Member Seminar - Omnibus package and impact on ESG

The introductory presentation at this year's first seminar was held by Ms. Ksenija Petričević, Senior manager in Climate Change and Services from Ernst & Young. 

The European Commission has published a proposal for an Omnibus Package of regulations setting out proposals to simplify its sustainability reporting regulations, including the EU Taxonomy, the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CS3D) and the Carbon Border Adjustment Mechanism (CBAM). These changes will have an impact on corporate sustainability reporting plans across the EU.

The aim of these proposals is to reduce the administrative burden by reducing the number of companies covered by mandatory reporting by 80% at the EU level. The proposals are significant and cover issues such as the entry into force timeframe, application period, scope, value chain issues as well as the revision of sustainability reports. In order to respond appropriately to planned regulatory changes, companies need to look at the circumstances of their own business and market conditions in relation to sustainability matters.