EU 2024 ESG Regulatory Outlook - Briefing Q2 2024

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EU 2024 ESG Regulatory Outlook - Briefing Q2 2024

04 July 2024 / Article

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The recent European Parliament elections indicate potential challenges ahead for the implementation of the EU's Green Deal—a roadmap for legislative and policy measures to achieve ambitious environmental and economic targets. Despite the uncertainty, companies should expect continued focus on environmental and human rights due diligence, along with robust corporate disclosures. Prioritizing these safeguards will help build long-term resilience.

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Following the results of the election, the EU may shift its focus towards increasing competitiveness, reducing energy costs, and addressing labor and skills shortage instead of prioritizing the Green Deal. However, the implementation of targeted EU legislation, including climate policies and the Carbon Border Adjustment Mechanism (CBAM), remains in the cards, regardless of concerns that these regulations will have a negative impact on the EU's global competitiveness. Nevertheless, the increasing amount of climate litigation underscores the importance to businesses of maintaining compliance and transparency regarding their “E” (environmental) goals.

Even if there is a slowdown in the implementation of new ESG legislation, it will not diminish the challenges for companies. A significant volume of existing regulations, such as the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), are already in a preliminary stage of implementation. The full economic impact of these regulations is uncertain, but it is likely to be substantial. Alongside government enforcement, citizens and non-governmental organizations are increasingly using litigation (ESG-related lawsuits) to hold companies accountable for, inter alia, their climate and human rights commitments, with potential administrative, civil, and even criminal penalties as a result. Companies need to map out their value chains, rationalize processes across the CSRD and the CSDDD, and build environmental and human rights due diligence into all their functions.
Businesses need to

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Authors

Anuj Saush

ESG Center Leader, Europe
The Conference Board

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Lucas Bergkamp

Senior Policy Advisor - ESG Center, Europe
The Conference Board

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Manali Paranjpe

Program Director, ESG Center, Europe
The Conference Board

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Praisy Abraham

Research Fellow, ESG Center, Europe
The Conference Board

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