Increased global competition calls for a rethink of the regulatory framework to make it a genuine strategic tool for steering the green transition and an opportunity to develop new products and services to conquer new markets.
In view of the forthcoming “Omnibus” Commission proposal, AFEP presents its positions, including detailed modifications on:
1- the sustainable finance framework where it is necessary to:
- make the CSRD (sustainability reporting) the cornerstone of the sustainable finance framework, i.a. focusing on the essentials, reducing the number of data points, better protecting business secrecy,
- postpone the application of CS3D (due diligence) to assess its impacts on the EU companies’ competitiveness and propose amendments accordingly,
- streamline provisions on climate transition plans to make them consistent and revise those where the competitive challenge is proven,
- make the EU Taxonomy voluntary while improving the framework and introducing the materiality principle,
- adapt the relevant legislation applicable to financial players accordingly.
2- the other legislation where administrative and reporting burdens affect the competitiveness of French companies (Emissions Trading Scheme, Carbon Border Adjustment Mechanism, Critical Raw Materials Act and Net Zero Industry Act, IPCEIs, Women on Boards and CBCR).