Position Paper - Omnibus on Sustainability Reporting

Telecom operators are deeply committed to advancing sustainability across all dimensions, environmental, social, and economic, and are actively implementing strategies and actions to, amongst other things, become net-zero and manage supply chains responsibly. Disclosure of sustainability data and performance can be helpful for investors and customers through increased transparency and comparability. Additionally, it can help spur new business models, such as those focused on circular products. If the regulatory framework sets the right incentives for a lean sustainability approach, Europe could gain a competitive advantage. However, the current regulatory framework could have a negative effect on this transition, potentially turning what should be a strategic compass into a mere compliance exercise.

This is why Connect Europe welcomes the Commission’s proposal for an Omnibus procedure on the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CS3D) and the European Taxonomy, that aims to reduce the administrative burden for companies resulting from sustainability reporting obligations while remaining committed to their ambitious sustainability targets. Connect Europe members strongly support the objectives of these legal frameworks, however, the overlapping, at times inconsistent, as well as extensive sustainability reporting requirements, have proven too burdensome. Although the proposed changes of the European Commission are going into the right direction, we believe more could be done to truly set the right incentives for companies to continue their sustainability transition.