Advancing sustainability with workable rules
BusinessEurope Director General Markus J. Beyrer met European Commissioner for Financial Services and the Single Market for Investment, Maria Luís Albuquerque, to discuss key initiatives shaping Europe’s sustainable and resilient economic future.
While reaffirming support for the EU’s sustainability objectives, Beyrer stressed that the current corporate sustainability reporting framework must be simplified to remain workable for businesses and limit auditing costs.
The EFRAG proposal for the European Sustainability Reporting Standards (ESRS) already brings welcome improvements, including useful reliefs, a clearer structure, and the removal of certain disclosure requirements. However, Beyrer emphasised that further simplification is crucially needed, with reporting focusing on what is truly relevant for investment decisions and on data that companies can collect with reasonable effort.
Beyrer also highlighted strong support for the Savings and Investments Union (SIU), an initiative designed to enhance access to long-term finance for SMEs, start-ups, and innovative companies.
He underlined the importance of fully implementing measures such as the European Single Access Point, consolidated tape, and the Listing Act, ensuring that regulatory changes do not unnecessarily increase financing costs while also reducing the overall regulatory burden. The overarching objective, Beyrer noted, should be to make the EU more attractive to both domestic and foreign investors, supporting growth, innovation, and competitiveness.
