Fortum’s initial comments on the Omnibus simplification package

The Omnibus simplification package prepared by the EU Commission is expected to streamline and simplify the Corporate Sustainability Reporting Directive (CSRD), Corporate Sustainability Due Diligence Directive (CSDDD) and EU Taxonomy.

Although Fortum supports the Commission’s overall objective to reduce the reporting burden, we call for ensuring legal certainty for companies that have already taken significant actions in the field of sustainability reporting by conducting the double materiality assessment and preparing the first Corporate Sustainability Reporting Directive report. Any possible bigger changes should focus on reporting requirements that have not yet been adopted by companies, such as phased-in data points and standards not yet implemented.

It is important that the Omnibus package doesn’t water down the adopted sustainability legislation, but rather aligns unharmonised requirements, gives the opportunity to reduce unnecessary or non-material reporting by adding flexibility, and clarifies provisions if needed.

Our proposals for the Omnibus simplification package:

• The sector-specific ESRS (European Sustainability Reporting Standards) should not be put forward
• Unharmonised due diligence rules should be aligned
• Materiality thinking should be possible in both the EU taxonomy and CSRD reporting
• OpEx reporting of Taxonomy alignment should not be mandatory
• The guidance on reporting by the Commission should be published early enough
• Clarifications are needed on the assurance process

Read the whole comment paper.