The Omnibus Simplification Package and how it may impact EU’s ESG regulation
Published 3 February 2025
Category: Impact and ESG
In the end of 2024, the European Commission President Ursula von der Leyen indicated that existing and future EU ESG reporting obligations may be consolidated into an “omnibus” regulation (the “Omnibus Regulation”) with the purpose of reducing reporting requirements. Anticipation is, that the Omnibus Regulation will streamline the extensive number of requirements under EU’s ESG regulation and in particular regulation which has overlaps. Hence, the Omnibus Regulation is expected to impact the reporting requirements included in the Corporate Sustainability Reporting Directive (“CSRD”), the EU Taxonomy Regulation, and the Corporate Sustainability Due Diligence Directive (“CSDDD”) and may as well affect other EU legislation. Among others, some national actors have advocated for the fact that the current review of the SFDR should be taken into consideration in connection with the Omnibus Regulation.
An omnibus instrument packages multiple bills into a single legislative package entailing a single piece of legislation which may mandate changes to each of the CSRD, CSDDD and the EU Taxonomy Regulation. Our expectation is that the Omnibus Regulation will provide changes to each of the regulations with the aim to streamline and simplify administrative procedures and reporting.
Next step: On 26 February 2025, the omnibus proposal is due to be introduced and discussed at an EU Commission meeting Commission meeting. Mazanti’s ESG team monitors the development closely. The Omnibus Regulation is expected to be published in 2025. However, we note that there is no indication that companies should not continue with for instance CSRD reporting and preparations as we at this time have no indication that the Omnibus Regulation will entail any push back on CSRD reporting deadlines.
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