European Union:
Omnibus Regulation planned to simplify ESG Reporting Obligations
12-Point Plan for Europe
The announcement is part of the Budapest Declaration on the “New Deal for European Competitiveness”, which includes a 12-point plan aimed, among other things, at strengthening Europe's economic prosperity, security and resilience in the coming years. “Concrete proposals to reduce the number of compulsory directives by at least 25%” are to be presented as early as the first half of 2025.
In a press conference after the EU summit, Ursula von der Leyen explained (in the video minute 28:25 to 29:30) that the data points are often redundant and overlapping. She announced that reporting obligations should be bundled and reduced in future in order to reduce bureaucracy. However, she also emphasized that the core content of the directives and regulations should be retained.