BRUSSELS — The vast majority of businesses in the European Union would no longer have to disclose their impact on the environment or exposure to the risks of climate change under a proposed bill that would significantly wind back the scope of key EU green laws.
The European Commission announced Wednesday it wants to exempt 80 percent of companies from its mandatory sustainability disclosure requirements as part of its eagerly anticipated omnibus simplification package.
The first of a planned series of red tape-slashing laws, the bill proposes to amend four key rules from the European Green Deal: the corporate sustainability reporting directive (CSRD), the corporate sustainability due diligence directive (CSDDD), the EU taxonomy on sustainable investments and the carbon border tax.
Under the proposed changes, implementation of the CSRD will be delayed by two years and only companies with more than 1,000 employees and either at least €50 million in turnover or a balance sheet of more than €25 million would have to report.
