ESG Today: EU pledges “far-reaching simplification” in sustainability reporting requirements, and more...

The European Commission announced the release of its highly-anticipated “Competitiveness Compass,” outlining its new roadmap aimed at boosting Europe’s productivity and global competitiveness, through a wide-ranging series of measures to promote innovation and investment, reduce administrative burdens on companies, and lower energy costs in the EU.
Among the first initiatives to be undertaken under the new roadmap is an “Omnibus” package, set to be proposed next month, which the Compass said will “cover a far-reaching simplification in the fields of sustainable finance reporting, sustainability due diligence and taxonomy.” Many of the most significant measures likely to be proposed in the upcoming sustainability reporting-focused Omnibus package will be targeted at smaller businesses.