European Commission to unveil crucial deregulation package
The European Commission will present the first package of regulations for change and simplification on Wednesday. First, three legal documents will be reviewed. The input from the business sector, which will pinpoint the biggest bureaucratic problems, will be crucial for the officials.
In February, the European Commission plans to present the first in a series of deregulation packages, known as omnibuses, to simplify and amend existing regulations. During this process, EC officials meet with business representatives to ascertain what causes the most bureaucratic problems.
The European Commission aims to present the first in a series of omnibus packages resulting from this dialogue with businesses on 26 February. The omnibus will clearly state which provisions should be changed and how. The newspaper notes that the proposal will then need to be approved by the governments of the member states and the European Parliament.
Sustainable development awaits deregulation
Brussels will initially focus on three legal acts: the Corporate Sustainability Reporting Directive (CSDR), the Corporate Sustainability Due Diligence Directive (CSDDD), and the Taxonomy Regulation.
CSDR details the obligations regarding reporting environmental, social, and corporate governance (ESG) issues. Meanwhile, CSDDD introduces the requirement to identify, prevent, and minimise the negative impact of company operations on human rights and the environment throughout the value chain.
Conversely, the taxonomy helps investors and companies identify climate-friendly projects and investments and counteract greenwashing (false eco-marketing).
The first in the series of omnibuses marks the beginning of a broad deregulation effort, which Ursula von der Leyen, President of the European Commission, has prioritised. The goal is to create a more business-friendly environment.
