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Companies may not have to report on their sustainability progress if CSRD legislation is rolled back, as some experts fear.
Energy consultants are criticising the Macron government following reports that France may seek to kill EU
legislation that makes companies reckon with their environmental impact.
Companies in the Environmental Social and Governance (ESG) sector fear the Corporate Sustainability Reporting Directive (CSRD) could
be washed away after Trump’s return in the US.
The CSRD requires companies in Europe to produce reports on their environmental and social impacts, including emissions,
to ensure they comply with EU rules.
Meanwhile the Corporate Sustainability Due Diligence Directive (CS3D) holds companies liable for human and environmental
rights violations in their supply chains.
‘Drill, baby, drill’: What Trump’s victory could mean for the future according to climate experts
Both directives were initially introduced in late 2023, but they have not yet been adopted in all countries, with
Germany and several Eastern European countries fearful about their impact on their industries ability to compete.
Currently, the EU is working on an ‘Omnibus simplification package’ to simplify and streamline the directives for the benefit of affected businesses.
But there are concerns it could junk the sustainability legislation entirely when Stephane Sejourne, executive vice-president of the EU
and former French foreign minister, unveils the package on 26 February.
Is France really looking to scrap the corporate sustainability rules?
Sejourne, a close ally of Macron, caused companies in the ESG space - such as green tech firms, funds that invest
according to ESG principles and environmental consultancies - to worry when he told French media to expect a “complete deletion
of [CSRD and CS3D] reporting” from the Omnibus package.
A source close to Sejourne told Euronews that the “confusion” stemmed from a translation error.
When Sejourne used the French word “suppression”, it was translated as “deletion” rather than “modification” which the source
claimed was what was intended by Sejourne’s remarks.
Meanwhile Politico reports that others in Macron’s camp are less sure that France, which has already implemented the directives in Omnibus,
intends to keep them.
Macron himself called for a break on regulation arguing that Europe must “regain [its] ability to compete.”
And Politico revealed a document dated 20 January which suggests that France is pushing to delay the implementation of CSRD and CS3D.
The Trumpist turn in Europe
Stephane His, an independent energy consultant and director of Renewable Energy for All wrote in La Croix
last month that “Trumpism is already penetrating European environmental politics”.
He tells Euronews that the push for Europe to abandon its ESG legislation was part of a “wave” of “regression” on climate policies
that began before Trump.
“It affected the finance sector, the agriculture sector (calling organic into question),
the automobile sector (calling the electric car into question) and now renewable energies,” he says.
“It is because there has been progress in the ecological transition that has threatened established interests that the
resistance has grown stronger. This is all the more reason not to turn back”.
The US has been particularly resistant to CSRD and CS3D regulation which would make them comply with legislation
in Europe that has no serious equivalent in America.
Howard Lutnick, Trump’s Commerce Secretary, singled out CS3D as a threat to American industry and the US
economy in a speech earlier this month.
“US exports of natural gas are keeping the heat on in Europe this winter because the regulatory structure
there has caused companies to flee,” Lutnick claimed.
“Yet the EU is attempting to harm the competitive advantages of US companies by forcing them to comply with CS3D.”
In late January, the Guardian and Desmog revealed that the Heartland Institute, a climate change denial think tank with links
to the Trump administration, has been coordinating a network of far-right MEPs to oppose the CSRD and CS3D legislation.
Heartland has a record of extreme positions on environmental issues, comparing those who believe in global warming to
the Unabomber in one infamous billboard.
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