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Friday 5
Omnibus(t)?
7 February, 2025
Discourse around the EU’s proposed Omnibus ESG legislation has been impossible to avoid in recent weeks. The legislation is expected to consolidate the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), and the EU Taxonomy Regulation, with the aim of streamlining disclosures and reducing regulatory burdens.
We shared our thoughts on the proposed changes a few weeks ago, considering some of the key concerns about the proposal: does “streamline” mean “dumb down”? What does it mean for those already preparing CSRD compliant reports? What do we sacrifice when we prioritise efficiency over rigour?
Since then, and with the first Omnibus package expected to land on 26th February, lobbying has continued heavily on all sides of the debate, by those in favour of reducing the scope of the legislation including leading business organisations, and by those concerned the changes will create regulatory uncertainty and threaten the integrity of the European Green Deal.
What’s more, there are increasing concerns over who is being included or excluded from discussions shaping the future of the legislation. As we write, a behind-closed-doors meeting is taking place, reportedly shaping the future of the legislation with limited transparency. Who gets a say? What’s driving the conversation?
It’s clear business wants consistency and transparency, not moving goalposts and backroom deals. If there are changes coming, they should be made with clarity and purpose, not in a way that leaves companies scrambling to adjust.
Our advice? Keep preparing for CSRD, but stay flexible. We’ll be keeping a close eye on developments and will share our take when the new proposal lands later this month.
Need help navigating all this? Give us a shout.
By Lucy Bell