Omnibus proposal: the EU needs smarter rules to streamline the path towards sustainability

We acknowledge that corporate responsibility and transparency are crucial elements to achieve a truly sustainable economy, in line with the EU ambitions towards net-zero. Nevertheless, it should not come at all costs: obligations must be proportionate and fit for purpose.

The Draghi report rightfully pointed out of the dangers of over-regulation and its impact on competitiveness and prosperity. Likewise, both representatives from industry and Member States alike have recently stressed the need to substantially simplify reporting obligations, and urged for bold action.

The existing reporting framework imposes disproportionate requirements on EU companies that not only puts them in disadvantage compared to international competitors, but also entails a cost of opportunity by redirecting efforts that should be devoted to the energy transition, without always delivering a clear benefit to EU citizens.

Sustainability reporting cannot consist in a lengthy box-ticking exercise that only seeks legal compliance. Instead, it should be a focused and meaningful tool to provide valuable information, while avoiding increasing administrative burden.

Consequently, FuelsEurope calls on the European Commission to present an ambitious simplification Omnibus proposal, and stands ready to collaborate with the EU institutions in order to ensure a smarter reporting framework that supports companies throughout their transition pathway.