First European Commission Omnibus Simplification Package

The European Commission (EC) presented the first Omnibus package on 26 February 2025, which aims to provide substantial simplification in the field of sustainability and EU investment programmes.

This package includes:

  • A proposal for a Directive amending the CSRD and the CSDDD;
  • A proposal which postpones the application of all reporting requirements in the CSRD for companies that are due to report  by 2027 (so-called wave 2 and 3 companies) by one year to 2028;
  • A draft Delegated act amending the Taxonomy Disclosures and the Climate and Environmental Delegated Acts subject to public consultation;
  • A proposal for a Regulation amending the Carbon Border Adjustment Mechanism Regulation;
  • A proposal for a Regulation amending the InvestEU Regulation.

 

The proposals will be submitted to the European Parliament and the Council for their consideration and adoption. 

Revision of the Taxonomy Delegated Acts

As part of the Omnibus simplification package on sustainability reporting and due diligence, the EC has opened a consultation on draft amendments to the Taxonomy Disclosures Delegated Act and the Taxonomy Climate and Environmental Delegated Acts.

The proposed amendments relate to the simplification of the reporting templates and the potential application of exemptions to the companies that meet certain criteria.

Furthermore, the EC proposes amendments to the main key performance indicators of financial institutions, especially the green asset ratio (GAR) for banks.

The EC is also asking for feedback on two alternative options for simplifying the most complex “Do No Significant Harm” criteria.

Stakeholders can submit their feedback by 26 March 2025 via this link.

The ENGAGE Consortium will be hosting an ‘Omnibus Special’ webinar on Thursday, 13 March 2025 at 16:00 CET, exploring the implications of the European Commission’s simplification effort on the EU Taxonomy—particularly its effects on mortgages and home renovation loans. Please register via the link below.