The European Banking Federation welcomes the Omnibus package 

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Brussels, 27 February 2025 – The European Banking Federation very much welcomes the Omnibus package published yesterday by the European Commission to streamline and simplify the EU sustainability regulatory framework, which goes hand in hand with the anticipated Clean Industrial Deal. These initiatives are important to boost the competitiveness of European companies and support their transitioning efforts.

We also support the Commission’s commitment to revising the ESRS with the objective of reducing the number of data points, deleting the sector-specific standards, as well as providing additional relaxation of the reporting burden proposed for the financial sector under the EU Taxonomy Regulation.

Given the reduced scope, whereby around 80 percent of companies will be exempted from reporting any sustainability information under the CSRD and the EU Taxonomy, it is important that the obligations of financial institutions are aligned.

Not only must this be reflected in the Green Asset Ratio, as proposed by the European Commission—whereby companies not reporting under the CSRD must remain excluded from its denominator—but it is also important to review other pieces of the EU regulatory and supervisory framework. For example, Pillar 3, which requires banks to disclose information related to ESG risks, must be aligned with the final text of the CSRD and the Taxonomy Regulation.

Data availability must be fully reflected throughout the entire EU regulatory framework. We, therefore, call for the EU Commission to open the review of financial sector sustainability regulation as soon as possible.

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.