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The ongoing revision of the EU\u2019s sustainable finance framework could result in the \u201cunravelling\u201d of major climate advances, France\u2019s independent climate council has said.<\/p>\n
The Haut Conseil pour le Climat (HCC) is an independent body responsible for evaluating public action on climate, its consistency with France\u2019s European and international commitments \u2013 in particular the Paris Agreement \u2013 the achievement of carbon neutrality by 2050 and compliance with France\u2019s carbon budgets.<\/p>\n
In its annual report<\/a> issued this week, the government advisory body said the EU\u2019s sustainability Omnibus<\/a> package \u201cweakens\u201d the sustainability finance framework, notably the bloc\u2019s corporate sustainability reporting and due diligence rules, as well as its fund greenwashing rules.<\/p>\n Negotiations on the Omnibus package are ongoing. Member states last month agreed a position<\/a> on the file and the European Parliament is still deliberating its stance<\/a>.<\/p>\n The French body said the revisions to the rules \u201cappear precautionary or politically motivated\u201d because they have not been implemented long enough to gather \u201crobust operational insights\u201d, citing a lack of full implementation of the rules and lack of impact assessment.<\/p>\n \u201cThat raises concerns about potential structural rollback of the Green Deal\u2019s ambition,\u201d HCC wrote.<\/p>\n The council added that a rollback on transparency requirements, together with a broader regulatory weakening, \u201ccould threaten the reliability of declared decarbonisation pathways\u201d.<\/p>\n The European Commission has been contacted for comment.<\/p>\n The EU executive has come under fire for the way it has conducted the simplification exercise and is being investigated by the EU Ombudsman<\/a> for how it prepared the legislative proposal.<\/p>\n The Commission has defended its \u201curgency\u201d decision<\/a> for the Omnibus process, however, and said that it was accelerated in response to stakeholder concerns about \u201ccomplexity and implementation cost\u201d.<\/p>\n French angle<\/strong><\/p>\n The climate council said that it is not in France\u2019s interest to weaken EU requirements on non-financial reporting and environmental and social due diligence.<\/p>\n On the Corporate Sustainability Due Diligence Directive (CSDDD)<\/a>, it noted that France already has its own supply chain law (Devoir de Vigilance) that \u201cplaces companies ahead of current EU standards\u201d.<\/p>\n These requirements represent an opportunity to consolidate a \u201ccompetitive and normative\u201d leadership advantage, helping to attract responsible and green investors, the HCC said, adding that weakening these obligations would also penalise responsible companies that have already invested in preparing for the EU regulations.<\/p>\n French president Emmanuel Macron has, in contrast, been vocal in his opposition to the EU\u2019s supply chain law, calling for the rules to be scrapped<\/a>.<\/p>\n