What alters will the Omnibus bring?
The alters to CSDDD are particularly significant.
The directive’s application threshold now rises to companies with more than 5,000 employees and US$1.5bn in annual turnover, reducing the scope to approximately 1,600 companies across the EU.
Obligations to implement climate transition plans have been eliminated entirely.
Maximum penalties have been lowered to 3% of global turnover, whilst the harmonised liability regime has been scrapped.
The new rules will not be enforced until July 2029 now, too – a significant postponement.
The CSRD will also be “gutted”, according to the European Coalition for Corporate Justice.
Going forward, only companies employing more than 1,000 staff and generating turnover in excess of US$450m will be obliged to report.
For context, this will exclude around 90% of companies currently covered by the directive.
Some member states will now have fewer than just 40 companies subject to reporting obligations.
In sectors with the greatest environmental impact, like agriculture, fishing and mining, the number of affected operators could fall to just a few dozen across the EU.
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