Latest news with #OmnibusPackage
Business Times
28-04-2025
- Business
- Business Times
Press on with sustainability for resilience
THE sustainability landscape has seen significant developments in recent months. Following the announcement by the United States on its plans to withdraw from the Paris Agreement, the European Union unveiled the Omnibus Simplification Package on sustainability that includes the delaying of the implementation of the Corporate Sustainability Reporting Directive and the Corporate Due Diligence Directive. For the untrained, these developments can look like governments are taking a step back in their push for sustainability. On closer examination, it is anything but that. In fact, the Omnibus Package highlights the EU's recognition that sustainability goes beyond merely reporting. Instead of overcomplicating sustainability reporting and assurance, it seeks to steer companies to focus on the actual measures that can help to reduce carbon emissions. That said, understandably, these sudden policy shifts and regulatory developments can add to the uncertainty that companies face. Some may be misdirected to pause sustainability initiatives or turn their focus towards short-term performance at the expense of potential longer-term gains from environmental, social and governance investments. Investors continue to pay attention to climate risk management and sustainability. More than half of the investors surveyed in the latest EY Institutional Investor Survey said the impact of climate change will affect their investment strategies. These findings underscore the need for businesses to adopt a strategic and pragmatic approach to sustainability. It is important that companies not lose sight of the real purpose of climate change and sustainability actions – that is to go beyond addressing regulatory requirements. Further, sustainability is not just a compliance obligation but also a driver of efficiency, risk management and profitability. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Stepping up on support for sustainability In February 2025, Singapore pledged to further reduce its emissions to between 45 and 50 million tonnes of carbon dioxide equivalent (MtCO2e) by 2035. This builds on the country's earlier announcement to reduce emissions to 60 MtCO2e by 2030. The government has also demonstrated its unrelenting commitment to the fight against climate change through measures such as the S$5 billion top-up to the Future Energy Fund; the increase in Coastal and Flood Protection Fund; as well as disbursement of climate vouchers to Singaporean households. The top-up for the Future Energy Fund supports critical infrastructure for the energy transition – such as undersea cables for low-carbon electricity and hydrogen terminals – and helps foster innovation and technological advancement. Businesses that tap this initiative can potentially enhance resilience and competitiveness. The additional investment into the Coastal and Flood Protection Fund will help to strengthen the country's infrastructure to protect against risks of rising sea levels and storm surges. This is critical for supporting a stable long-term environment and a sustainable future for all. Government interventions aside, achieving national decarbonisation targets will require the collaborative and collective actions of individuals and companies. The journey towards sustainability is not without challenge, even for the most committed organisations. In Singapore, the oft-cited challenges faced are the lack of capital, manpower and knowledge. To this end, Singapore has a robust suite of initiatives to support companies on their sustainability journeys. These include the Enterprise Sustainability Programme (ESP), which is administered by Enterprise Singapore. The programme encompasses a host of initiatives including the Energy Efficiency Grant for the adoption of resource-efficient equipment; the Enterprise Development Grant for Sustainability Projects; the Sustainability Reporting Grant; and the SME Sustainability Reporting Programme (SME SRP). By 2023, more than 4,000 organisations had benefitted from the ESP. These grants from the ESP, together with government-supported green loans, help to alleviate companies' capital burden. For manpower concerns, the Career Conversion Programme for Sustainability supports new hires or transfers from other functions, while the SME SRP and other consultancy support schemes help to provide companies with the necessary knowledge to advance their sustainability initiatives. No room for U-turns As Singapore's ambassador for climate action, Ravi Menon, said: 'We stay the course not because it is easy but because it is necessary for Singapore, so that we can be resilient in a climate-impaired world and competitive in a carbon-constrained world.' Indeed, amid global geopolitical and regulatory shifts, Singapore should and needs to remain steadfast on its position on sustainability. Businesses that proactively adapt to these winds of change while continuing to embed sustainability into their strategies will be better positioned to emerge stronger in the long run. With climate risks continuing, there is no reason for climate action to stop. Praveen Tekchandani and Nhan Quang are the Singapore leader, and partner, for climate change and sustainability services at Ernst & Young LLP, respectively. The views here are the writers' and do not necessarily reflect those of the global EY organisation or its member firms
Yahoo
28-03-2025
- Business
- Yahoo
Cascale Urges Companies to Reprioritize Sustainability Commitments at Sourcing Journal Summit
