👏 So pleased to see the Council of the European Union adopt the Corporate Sustainability Due Diligence Directive (CSDDD) today. Leo Donnachie and I have been advocating consistently for a CSDDD that is ambitious on climate, but workable in practice. 🌡 The agreement includes requirements for companies to adopt transition plans that align with a 1.5C world. Although corporate disclosures on climate have improved, it is important that companies progress towards real action to address climate impacts. This requirement should encourage that action.
🙌 Following two years of considered negotiations, we welcome today’s successful vote in COREPER to adopt the Corporate Sustainability Due Diligence Directive (CSDDD). Despite compromises, this agreement remains impactful, proportionate and workable in practice. 💚 IIGCC has consistently advocated for a robust framework for sustainability due diligence that embeds responsible business practices within companies’ business models and strategies, accelerating the behavioural changes needed to achieve the goals of the European Green Deal. 🌡 Requirements to adopt transition plans that align with a 1.5c world will also help to complement disclosures with action on the ground. ⬇ We are disappointed that late amendments have diluted the ambition of the provisional agreement reached in December, which was itself the result of many careful compromises. The text agreed today would reduce the number of companies in scope of the requirements by almost 70%. 📈 The CSDDD remains a unique opportunity to level the playing field for sustainability due diligence across the EU and avoid a patchwork of different obligations across Member States. It should be seen not as a threat or an undue burden, but an opportunity to enhance companies’ management of material risks and impact and preserve long-term value creation. 👏 Congratulations to the Belgian Presidency of the Council of European Union for this landmark achievement! All eyes are now on a successful vote in Parliament and the adoption of this important piece of legislation 👀 #CSDDD #EUPolicy #SustainableFinance
Biodiversity Resilience Technology
10moMarguerite Ohan - thank you, agree entirely - ‘important that co.s progress towards real action’