A joint declaration urging European policymakers to protect key sustainable finance regulations has garnered support from 323 organisations, amid growing concerns that upcoming changes under the EU Omnibus could weaken core legislative frameworks critical to sustainable economic growth.
Coordinated by Eurosif, the public letter calls for safeguarding the integrity of the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), which supporters argue are essential to ensuring transparency, investor confidence, and business resilience across the European Union.
Signatories include 104 investors—among them Allianz SE, Nordea Asset Management, La Banque Postale, and Royal London—alongside 40 major companies such as IKEA, Nokia, ACCIONA, and Vattenfall. An additional 74 supporting organisations, including B Lab, Accountancy Europe, and the Dutch Federation of Pension Funds, have also endorsed the statement.
Central to their concerns is the protection of the European Sustainability Reporting Standards (ESRS), specifically maintaining the double materiality principle, which requires companies to report both on how sustainability issues affect their business and how their business impacts the environment and society. The letter warns that any revisions to the ESRS must not undermine alignment with global standards, including those from the Global Reporting Initiative (GRI) and the International Sustainability Standards Board (ISSB).
Supporters point to the recent UN International Conference on Financing for Development (FfD4), where member states were encouraged to adopt reporting standards based on impacts, risks, and opportunities—a model consistent with double materiality and aligned with GRI and ISSB frameworks.
“The core ambition of the CSRD remains critical, providing the basis for high-quality sustainability reporting that’s built on double materiality,” said Robin Hodess, CEO of GRI. “Meaningful transparency in turn enables a sustainable and competitive European economy.”
Data from the International Federation of Accountants indicates that the principle is already widely adopted in practice, with 85% of companies producing sustainability reports applying a double materiality approach.
The letter remains open for additional signatories until 29 August. EU lawmakers are expected to review the Omnibus legislative package after the summer recess, with business leaders and sustainability advocates urging them to avoid backtracking on crucial sustainability disclosure standards.
The declaration is supported by a coalition of coordinating organisations, including the European Sustainable Investment Forum (Eurosif), GRI, the UN Principles for Responsible Investment, the Institutional Investors Group on Climate Change, the Corporate Leaders Group Europe, and E3G.
