BRUSSELS: The European Commission plans to loosen its rules on corporate sustainability reporting and supply chain transparency, it said on Wednesday, in a bid to make Europe more competitive with the United States and China. The plans — or "Simplification Omnibus" — are part of a wider package of reforms aimed at helping make Europe's companies more competitive and they include incentives to encourage industry to decarbonise and measures to lower energy costs. European businesses may cheer after long complaining that tight regulations and bureacracy hampered their ability to compete globally, but opponents of the new deregulation drive said it "guts corporate accountability".
"EU companies will benefit from streamlined rules," European Commission President Ursula von der Leyen said in a statement. "This will make life easier for our businesses while ensuring we stay firmly on course towards our decarbonisation goals. And more simplification is on the way." The European Commission, the bloc’s executive arm, aims to reduce reporting burdens by 25 per cent in an initial wave of measures in the first half of 2025 — which it said would translate into savings of 40 billion euros for European companies. — Reuters
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