NORTHAMPTON, MA / / March 28, 2025 / Chris Marshall, director of transparency and accountability at Cascale, participated in a recent Sourcing Journal Sustainability Summit, which centered around the theme of "Ambition vs. Action." The event brought together industry leaders to explore critical issues facing the fashion industry and provided a platform for attendees to gain fresh insights and discuss practical solutions to drive meaningful, scalable change. Marshall joined Sourcing Journal sourcing and labor editor, Jasmin Malik Chua for a fireside chat to discuss challenges and opportunities for the industry. After an overview of Cascale's evolution from convening stakeholders to driving focused impact, Marshall highlighted Cascale's strategic pillars - Combat Climate Change and Support Decent Work for All - as critical to this renewed focus. While acknowledging the fashion industry's struggle to meet sustainability targets, Marshall stressed the importance of continued commitment to goals, especially those related to decarbonization. He emphasized the need to accelerate action while addressing the barriers that prevent it. Marshall highlighted Cascale's unique position to drive industry progress through the new Industry Decarbonization Roadmap (IDR), developed in partnership with Apparel Impact Institute (Aii) and with the support of RESET Carbon, which will look to prioritize action in the 10 percent of facilities across the textile and apparel supply chain that account for over 80 percent of manufacturing emissions globally, ensuring resources are targeted where they can drive the greatest impact. Marshall also noted the need to create the business case for manufacturer investment to engage facilities and support their decarbonization journey. The IDR program seeks to leverage collective action among brands, enabling manufacturers to unlock decarbonization solutions. Expanding on Cascale's strategic objective to Support Decent Work for All, Marshall highlighted the recent purchase of key assets of Better Buying Institute (BBI) as a significant milestone to advance responsible purchasing practices across the consumer goods industry. He shared how this strategic move reflected the organization's commitment to amplifying supplier voices, fostering industry alignment, and embedding fair purchasing principles more deeply in global supply chains. Speaking on recent developments in the EU around regulation with the recently proposed changes to the Omnibus Package, Marshall emphasized the need for harmonized legislation to level the playing field. He commended manufacturers and brands who have demonstrated a commitment to decarbonization and called for accelerated action. Marshall ended the discussion with an optimistic outlook for the future, noting the commitment among the delegates to collaborate on driving impactful change. View additional multimedia and more ESG storytelling from Cascale on Contact Info:Spokesperson: CascaleWebsite: Email: info@ SOURCE: Cascale View the original press release on ACCESS Newswire Sign in to access your portfolio
Associated Press
28-03-2025
- Business
- Associated Press
Cascale Urges Companies to Reprioritize Sustainability Commitments at Sourcing Journal Summit
Chris Marshall, director of transparency and accountability at Cascale, participated in a recent Sourcing Journal Sustainability Summit, which centered around the theme of 'Ambition vs. Action.' The event brought together industry leaders to explore critical issues facing the fashion industry and provided a platform for attendees to gain fresh insights and discuss practical solutions to drive meaningful, scalable change. Marshall joined Sourcing Journal sourcing and labor editor, Jasmin Malik Chua for a fireside chat to discuss challenges and opportunities for the industry. After an overview of Cascale's evolution from convening stakeholders to driving focused impact, Marshall highlighted Cascale's strategic pillars—Combat Climate Change and Support Decent Work for All—as critical to this renewed focus. While acknowledging the fashion industry's struggle to meet sustainability targets, Marshall stressed the importance of continued commitment to goals, especially those related to decarbonization. He emphasized the need to accelerate action while addressing the barriers that prevent it. Marshall highlighted Cascale's unique position to drive industry progress through the new Industry Decarbonization Roadmap (IDR), developed in partnership with Apparel Impact Institute (Aii) and with the support of RESET Carbon, which will look to prioritize action in the 10 percent of facilities across the textile and apparel supply chain that account for over 80 percent of manufacturing emissions globally, ensuring resources are targeted where they can drive the greatest impact. Marshall also noted the need to create the business case for manufacturer investment to engage facilities and support their decarbonization journey. The IDR program seeks to leverage collective action among brands, enabling manufacturers to unlock decarbonization solutions. Expanding on Cascale's strategic objective to Support Decent Work for All, Marshall highlighted the recent purchase of key assets of Better Buying Institute (BBI) as a significant milestone to advance responsible purchasing practices across the consumer goods industry. He shared how this strategic move reflected the organization's commitment to amplifying supplier voices, fostering industry alignment, and embedding fair purchasing principles more deeply in global supply chains. Speaking on recent developments in the EU around regulation with the recently proposed changes to the Omnibus Package, Marshall emphasized the need for harmonized legislation to level the playing field. He commended manufacturers and brands who have demonstrated a commitment to decarbonization and called for accelerated action. Marshall ended the discussion with an optimistic outlook for the future, noting the commitment among the delegates to collaborate on driving impactful change.
Euronews
18-03-2025
- Business
- Euronews
Will fewer corporate reporting obligations jeopardise the EU Green Deal?
