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On November 8, 2024, European Commission President Ursula von der Leyen announced plans for a consolidated ESG reporting framework in 2025 to simplify overlapping EU reporting requirements. The proposal aims to merge mandates from the Corporate Sustainability Reporting Directive (CSRD), the EU Taxonomy Regulation, and the Corporate Sustainability Due Diligence Directive (CSDDD) into a single “omnibus” regulation, reducing complexity and bureaucracy for companies. This announcement follows the EU’s Budapest Declaration, which introduced a 12-point plan focused on economic competitiveness, resilience, and a “simplification revolution” to trim business reporting requirements by 25% by mid-2025. Although the consolidated framework won’t reduce the substantive content of ESG disclosures, it promises a streamlined structure that balances regulatory clarity with competitiveness.
The EU’s drive for regulatory efficiency aligns with its broader economic strategy. Recent policy initiatives, such as the “Future of European Competitiveness” report by former ECB President Mario Draghi and statements by Commissioner-designate Maria Luís Albuquerque, emphasize reducing administrative burdens within ESG mandates to foster a sustainable finance environment. However, as the EU works to consolidate ESG requirements, its commitment to high environmental standards under the Green Deal will remain intact.
Expected in 2025, the omnibus regulation is part of the EU’s ongoing efforts to enhance global competitiveness while maintaining rigorous sustainability goals. As more details emerge, organizations in the EU will need to stay informed on how these adjustments may impact their compliance with the EU’s ESG regulations and their carbon-neutral strategies.
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