By Cheryl Novak
On Thursday the European Parliament (EP) voted through
By Cheryl Novak
On Thursday the European Parliament (EP) voted through the so-called “Omnibus Simplification Package,” which aims to reduce the sustainability reporting obligations of EU and non-EU companies.
The vote was passed with 382 votes in favor, 249 against, and 13 abstentions, due primarily to an alliance of center-right and far-right groups, signaling a broader rightward shift in EU climate and regulatory policy. That being said, an estimated 12-13% of Social Democrats also supported the revisions.
Speaking on the vote, EPP Rapporteur Jörgen Warborn says, “Europe has a huge growth problem. We are falling behind more or less all of the big economies throughout the world…We have been too bureaucratic, we need to realize it and we need to fix this for businesses in order to come back to growth.”
Warborn also claims that the changes will save companies an estimated 5 billion euros per year from reduced costs related to reporting obligations.
The vote came after months of pressure by the United States and other third countries which argue that the existing rules are too bureaucratic and impediments to trade and competition. During a press conference on the matter, Warborn defended the EU, however, saying that the
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