The Omnibus package aims to simplify four sets of rules and has been welcomed by the business sector because it reduces obligations to report on their performance on environmental and social issues, as well as due diligence on their supply chains. "Competitiveness is the new motto of this Commission, just as the Green Deal was the motto of the previous mandate led by Ursula von der Leyen. The idea is to cut red tape by 25% for companies, with a target of 35% for SMEs. The Commission says it's not deregulation, it's just simplification," says Gregoire Lory, who covers Green Deal policies for Euronews. The proposal also aims to exempt smaller companies from import tax to offset polluting emissions and to help mobilise more private investment. The EU executive says €6.3 billion in annual administrative costs would be saved and €50 billion in additional public-private investment would be mobilised. However, unions and environmental organisations fear the consequences, as only one in five companies would be required to make environmental reports. Checks on supply chains would be limited to the largest 10,000 companies. 'The weakening of the due diligence requirement by imposing these requirements only on direct suppliers is really worrying because, in a very significant number of cases, the harm happens beyond the EU. Around 80% to 90% of environmental and human rights abuses actually happen outside the EU,' argued Anaïs Berthier, director of ClientEarth's Brussels office. "The Commission wants to simplify, it is not advocating moving away from the Green Deal objectives. What they are doing is trying to align competitiveness with sustainability and the comprehensive growth strategy," said Levin Spiegel, policy adviser at Eurochambers. The EU executive has asked co-legislators to treat this package as a priority, which will have to be negotiated with the governments of the 27 member states and the European Parliament. This promises to be a heated political debate and will be an important test of Commission President Ursula von der Leyen's ability to forge alliances in the European Parliament. "The centre-right EPP, which pushed for the Omnibus Package, holds the presidency of the Commission, has the largest group in Parliament and the support of many leaders in the European Council. However, the EPP will need to build a majority," says Gregoire Lory. The centre-right may seek support from radical right parties, rather than the traditional coalition with the S&D (centre-left) and Renew Europe (liberal). The Green Party has been one of the most vocal parties against the proposal. Some analysts point to the current geopolitical situation of major trade disruptions and a race for resources as justification for the EU to focus on reforms that boost business competitiveness. Levin Spiegel agrees, adding that Eurochambers supports 'this important step' with the expectation of further legislative action to tackle high energy costs and skills shortages. But environmental organizations like ClientEarth warn that "it is not at all strategic in the long term". "The climate, biodiversity and pollution crisis will not stop just because of the Trump administration (USA) and the EU must really stick to its values, its laws, its principles," said Anaïs Berthier. Germany's parliament on Tuesday passed a historic bill unlocking a record level of state borrowing for defence and infrastructure through amending the country's constitutionally enshrined fiscal rules. The vote made it through the parliament with 513 votes in favour — above the 489 votes required. The law still needs a two-thirds majority in the Bundesrat, Germany's lower house representing the country's states, to become law. The crucial vote in the Bundestag followed weeks of debate sparked when Merz's Christian Democratic Union (CDU) and would-be coalition partners Social Democrats (SPD) unveiled plans to unleash hundreds of billions in spending through loosening Germany's constitutionally-enshrined "debt brake." Merz faced a tense race to push the proposal through ahead of the new parliament convening on 25 March, where the far-left Die Linke and far-right Alternative for Germany (AfD) would have the ability to block the package. The Greens were originally reluctant to offer their support of the bill until Merz last week gave the party guarantees that €100 billion of the special fund would be directed to supporting climate economic transformation measures. The historic deal marks a shift away from decades of fiscal conservatism. Out of the proposals, defence spending above 1% of Germany's gross domestic product is effectively exempt from the country's "debt brake", which was written into the constitution in 2009. A €500 billion special fund will also be created to finance infrastructure projects outside of the ordinary budget over the next decade, and give Germany's 16 states leeway to borrow the equivalent of around €15 billion. Merz — who campaigned against reforming the debt brake throughout his career — has framed his U-turn necessary in response to a changing security landscape. "Our friends in the EU are looking to us just as much as our adversaries and the enemies of our democratic and rules-based order," Merz said on Tuesday ahead of the vote. Defence Minister Boris Pistorius defended the decision to lift fiscal rules to invest in Germany's defence, including its woefully underfunded army. "Our security must not be jeopardized by budgetary constraints," Pistorius said, adding that "anyone who hesitates today is denying reality." Some of the strongest criticism in parliament on Tuesday came from the AfD and the liberal Free Democratic Party (FDP), the latter who tried to derail the package by suggesting a last-minute change. The German stock market and the euro reacted positively ahead of the vote, which experts have said has the power to bring Germany out of its two years of poor economic growth. Most economists are in favour of incurring debt to finance additional security and defence needs, but have repeatedly noted that the infrastructure package should be accompanied, or replaced, by strong reforms in other areas according to economic thinktank Ifo. Reforms in bureaucracy, pension, energy, as well as addressing the country's dire workforce shortage are desperately needed, experts say. President of the Berlin-based economic research institute DIW Berlin, Marcel Fratzscher, reiterated to Euronews that, "We need reforms in bureaucracy and the workforce in other areas so that such investments can be implemented at all." "The package would be a very important step in the right direction, but that alone will not be enough. We need a reform of the debt brake, to bring investments in infrastructure, education, defence permanently into the federal budget." The law still needs a two-thirds majority in the Bundestag, Germany's lower house. Here, the CDU, SPD, and the Greens need the backing of another party to ratify the legislation.
