EcoVadis’ Post

Our weekly bitesize newsletter, Commercially Connected Short, summarizes the latest updates in UK and EU #CommercialLaw. Our latest edition covers: 🌐 the EU #AI Act 🌐 Council of EU votes in favour of watered-down Corporate Sustainability Due Diligence Directive (CSDDD) 🌐 guidance by UK environmental regulators on packaging 🌐 the UK Cabinet Office’s latest Procurement Policy Note on decarbonization Read now: https://lnkd.in/g_5cAEaC #ESG

This week's Commercially Connected short is out now; read on for the latest developments in #CommercialLaw

Some useful updates on the EU AI Act and supply chain due diligence obligations under the proposed EU Corporate Sustainability Due Diligence Directive in this week's CC Short!

Commenting on the announcement by EU Commission President Ursula von der Leyen that she would simplify EU laws and reduce red tape, VDMA Executive Director Thilo Brodtmann says: „Ursula von der Leyen's announcement to ease the burden on industry in Europe sounds promising. This applies in particular to the announced simplification of three particularly burdensome regulations from the last legislative period: the EU due diligence legislation, sustainability reporting and the EU taxonomy. These three regulations, in particular, create bureaucratic burdens for companies that are impossible to manage. That is why an adjustment is needed - but it is coming very late: companies are already busy dealing with the requirements.” Read the full statement here: https://lnkd.in/e6sJz9JC #vdma #eu #regulations #EUtaxonomy #EUcomission

This week's milestone reached on approval of EU #Greendeal sustainability legislation is good news; Corporate Sustainability Due Diligence Directive (#CSDDD) and #Forcedlabour. In the meantime, European (and non-EU) businesses are also engaged in #CSRD, #CBAM compliance efforts. ▶️ Perhaps it is my Brussels working seat, but fair to say: these legislative pieces are not ends in themselves. In a dynamic domestic and global trading environment, the business focus remains to increase #competitiveness and #resilience, whilst integrating a commitment to #responsiblebusinessconduct in global supply chains. The recent rise of industrial policy on the EU agenda is telling. #antwerpdeclaration ▶️ The question is how can sustainability and #responsiblebusinessconduct support competitive and globally active industries, large and small #SME? ▶️ The answer? Not straightforward. But looking beyond the 'box-ticking' compliance efforts makes sense. Inter alia; exploring linkages between #trade and #sustainability strategy, and embedding #ESG #riskmanagement on #humanrights and the #environment #decarbonization across business strategy and operations, . Sharing more reflections on the 'how to' soon, leveraging client insights...! For now; ▶️ Read more on the #CSDDD: https://lnkd.in/eJbxdSws ▶️ Read more on the #forcedlabour Regulation #FLR: https://lnkd.in/e4zYcHPx

Exciting news from the European Parliament! New regulations, approved on the 24th of April 2024, are set to revolutionise how businesses address their impact on human rights and the environment. But here's the catch: compliance is not just about avoiding fines; it's about embracing responsibility and sustainability. That's where Unique Excellence's ESG Custodian tech solution shines. In a world of evolving regulatory landscapes, our solution stands out as the compass guiding businesses towards compliance and beyond. Through cutting-edge technology, we empower companies to seamlessly integrate due diligence into their operations, ensuring they meet the stringent requirements outlined by the new directive. Our platform doesn't just tick boxes to avoid naming, shaming and proposed fines (up to 5% of companies’ net worldwide turnover); it fosters a culture of accountability and ethical conduct, safeguarding against risks like slavery, child labor, and environmental degradation. But compliance is just the beginning. Our ESG Custodian goes above and beyond, helping businesses navigate a myriad of regulatory changes, from deforestation regulations to conflict minerals legislation. With us, companies don't just adapt to change; they embrace it, transforming challenges into opportunities for growth and innovation. So, as the regulatory landscape continues to evolve, trust Unique Excellence to be your partner in compliance and sustainability. Together, let's build a future where responsible business conduct is not just a requirement but delivers financial and sustainable benefits for your business!

📢 EU Commits to EUDR Rollout, without delay! The EU is forging ahead with the EUDR, the world’s most ambitious anti-deforestation regulation, set to begin on December 30, 2024, despite opposition from China and the US. BanQu Inc. end-to-end traceability can help your business comply with EUDR by providing comprehensive end-to-end traceability and data integrity across your supply chain. 🌍 Ensure transparency and stay ahead of regulations. #EUDR #Deforestation #Sustainability #EU #EnvironmentalRegulation #Traceability #BanQu

🇪🇺 Tomorrow the European Parliament will be announcing its decision on whether the EU Deforestation Regulation will go ahead as planned, or be postponed by a year. Our CEO and Chairman, Dominic von Trotha Taylor, explains why businesses shouldn't slow down their efforts, despite the outcome - https://lnkd.in/ey_7M_ir This is echoed by a number of participants in the timber industry, with one European Timber Trader quoting “Our customers are asking us to prove we can help them to be compliant now. They are not waiting until next year so we cannot either.” Get in touch to learn how Interu can make achieving regulatory compliance through due diligence and risk assessment easier, more secure and more collaborative - https://lnkd.in/eswZesMR #Deforestation #Regulation #EUDR #Traceability #EU

🌍 Today, the European Parliament finally voted for the Corporate Sustainability Due Diligence Directive (#CS3D)! 📜 Companies now need to take better care of #ESG considerations in their #supplychain by: 1️⃣ Identifying and addressing adverse #humanrights and #environmental impacts within their operations and #valuechain; 2️⃣ Implementing a transition plan to align with the #ParisAgreement goal of limiting global warming to 1.5𝇈C. After last minute objections in February, a previous Commission draft was weakened. The revised rules cover fewer companies and activities. 🎯 CS3D now applies to: 🔹 EU companies and parent companies with 1000+ employees and global turnover exceeding €450 million; 🔹 Non-EU companies and parent companies generating turnover of over €450 million in the Union; 🔹 Franchises with a turnover of more than €80 million, with at least €22.5 million generated by royalties. Even though #SMEs are not covered by the directive, they will feel its impact through their involvement in supply chains of covered companies. 🛠️ While the directive awaits enactment and needs to be translated into national laws, affected companies need to get prepared. Non-compliance can result in fines of up to 5% of a company’s net worldwide turnover❗ #CorporateSustainability #SupplyChainAct #CSDDD 

Fresh insights from Brussels! 🇪🇺 Over two days, we have delved into EU sustainability regulations and the challenges and opportunities that they present. Brussels, as the epicenter of the European Union, provided us with access to key decision-makers and standard-setting organisations. Engaging in enriching discussions with the European Commission, European Parliament, Accountancy Europe, and World Benchmarking Alliance, we are leaving Brussels with fresh perspectives and new insights about CSRD, the EU Taxonomy and CSDDD. Stay tuned as next week we will share our expert's key insights from the various site visits. #Sustainability #Brussels #EURegulations #CorporateResponsibility #GreenFinance #Insights