illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: The European Union will discuss the Omnibus Simplification Package on January 21, aiming to reduce sustainability reporting requirements
• The package proposes reforms to key EU Green Deal regulations, including the EU Taxonomy, Corporate Sustainability Reporting Directive (CSRD), and Corporate Sustainability Due Diligence Directive (CSDDD)
• Businesses argue that current regulations hinder investment and growth, prompting this reform push

🔭 The context: The reforms were initiated by European Commission President Ursula von der Leyen to address concerns about excessive regulatory burdens
• The Polish presidency of the Council of the EU is prioritizing growth and competitiveness, advocating for streamlined processes to aid SMEs and mid-cap firms
• Climate activists worry the reforms could undermine previous gains in environmental legislation

🌍 Why it matters for the planet: Reducing sustainability reporting requirements risks weakening accountability and transparency in corporate environmental performance
• This could slow progress toward the EU’s climate goals, potentially reversing the momentum built under the EU Green Deal

⏭️ What's next: The Economic and Financial Affairs Council (ECOFIN) will debate the proposal, with details likely influenced by feedback from member states on simplifying the framework
• The final draft of the package is expected at the European Commission’s February 26 meeting

💬 One quote: “The regulatory reporting framework in the EU has become excessively burdensome…undermining the competitiveness of the European economy.” – Polish presidency issue note

📈 One stat: Two out of three companies cite regulatory burdens as a major obstacle to long-term investment, according to the Polish presidency

Click for more news covering the latest on corporate sustainability