Welcome to the EU Monthly, NEO’s sustainability and ESG news round up from Brussels.
Here are the highlights for April 2024:
- CSRD, two-year reporting delay approved: EU member states approved a proposed delay for the adoption of a sustainability reporting and disclosure requirement for non-EU companies under the Corporate Sustainability Reporting Directive (CSRD). The CSRD is a law obliging corporations to report their impact on people and the environment. The rationale behind the decision is to reduce the bureaucratic burden for companies and give them time to implement sustainability standards. Critics are concerned that the delay will leave corporations unaccountable for any activity harmful to the environment. (Read more: ESG Today)
- First EU draft law on soil: The EU Parliament voted in favor of the draft Soil Monitoring Law, a flagship initiative for soil health. If approved by the European Council as well, it will mark the first union-wide law dedicated to soil. This comes in light of deteriorating soils in Europe which can endanger plant, animal, and human health. The law includes a mandatory timeline to improve soil quality and geographical districts for monitoring soil health, among other clauses. (Read more: Safer Phosphates)
- Garnering support for the EU Green Deal: The European Commission held a series of meetings in an effort to increase industry support for the Green Deal ahead of the June elections. The EU pledged to address key concerns and respond to industry demands such as simplified regulations, easier access to finance, and a strong internal market that can compete globally. The EU elections, scheduled for June 6-9, will test the 27-nation bloc’s will to implement the Green Deal. (Read more: Bloomberg)