EU Faces Pressure to Alter Corporate Sustainability Rules

The European Parliament faced intense pressure on Wednesday to reevaluate the EU's corporate sustainability rules. The US and Qatar have cautioned that these regulations could hinder the liquefied natural gas (LNG) trade with Europe. As a result, the Parliament agreed to consider revising the law, which was initially slated for approval by year-end.

Upcoming negotiations may lead to exempting more firms from compliance, while major corporations like ExxonMobil urge for a complete withdrawal, citing threats to Europe's energy supply and industrial growth. In an open letter, Qatar's Energy Minister and the US Energy Secretary emphasized the potential adverse effects on energy supply reliability and economic competitiveness.

The European Commission has yet to respond, while the bloc remains divided. Germany and France urged for scrapping the directive, seeing it as detrimental to business competitiveness, whereas Spain supports maintaining it to align with environmental and human rights goals. The debate continues as the EU balances sustainability ambitions with energy needs.