The EU’s proposed “Omnibus” directive risks exempting up to 85% of insurance companies from the Corporate Sustainability Reporting Directive (CSRD), according to a new report by ShareAction. The changes, currently […]

The EU’s proposed “Omnibus” directive risks exempting up to 85% of insurance companies from the 企业可持续发展报告指令 (CSRD), according to a new report by ShareAction. The changes, currently under debate in Brussels, could significantly reduce ESG transparency and undermine the EU’s carbon neutral strategy. 

The CSRD, designed to enhance sustainability disclosures, is facing proposed threshold changes that would limit its scope to only the largest firms. Under the current 1,000-employee threshold, 51% of insurers would be excluded. This figure could climb to 85% if suggested thresholds—such as €450 million in revenue or 5,000 employees—are adopted. 

Critics argue the rollback would weaken Europe’s ability to monitor climate-related financial risks. “Investors, regulators, and citizens would be left in the dark about how insurers manage sustainability risks,” warned Marika Carlucci, EU senior policy officer at ShareAction. Insurers, who manage climate-related risk directly, could escape obligations to disclose their carbon neutral strategies. 

The European Insurance and Occupational Pensions Authority (EIOPA) supports streamlined regulation but cautioned against creating inconsistencies or regulatory gaps. EIOPA Chair Petra Hielkema emphasized that climate risk data is critical for informed decision-making and market stability. 

The report highlights that revisions to the EU Taxonomy, CSDDD, and Solvency II could follow, with the insurance industry already lobbying to remove sustainability risk plans altogether. 

Vincent Vandeloise of Finance Watch noted the unusual nature of this review: “The Omnibus directive is rewriting rules that haven’t even been implemented—an extraordinary step.” 

As the EU Parliament and Council prepare for negotiations, sustainability advocates urge policymakers to reconsider, warning that a weakened CSRD would hinder ESG accountability and threaten the EU’s long-term environmental and financial resilience. 

资料来源 

https://greencentralbanking.com/2025/05/19/eus-omnibus-proposal-could-exclude-85-of-insurers-from-csrd/