The Council's position approved yesterday by Coreper concerns the so-called "Stop the clock" directive which establishes the postponement of deadlines for applying certain ESG (Environmental, Social, Governance) reporting obligations. This proposal is part of the Omnibus Package with which the Commission, in line with the European Competitiveness Compass and following inputs from the business world during consultations launched by Brussels in recent years, aims to streamline some of the main EU regulations to create a more favorable environment for European businesses, particularly SMEs.
In general, the Omnibus Package, consisting of Omnibus I and Omnibus II, aims to simplify sustainability regulations underlying the European Green Deal, reducing administrative burdens on companies by 25% (35% for SMEs) by the end of this Commission's mandate (thus by 2029). According to Brussels, with the introduction of the Omnibus Proposal, total annual administrative cost savings amount to approximately 6.3 billion euros.
