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illuminem summarizes for you the essential news of the day. Read the full piece on Euractiv or enjoy below:
🗞️ Driving the news: Germany's Justice Minister, Marco Buschmann, has called to reopen negotiations on the EU’s Corporate Sustainability Reporting Directive (CSRD) after Germany and 16 other EU countries missed the July deadline to implement the new rules
🔭 The context: The CSRD, which took effect in January 2024, requires extensive sustainability disclosures from companies, but some EU nations are struggling with compliance due to concerns over rising costs and regulatory complexity
• Buschmann argues that renegotiation is necessary to safeguard competitiveness
🌍 Why it matters for the planet: The CSRD is designed to enhance transparency and accountability in corporate sustainability, which is critical for achieving the EU’s broader climate and environmental goals
⏭️ What's next: The European Commission has hinted at a review of CSRD regulations to ease reporting burdens, while the debate on the balance between regulation and economic competitiveness continues
💬 One quote: "We have to use the period until full CSRD implementation to renegotiate." — Marco Buschmann, Justice Minister, Germany
📈 One stat: Germany expects compliance costs related to CSRD implementation to reach €1.6 billion.
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