EBF POSITION PAPER
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Simplification of the EU Sustainable Finance Framework Omnibus Legislative Proposal Proposal
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Brussels, 4 February 2025 – The omnibus simplification initiative of the European Commission is an opportunity to refocus on the core elements that are needed to achieve the EU environmental objectives. It is a logical step in the context of the European Commission’s policies and initiatives outlined in the recently published competitiveness compass. Europe’s global competitiveness and climate goals can and should go hand in hand.

The omnibus simplification initiative of the European Commission is an opportunity to refocus on the core elements that are needed to achieve the EU environmental objectives.
Banks are both users and preparers of data; therefore, they will always need certain data for running sound business and risk management. Removing core data from the CSRD or removing companies from its scope altogether will not serve the simplification objective, as it will result in a need for bilateral engagement with clients. Nevertheless, there is room for substantial simplification, which must take the symmetry between corporate reporting and requirements for the financial sector into account. Financial institutions should not be required to report or collect data not reported or not considered material by their clients themselves, nor should they report on customers that are not subject to any reporting obligation. Neither should banks be expected to report data and ratios that are not decision-useful, comparable, or faithfully representative.
The views of the banking industry and proposals for simplification can be found here.
For more information:
Denisa Avermaete, Senior Policy Adviser – Sustainable Finance, D.Avermaete@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.