EU Faces Pressure to Amend Corporate Sustainability Rules Amid Energy Concerns
The European Parliament is considering revisions to the EU's corporate sustainability directives amid pressures from the U.S. and Qatar. The proposed changes aim to prevent disruptions in LNG trade, with energy ministers warning that the current rules threaten energy supply and EU competitive growth.
The European Parliament has taken a significant step, agreeing to reevaluate the European Union's corporate sustainability regulations. This decision follows heightened lobbying from the United States and Qatar, urging Brussels to ease these laws, warning they could hinder liquefied natural gas (LNG) trade with Europe.
Subsequently, a scheduled parliamentary vote resulted in a decision to negotiate further amendments to this framework. The European Union's target is to approve these civic alterations by year-end. Notably, there is ongoing consideration to exempt additional EU-based companies from these due diligence laws, which currently require compliance on human rights and environmental issues or face steep penalties.
Nonetheless, energy giants like ExxonMobil demand a complete policy revocation, arguing these regulations could drive businesses away from the continent. Qatar and the United States expressed their concerns in an open letter, viewing the current rules as a threat to Europe's energy stability and industrial competitiveness.
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