The European Commission announced today the release of its first “Omnibus” package, containing a series of proposals to reduce sustainability reporting requirements for companies, including plans to remove 80% of companies from the scope of its Corporate Sustainability Reporting Directive (CSRD), and limiting the sustainability information that large companies and banks can request from smaller companies.
In addition to the CSRD, the proposals introduce major simplifications and scope reductions for the EU’s key sustainability reporting regulations, including the Corporate Sustainability Due Diligence Directive (CSDDD), the Taxonomy Regulation, and the Carbon Border Adjustment Mechanism(CBAM).