EU 2024 ESG Regulatory Outlook
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EU 2024 ESG Regulatory Outlook

07 March 2024 / Report

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With the European Parliament elections set for June and populist right wing candidates likely to gain ground at the expense of centre left and green parties, a critical question is emerging related to the European Commissions’ ambitious ESG regulatory plan. Will the elections allow for continued momentum behind the Green Deal, or will they prompt a backlash against green initiatives and lead to a shift in direction for EU ESG policy? 

Trusted Insights for What’s Ahead™

  • In the run-up to the elections*, the European Commission (EC), which is responsible for drawing up new proposals for European legislation, might adopt a “low-key” regulatory approach, focusing on developing existing proposals over introducing new ones. This low-key strategy aims to avoid politicizing the regulatory landscape during a period of debate surrounding the balance between climate targets and business competitiveness.
  • Despite mixed signals from the EU, businesses should seize the opportunity to solidify their sustainable business practices, building resilience and unlocking future growth potential. The EU recently unveiled ambitious climate targets for 2040, aiming for a 90% reduction in greenhouse gas emissions. However, during this period, we also saw progress stall on the Corporate Sustainability Due Diligence Directive, indicating a gap between intentions and actions in achieving holistic sustainability goals. The directive aims to ensure that companies, especially large ones, undertake proactive measures to respect human rights, mitigate environmental impacts, and address climate change within their operations.

With the European Parliament elections set for June and populist right wing candidates likely to gain ground at the expense of centre left and green parties, a critical question is emerging related to the European Commissions’ ambitious ESG regulatory plan. Will the elections allow for continued momentum behind the Green Deal, or will they prompt a backlash against green initiatives and lead to a shift in direction for EU ESG policy? 

Trusted Insights for What’s Ahead™

  • In the run-up to the elections*, the European Commission (EC), which is responsible for drawing up new proposals for European legislation, might adopt a “low-key” regulatory approach, focusing on developing existing proposals over introducing new ones. This low-key strategy aims to avoid politicizing the regulatory landscape during a period of debate surrounding the balance between climate targets and business competitiveness.
  • Despite mixed signals from the EU, businesses should seize the opportunity to solidify their sustainable business practices, building resilience and unlocking future growth potential. The EU recently unveiled ambitious climate targets for 2040, aiming for a 90% reduction in greenhouse gas emissions. However, during this period, we also saw progress stall on the Corporate Sustainability Due Diligence Directive, indicating a gap between intentions and actions in achieving holistic sustainability goals. The directive aims to ensure that companies, especially large ones, undertake proactive measures to respect human rights, mitigate environmental impacts, and address climate change within their operations.
  • While discussions on ESG regulations in Europe are ongoing, executives also recognize their significance in facilitating the push towards sustainability goals. In a recent poll by The Conference Board, almost 25% of sustainability executives see ESG regulations as a catalyst for positive change in business and another 41% sees regulations as a necessity to drive sustainability progress.

Authors

Anuj Saush

Anuj Saush Anuj Saush

Head, TCB Advisory International
The Conference Board

Read Bio

Lucas Bergkamp

Lucas Bergkamp Lucas Bergkamp

Senior Policy Advisor - Governance & Sustainabilit…
The Conference Board

Read Bio

Manali Paranjpe

Manali Paranjpe Manali Paranjpe

Program Director, Governance & Sustainability Cent…
The Conference Board

Read Bio

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