Omnibus - a Moving Target & What It Means for Your Business

Feeling a bit lost in the whirlwind of EU sustainability regulations? You're not alone. The good news is, the EU is trying to make things a bit clearer with its "Omnibus" proposals. But what does it really mean for your day-to-day? Let's cut through the jargon and get to the heart of it.

Why Should You Care About Omnibus?

Whether you're running a small family business or part of a larger enterprise, sustainability is no longer a "nice-to-have" – it's becoming fundamental to how business operates. The EU is pushing hard for a greener future, and that means changes in how companies report on their environmental and social impact. The Corporate Sustainability Reporting Directive (CSRD) is a key part of this, and Omnibus is the EU's attempt to refine these changes, making them more workable.

What's Changing: The Key Takeaways

• More Time to Adapt (Maybe): If you felt like the sustainability reporting deadlines were creeping up fast, there might be some breathing room. The Omnibus proposals suggest a potential two-year delay for some companies. CSRD reporting of wave 2 and 3 companies is likely postponed by two years. But don't relax completely – local rules (nations wide) might still apply, and your customers will demand action!
• Who Needs to Report? The rules around who has to report are also likely to change. The scope of reporting companies is set to be reduced. The focus might shift more towards larger companies (think those with over 1,000 employees). Large companies with more than 1000 employees would still be subject to sustainability reporting. This could mean some companies get a temporary reprieve, but sustainability will still be relevant across the board.
• ESRS "Simplification": The EU is talking about simplifying the actual reporting standards (ESRS). The aim is to focus on the most important information and make it easier for companies to provide it. Less paperwork, more clarity – that's the goal!
• A Focus on What Matters: There's a big emphasis on making sure companies aren't chasing information that's not really relevant. The idea is to focus on the key sustainability factors that truly impact a business and its stakeholders.
• EU Taxonomy Changes: Companies in the scope of the future CSRD with less than €450m in revenues would be exempted from EU Taxonomy reporting.

What Stays Important

• Sustainability is Here to Stay: Even with the changes, the overall direction is clear: sustainability is crucial. The EU's Green Deal is driving this, and businesses need to adapt.
• Your Value Chain Matters: Even if your company isn't directly required to report, you'll still feel the pressure. Larger companies will be asking their suppliers (that could be you!) for sustainability data. So, getting your own house in order is still essential.

What This Means for You

• Don't Hit Pause: Even if deadlines shift, don't stop your sustainability efforts. Start building the systems and processes you need to track your impact. This will pay off in the long run.
• Get Ready for More Data: The focus on quantitative data means you'll need to get good at collecting and analyzing numbers related to your environmental and social performance.
• Think Ahead: The regulatory landscape is evolving, so stay informed and be prepared to adapt. It is important to focus on practical solutions and strategies that can be adapted to the changing regulations.
• Verification is Valuable: Consider tools and programs that offer verification of your sustainability work. This can provide transparency and build trust with stakeholders.

Verification for Transparency and Credibility

To further enhance the credibility of your sustainability efforts, consider having your sustainability report or voluntary communication (VSME) verified by an accredited third party. This independent verification provides transparency, builds trust with stakeholders, and mitigates the risk of greenwashing. Greenwashing refers to the practice of making misleading or unsubstantiated claims about the environmental benefits of a product, service, or company.

In a Nutshell

Omnibus is about making the sustainability journey more manageable for businesses. It's not a signal to ignore sustainability; it's a chance to get prepared in a smarter way. By keeping up with the changes and taking proactive steps, your business can thrive in a sustainable future.

The time to act is now. By taking the steps outlined above, you can position your company as a leader in sustainability and reap the numerous benefits it offers.

Enhance Your Sustainability Leadership with VATI's CSRD Implementation Leader Program

Looking to solidify your expertise in sustainability reporting and CSRD implementation? VATI of Sweden offers an exclusive, certified training program designed to equip you with the knowledge and practical tools needed to navigate the complexities of CSRD. Developed in collaboration with 30 companies and refined through two pilot projects, this program provides in-depth insights and best practices for successful CSRD implementation.

Why Choose VATI's CSRD Implementation Leader Program?

• Comprehensive Curriculum: Gain a thorough understanding of CSRD requirements, reporting standards, and leading practices.
• Practical Application: Learn how to apply CSRD principles within your organization, from data collection and analysis to stakeholder engagement and reporting.
• Expert-Led Training: Benefit from experienced instructors who possess extensive knowledge of CSRD and sustainability reporting.
• Interactive Learning: Engage in group discussions, case studies, and practical exercises to enhance your learning experience.
• Flexible Delivery: Participate in a blended learning format with both in-person and online sessions to accommodate your schedule.

Take the Next Step in Sustainability Leadership

Investing in VATI's CSRD Implementation Leader Program is an investment in your professional development and your organization's sustainability journey. By becoming a certified CSRD Implementation Leader, you'll be equipped to drive positive change, enhance your organization's reputation, and contribute to a more sustainable future.

Ready to elevate your sustainability expertise? Learn more about the program and register today! Home - Certified CSRD Implementation Leader

Special Offer: Enroll before March 23rd and receive a 25% discount on the program fee.

Contact us now to secure your spot and embark on your journey to becoming a sustainability leader.