Latest news with #EUCorporateSustainabilityDueDiligenceDirective
Scoop
08-05-2025
- Business
- Scoop
Türk Urges EU To Protect Landmark Legislation On Business And Human Rights
Geneva, 8 May 2025 UN High Commissioner for Human Rights Volker Türk today urged the European Union to ensure any revisions to its corporate sustainability directive do not weaken its alignment with international human rights standards. An 'omnibus' proposal currently being debated by the EU parliament and Council aims to amend key EU sustainability laws, including the EU Corporate Sustainability Due Diligence Directive (CSDDD), a landmark piece of legislation passed last year that requires large companies to take reasonable steps to identify and address their adverse impacts on human rights and the environment. 'The CSDDD, by far the most ambitious business and human rights regulatory initiative anywhere in the world, has rightly been welcomed by companies, policy makers, civil society, and national human rights institutions alike, and a large number of businesses have already taken steps to ensure they comply with it,' said Türk. The UN Human Rights Office has just published a detailed commentary on the omnibus proposal explaining the ways in which it would undermine the CSDDD, highlighting several concerns, and calling for any review of this groundbreaking piece of legislation to expressly maintain its alignment with international human rights standards. 'While some streamlining of the EU corporate sustainability regime could be advantageous, it would be counterproductive to water down its alignment with international standards, in particular the UN Guiding Principles on Business and Human Rights,' warned Türk. In its current form, the CSDDD has been widely hailed as a welcome step toward ensuring businesses respect human rights and the environment. The omnibus proposal, if adopted, not only risks this achievement, but it also will probably lead to more complicated and burdensome processes for companies, which goes contrary to the stated aims of the proposal itself.
RTÉ News
30-04-2025
- Business
- RTÉ News
More than €31bn held in fossil fuel investments
Irish-based subsidiaries of investment companies held more than €31 billion in fossil fuel investments as of June 2024, according to a new report from ActionAid Ireland and Trócaire. Ireland's foreign direct investment model facilitates the investment. In 2023, the investments made into fossil fuel companies by investment managers based in Ireland generated an estimated 72.5 million tons of carbon dioxide equivalent emissions (CO2e). This is more CO2e than the entire country of Ireland emitted in the same year. Siobhán Curran, head of policy and advocacy at Trócaire said: "Ireland's facilitation of fossil fuel investment on its shores is more than Ireland's yearly carbon footprint. "While Ireland has its targets to reduce emissions and phase out fossil fuels, this is being allowed to happen here." The top financial institutions for fossil fuel investment here were BlackRock (€18.9 billion), State Street (€4.4 billion), and Crédit Agricole (€2.1 billion). According to the report, 91% of the investments in fossil fuel companies by investment managers based in Ireland were to companies that have plans for fossil fuel expansion. Trócaire and ActionAid Ireland are calling on the government to tackle the climate crisis through both tax reform and corporate regulation of financial flows through Ireland that fund fossil fuels. "Governments and financial regulators must impose strict controls on fossil fuel financing, ending tax breaks for the most polluting industries. "A global financial system that is designed to prioritise profit over planetary survival is one that requires an urgent and deep overhaul," the report says. The two NGOs say that Ireland and the EU are moving in the "wrong direction" in this area. "The recently passed EU Corporate Sustainability Due Diligence Directive excluded investments; and now the EU Commission's Omnibus legislative proposal threatens to undo the limited gains made on climate plans, as well as blocking future attempts for stronger action at national level," the report added. The burning of fossil fuels accounts for more than three-quarters of greenhouse gas emissions and 90% of all carbon dioxide emissions, according to the United Nations. The more greenhouse gases in the atmosphere, the warmer the global temperatures become. The Intergovernmental Panel on Climate Change has issued repeated warnings that the world should not warm past 1.5C. For every fraction of a degree above that, there are irreversible environmental consequences including rising sea levels, increased frequency of extreme weather events and ecosystem collapse. Continuation of current policies on the climate crisis will lead to a "catastrophic temperature rise" of up to 3.1C by 2100, according to the latest 'Emissions Gap' report from the UN Environment Programme. "Ireland is facilitating the reckless pursuit of profit by financial institutions and corporations, who continue to pursue further expansion of oil and gas in spite of all the warnings and at the expense of the planet," Ms Curran said. "The massive injustice is that it is the communities Trócaire work with in climate vulnerable countries that are feeling the worst impacts of these decisions. This is grossly unfair and contrary to the Paris Agreement and the Programme for Government," she added.
Yahoo
27-01-2025
- Business
- Yahoo
TESTEX, FutureWear launch EU sustainability rules certification
Known as the TESTEX Academy, the new learning platform aims to provide industry executives with the necessary expertise to excel under evolving regulatory standards. The TESTEX Academy's first certification programme is designed to provide an eight-hour curriculum that aligns with the professional development needs of those wishing to master the EU's sustainability directives. The course is structured into weekly modules, allowing for a flexible integration of learning into participants' daily professional activities through a combination of assessments and reflective exercises. The certification programme targets a broad spectrum of pivotal roles within organisations, encompassing: Sustainability management Business development and sales Product management Regulatory compliance Supply chain operations Quality management Technology innovation Procurement and sourcing. Facilitated by experts and auditors from both TESTEX and FutureWear Group, the programme merges theoretical foundations with hand-on experience. Everyone enrolled will gain access to interviews, case studies, and strategies that are not only informative but also actionable, setting the stage for enhanced sustainability practices, compliance with regulatory standards, and fortifying market positions within the EU. According to TESTEX and FutureWear, the certification from TESTEX Academy offers several advantages such as developing a comprehensive understanding of EU sustainability directives to aid in organisational adaptation and engaging with specialised material crafted by authorities in textiles, sustainability, and regulatory adherence. Participants will also acquire pragmatic approaches for maintaining compliance and cultivating eco-friendly supply networks and receive a recognised certificate from TESTEX Academy that bolsters professional standing. TESTEX is a global testing and certification body headquartered in Zurich and a founding member of OEKO-TEX Association. FutureWear Group, established in Zurich in 2023, is a consulting firm that specialises in driving sustainability transformations and technological advancements within supply chains. The EU Corporate Sustainability Due Diligence Directive (CSDDD), which took effect on 5 July 2024, is a legislative initiative aimed at promoting sustainable and responsible business practices to support the development of a more sustainable economy. Last week, Policy Hub, the Social and Labor Convergence Program, Fair Wear Foundation, and amfori presented 'Handbook for Due Diligence (CSDDD) Implementation in the Textile Sector'. Recently, the Clean Clothes Campaign (CCC) raised serious concerns about the European Commission's (EC) efforts to simplify new corporate sustainability regulations, particularly the Corporate Sustainability Reporting Directive (CSRD) and the CSDDD. "TESTEX, FutureWear launch EU sustainability rules certification" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
