EEurope must reduce its bureaucratic requirements, warn business representatives. While the US offers easy tax benefits for green investments, companies here feel exposed to a “tsunami” of new green rules that they believe are slowing innovation and growth. EU Commission President Ursula von der Leyen responded to the criticism in October by announcing that she wanted to reduce companies' reporting obligations by a quarter.
With the Brussels legislative machine running at full speed over the past four years to launch the European Green Deal, the debate about better regulation in the EU has gained new momentum. This is urgently needed given the overly complex and inconsistent regulation as well as multiple and overlapping reporting obligations. However, parts of business and liberal-conservative parties are currently trying to reduce climate protection ambitions under the banner of reducing bureaucracy. The most recent example is the European Sustainability Reporting Standards (ESRS), which were first watered down by the business lobby and then had to survive a vote in the EU Parliament.
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