How will the sustainability of the EU's omnibus transform your CSRD journey?
Inspired PLC is a Business Reporter client
Earlier this year, the European Commission (EC) published its proposed omnibus legislation that aims to reduce sustainability reporting and due diligence requirements for certain entities. The proposal plans to unify various ESG disclosures into a more streamlined framework. The Corporate Sustainability Reporting Directive (CSRD) and the International Sustainability Standards Board (ISSB) are emerging as pivotal standards, paving the way for transparent and comparable ESG reporting.
So, what is included in the sustainability omnibus package, what is changing and how can businesses get onboard with driving CSRD efficiencies?
What does the omnibus package entail?
It amends:
CSRD thresholds and reporting requirements
Corporate Sustainability Due Diligence Directive (CSDDD) thresholds and reporting requirements
EU Taxonomy Regulation (EUT) disclosures (subject to public consultation)
Taxonomy Climate and Environmental Delegated Acts (subject to public consultation)
Carbon Border Adjustment Mechanism (CBAM) thresholds
InvestEU Regulation
What is changing?
The omnibus seeks to alleviate administrative burdens on businesses while maintaining the EU's commitment to environmental and social objectives.
Narrowed scope: An updated threshold reduces the number of companies captured by CSRD by approximately 80 per cent.
Postponed reporting: The omnibus proposes postponing the application for all reporting requirements in the CSRD for companies that have not yet started reporting by two years.
Standardised and simplified reporting requirements: The package proposes a significant reduction in the number of data points companies must disclose, substantially streamlining the CSRD requirements.
Audit and assurance: The proposal removes the possibility for the EC to introduce stricter requirements under reasonable assurance.
What is the six-step roadmap to compliance?
Understand the new requirements: Thoroughly review the omnibus package to understand the proposed changes.
Conduct a double materiality assessment: Leverage the delayed reporting timeline to conduct a robust assessment.
Streamline data collection and reporting processes: Prioritise your material sustainability topics and assess current processes for collecting, monitoring and reporting data.
Build internal capacity: Facilitate education sessions to drive efficiencies when it comes to collecting data and developing processes.
Prepare for assurance: Conduct pre-assurance exercises to ensure appropriate internal controls and processes are in place to meet audit requirements.
Leverage CSRD reporting as a strategic tool: View this as an opportunity to go beyond the minimum requirements and integrate sustainability reporting into your overall business strategy.
As the ESG landscape evolves, staying informed is crucial for organisations to mitigate the risks of litigation and protect their reputation.
Third-party ESG consultants can help you navigate these complexities, support your internal teams and combat the challenges head-on. Inspired PLC provides market-leading ESG advisory services that help clients thrive in the future low-carbon global economy.
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