Euronews
10-03-2025
- Politics
- Euronews
From Ukraine to migration - four European Parliament debates to follow
Military aid to Ukraine, migrant returns and reduction of bureaucracy on the table for MEPs. ADVERTISEMENT Amid growing tensions between Europe and the US, and between two crucial summits of EU leaders on defence, MEPs are heading to Strasbourg for a plenary session packed with controversial debates. Here is a selection of the most interesting topics to follow. Military aid to Ukraine On Wednesday, March 12, MEPs will vote on a resolution urging the EU to maintain its support for Ukraine, even if the United States withdraws its backing. The resolution, which is non-legislative, also focuses on European contributions to the security guarantees needed to ensure peace in Ukraine after the war—an issue on which EU Member States remain deeply divided. Beyond this vote, several debates related to the Russian war in Ukraine are scheduled. On Tuesday morning, MEPs will assess the outcome of the March 6 Special European Council, while in the afternoon, discussions will centre on the upcoming white paper on the future of European defence, set to be unveiled soon by the Commission. Wednesday's agenda includes two debates: one on the use of frozen Russian assets to support Ukraine and another on the phase-out of Russian energy in EU countries. While resolutions in favour of Ukraine generally receive broad support in the chamber, debates on the topic remain nuanced. 'We are completely against deploying European troops in Ukraine,' a spokesperson for the Patriots for Europe group said during a press conference. Return of migrants On Tuesday, March 11, the European Commission is set to present the so-called 'Return Directive' in Strasbourg—a new legal framework aimed at speeding up processes for repatriating rejected asylum seekers to their countries of origin. On the same day, MEPs will give a first assessment of the proposal, which seeks to increase the return rate of third-country nationals who are not entitled to stay in the EU. Currently, only about one in four foreign nationals ordered to leave an EU member state is actually deported. A source familiar with the matter told Euronews that the Commission's proposal will not include discussion of 'return hubs'- centres outside the EU where migrants would be hosted while awaiting repatriation. The idea has been circulating after European Commission President Ursula von der Leyen raised the issue. However, the debate is expected to be tense, with radical right-wing parties calling for swifter procedures and stricter policies to combat irregular migration, while left-leaning groups emphasise the need to uphold migrants' fundamental rights. Reducing bureaucracy at a faster pace On Monday, March 10, Parliament will discuss the so-called 'Omnibus Package', a recent Commission proposal aimed at cutting red tape and simplifying legislation for EU businesses and citizens. Last week, the European People's Party (EPP), the largest group in the chamber, sent a letter to the Parliament President Roberta Metsola—seen by Euronews—requesting a fast-track procedure. The EPP's goal is to quickly approve a specific part of the package, the so-called 'Stop the Clock' proposal, which seeks to postpone certain requirements on corporate sustainability and due diligence reporting. Metsola will announce the EPP's request at the session's opening, and the vote will take place in the next plenary session in April. However, the debate is expected to be heated, as the Socialists & Democrats (S&D) and Renew Europe are in no hurry to approve the new rules. A possible outcome could be an alliance between the EPP and the right-wing groups European Conservatives and Reformists (ECR) and Patriots for Europe (PfE)—a coalition sometimes referred to as the "Venezuela Majority." Cross-border recognition of parenthood On Wednesday, March 12, Parliament will debate a European Commission proposal to ensure that parenthood established in one EU member state is automatically recognised in all the others. However, the issue remains contentious due to concerns about children born via surrogacy and those of same-sex couples. Since surrogacy and same-sex unions are regulated differently across member states, some governments resist being required to recognize parenthood established under the laws of another country. ADVERTISEMENT As a result, an estimated two million children risk having their parents' legal status downgraded when they move to another EU country, according to Commission data. The proposal requires unanimous approval by the Council, but its not yet there. MEPs will press Council and Commission representatives in the chamber to explain why.
