Entire CSDDD at risk due to Council’s last-minute shift ahead of trilogue negotiations
November 21, 2023
In its recent press release, Climate & Company sounded the alarm regarding the Council of the European Union’s shift in stance ahead of the trilogue negotiations on the Corporate Sustainability Due Diligence Directive (CSDDD). It is now uncertain how the negotiations on the inclusion of the financial sector in the CSDDD – also known as the EU Supply Chain Law – will evolve over the next weeks.
In this article by leading media outlet Politico, we make the case as to why financial institutions need to be included in the CSDDD. With this latest development, we think it is now important to focus on finding a good compromise between the full inclusion of the financial sector that the EU Parliament is pushing for, versus the total exclusion that the Council of the EU adopted last week as its new mandate for the Trilogue. We need to think in terms of feasibility, recognising the particular place of financial institutions within value chains, but also the highly important role they play on making the EU shift to sustainable supply chains.
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