 'stop-the-clock' directive on April 1, 2025, a step critical to finalizing the delays[1][2].
Interinstitutional Negotiations: Following the vote, interinstitutional negotiations will proceed to finalize any amendments to the proposals before they are enacted into law[2].
The EU Council's approval of the CSRD and CSDDD delays marks a significant step toward reducing regulatory complexities and enhancing business competitiveness. As these directives evolve, businesses and investors alike will need to stay informed about the changing landscape of sustainability reporting and due diligence in Europe.
