The European Parliament has formally approved the Omnibus I legislative package, marking a significant shift in the European Union’s corporate sustainability regulatory framework by scaling back reporting and due diligence obligations for companies. The provisional agreement negotiated between the Parliament, Council, and European Commission simplifies key elements of the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), aiming to ease compliance burdens and support competitiveness.

The European Union is moving to expand its Carbon Border Adjustment Mechanism (CBAM), extending the carbon border levy to include car parts and household appliances, marking a significant escalation in its climate trade policy. The proposal reflects the EU’s intent to close loopholes and strengthen carbon leakage prevention across more industrial value chains.

New York Mandates Statewide GHG Disclosure for Large Emitters Starting 2027 New York State has finalized a major regulatory mandate establishing a statewide greenhouse gas (GHG) disclosure regime for large emissions sources, positioning the state as a leader in subnational climate transparency in the United States.

The International Sustainability Standards Board (ISSB), convened under the IFRS Foundation, has announced targeted amendments to its greenhouse gas (GHG) disclosure requirements under the IFRS S2 climate-related reporting standard that aim to ease and clarify Scope 3 emissions reporting for financial firms.

The Global Reporting Initiative (GRI) has published new draft exposure standards aimed at strengthening disclosure on workforce human rights issues across corporate value chains. These drafts form part of a wider review of GRI’s labor-related sustainability reporting standards under its ongoing Labor Project, initiated by the Global Sustainability Standards Board (GSSB).

Lawmakers in the European Parliament and the Council of the European Union have reached a provisional agreement to simplify and reduce corporate sustainability reporting and due diligence requirements under the Omnibus I package, part of ongoing legislative reforms of the EU’s flagship ESG compliance framework.