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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: A pivotal EU law aimed at compelling companies to vet their supply chains for labor abuses and environmental harm is at risk after failing to secure enough support in a secretive vote by national diplomats
• Key objections from Germany and Italy have cast doubt on the directive's future, which seeks to align corporate practices to cap global warming at 1.5 degrees Celsius
🔭 The context: The proposed Corporate Sustainability Due Diligence Directive, which would also allow legal claims by trade unions and NGOs for non-compliance, has encountered resistance, complicating its passage before the upcoming European elections
• The lack of consensus was revealed during a meeting of EU national ambassadors, with opposition rooted in concerns over regulatory burden and applicability
🌍 Why it matters for the planet: This directive represents a significant step towards sustainable and responsible business practices within the EU, targeting issues like child labor in cobalt mining and deforestation in soy production
• Its potential postponement or abandonment threatens not only environmental and human rights advancements but also the EU's stance as a regulatory leader on global sustainability
⏭️ What's next: The future of the directive is uncertain, with possibilities including renegotiation or complete withdrawal, especially as the European political landscape may shift rightward in the next parliament
• Time is running out to secure a deal within the current legislative period, highlighting the urgency of resolving outstanding disputes
💬 One quote: "Member states are protecting all those companies that prefer not to take a close look at what is happening in their global supply chains," - Lara Wolters, MEP.
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