The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has proposed sweeping changes to the EU’s sustainability reporting framework, going well beyond the European Commission’s initial Omnibus simplification package. These draft amendments, seen by ESG Today, could drastically reduce the number of companies subject to ESG and carbon neutral strategy regulations, signaling a significant regulatory shift. 

Initially, the European Commission’s Omnibus I package—released in February—aimed to ease corporate ESG burdens by limiting the Corporate Sustainability Reporting Directive (CSRD) to companies with over 1,000 employees and €50 million in turnover, potentially exempting 80% of businesses from mandatory ESG disclosures. 

However, the ECON Committee now proposes raising that threshold to companies with over 3,000 employees and €450 million in annual revenue. This change would further reduce the scope of the CSRD and its counterpart, the Corporate Sustainability Due Diligence Directive (CSDDD), which governs corporate environmental and human rights obligations across value chains. 

In addition, the committee recommends restricting mandatory ESG data points under the European Sustainability Reporting Standards (ESRS) to just 100, with 50 voluntary data points—far fewer than what the Commission originally proposed. The draft also removes the requirement for companies under the CSDDD to adopt climate transition plans, citing duplication with CSRD obligations. 

These proposed reductions have sparked intense debate within Parliament, with opinions ranging from scrapping ESG mandates entirely to resisting any rollback. As EU lawmakers continue negotiations, the final outcome will have major implications for Europe’s ESG framework, carbon neutral strategy goals, and global competitiveness. 

If enacted, the ECON Committee’s recommendations could mark a turning point in ESG regulation—easing compliance for businesses but risking setbacks to sustainability transparency and investor confidence. The future of EU ESG policy now hangs in the balance. 

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https://www.esgtoday.com/eu-parliament-committee-proposes-much-deeper-cuts-than-omnibus-to-sustainability-reporting-laws/