Today 29\/1, the European Commission presented the Competitiveness Compass, providing a strategic framework to steer the Commission’s work.<\/p>\n
Key takeaways on the subject of sustainability reporting \ud83c\udf3f:<\/p>\n
\u2b55 Simplify but stay the course<\/p>\n
Europe has set out an ambitious framework to become a decarbonised economy by 2050. It will stay the course, including through the intermediate 2040 target of 90%.<\/p>\n
Regulatory burden has become a brake on Europe\u2019s competitiveness. The Commission will therefore aim to achieve the agreed policy objectives in the simplest, most targeted, most effective and least burdensome way.<\/p>\n
\u2b55 Reduce the cost of administrative burdens<\/p>\n
The set burden reduction targets refer to the costs of all administrative burdens, and not only reporting requirements.<\/p>\n
The targets are to reduce recurrent costs by at least 25% for all companies, and at least 35% for SMEs through dedicated measures for SMEs.<\/p>\n
This will start next month with the first of a series of Simplification Omnibus packages.<\/p>\n
The first Omnibus will, among others, cover a far-reaching simplification in the fields of sustainable finance reporting, sustainability due diligence and taxonomy.<\/p>\n
The sustainable finance framework is aimed at mobilizing investment in the clean transition. The Commission will ensure better alignment of the requirements with the needs of investors, but also<\/p>\n
\u2714\ufe0f proportionate timelines,
\n\u2714\ufe0f financial metrics that do not discourage investments in smaller companies in transition, and
\n\u2714\ufe0f obligations proportionate to the scale of activities of different companies.<\/p>\n
\u2b55 Address trickle-down effects<\/p>\n
The trickle-down effect will be addressed to prevent smaller companies along the supply chains from being subjected in practice to excessive reporting requests that were never intended by the legislators.<\/p>\n
\u2b55 Define a new category of company size: small mid-caps<\/p>\n
To ensure proportionate regulation adapted to companies\u2019 size, a new definition of small mid-caps will soon be proposed. By creating such a new category of company, bigger than SMEs but smaller than large companies, thousands of companies in the EU will benefit from tailored regulatory simplification in the same spirit as SMEs.<\/p>\n
The Commission is also preparing a simplification of the Carbon Border Adjustment mechanism for smaller market players.<\/p>\n
\u2b55 Digitize reporting<\/p>\n
Digitalisation will go hand in hand with simplification to reduce the reporting burden.<\/p>\n
Wherever possible, reporting must move to digital formats based on standardised data.<\/p>\n
Companies and public authorities must be better accompanied when it comes to implementing EU legislation through stepped up support, capacity building and technical assistance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Today 29\/1, the European Commission presented the Competitiveness Compass, providing a strategic framework to steer the Commission’s work. Key takeaways on the subject of sustainability reporting \ud83c\udf3f: \u2b55 Simplify but stay the course Europe has set out an ambitious framework to become a decarbonised economy by 2050. It will stay the course, including through the […]<\/p>\n","protected":false},"author":1,"featured_media":1388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,5],"tags":[],"class_list":{"0":"post-1387","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-csrd","8":"category-esrs","10":"post-with-thumbnail","11":"post-with-thumbnail-large"},"_links":{"self":[{"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/posts\/1387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/comments?post=1387"}],"version-history":[{"count":1,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/posts\/1387\/revisions"}],"predecessor-version":[{"id":1389,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/posts\/1387\/revisions\/1389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/media\/1388"}],"wp:attachment":[{"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/media?parent=1387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/categories?post=1387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/tags?post=1387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}