CSRD post-Omnibus: simplification of ESRS fails to overcome the issue of double materiality
The review of the European Sustainability Reporting Standards (ESRS) confirms a direction that is now clear: the European Union aims to simplify reporting obligations, but without giving up to the distinctive system of the CSRD, based on the double materialityThe proposal published by the European Commission significantly reduces the amount of information required, but it does not introduce a full alignment with international standards ISSB, more oriented towards the investors' perspective.
The topic is relevant because in recent months, expectations have grown for greater convergence between the European and international models. The goal, especially for large multinational companies, was to reduce duplication, costs, and complexity in managing different frameworks. The Commission, however, appears to have chosen a balanced approach: streamlining the ESRS while preserving the European approach, which considers both the company's environmental and social impacts and the effects of ESG issues on economic and financial performance.
The revised drafts of the ESRS, launched for public consultation after the package Omnibus, provide for a strong reduction of data points, greater clarity in the structure of standards and new flexibility in gathering information along the value chainAmong the most significant innovations is also the so-called value chain cap, designed to limit the information requests that companies subject to CSRD can make to supply chain partners with fewer than 1.000 employees, by referring to the voluntary standard VSME. The consultation will remain open until June 3rd, before the adoption of the delegated acts by the Commission.
Simplification, then, it's concrete, but it doesn't eliminate complexity entirelyCompanies wishing to declare themselves compliant with the ISSB standards will have to continue using the interoperability guidelines and, in some cases, integrate additional disclosures. The result is a more streamlined system than the first version of the ESRS, but still embedded in a global multi-standard framework.
For companies, the central point therefore remains the quality of the reporting process: materiality, data governance, supply chain oversight, and consistency between ESG disclosures and corporate strategy will continue to be crucial elements, even in a simplified regulatory framework.
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ESG Supply Chain: Sustainability Enters Purchasing Strategies and Supplier Management
La sustainability it is becoming a criterion increasingly Central in the purchasing strategies and supply chain managementIt is no longer just about collecting ESG information for reputational or regulatory purposes, but about using environmental and social data to better assess risks, to strengthen the operational resilience e guide procurement decisions.
According to the Purpose Report 2025 by EcoVadisbeyond $2.500 trillion in global spending they're coming today managed using supplier sustainability data and ratingsThe data confirms a shift in direction: companies are increasingly integrating information on emissions, human rights, labor conditions, and environmental performance into their supply chain selection and monitoring processes. Furthermore, in 2025, 55.838 companies shared at least one indicator related to greenhouse gas emissions, while companies subjected to repeated assessments improved their ESG scores by an average of 15 points compared to the initial assessment.
The topic is particularly relevant because most of the environmental and social impacts of an organization it focuses on the extended supply chain. For this reason, emissions scope 3, the working conditions at suppliers and the quality collections are becoming increasingly important elements in preventing operational disruptions, reputational risks, regulatory costs and loss of competitiveness.
In this direction, we also fit in new technological solutions for supplier engagement, such as the one launched by Bureau Veritas through the division AITrack SolutionsThe platform allows you to collect, validate and integrate supplier-specific data su LCA, EPD ed emissions, supporting the construction of Scope 3 inventories More reliable. The goal is to move beyond an approach based on generic estimates or standardized questionnaires, favoring more verifiable data directly linked to products and supply chain processes.
The central point is therefore the quality of informationCompanies that successfully structure robust ESG data throughout their supply chain can make faster decisions, improve risk management, and strengthen dialogue with customers, investors, and business partners. Supply chain sustainability is increasingly becoming a concrete lever for competitiveness and business continuity.
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Sustainability as a growth lever: more ESG-conscious companies perform better
Sustainability is increasingly seen as a lever for growth and not just a regulatory obligation. This is what emerges from the Spring Report 2026 di ASviS, according to which the manufacturing companies with a high ESG profile grow by more than 16% plus compared to those less engaged on environmental, social and governance issues. This data reinforces the idea that integration of sustainability in business processes can to translate in increased competitiveness, productivity e investment capacity.
The report also highlights significant differences in other economic indicators. Between 2017 and 2024, revenues of businesses High-ESG are increased by 65%, against 55% of Low-ESG; employment employee grew by 40%, compared to 28% of the least sustainable companies; investments immaterial have registered a increase of 167%, against 97% of other companies. Even the perspectives appear more favorable: the 42% of High-ESG companies expect revenue to increase in 2026, compared to 21% of those with a low ESG profile.
These results show how sustainability is no longer an element separate from economic performance, but a component increasingly linked to quality of the business modelThe most mature companies in terms of ESG are often found to be more open from a managerial point of view, More oriented towards internationalization and more capable of tackling complex markets, high standards and increasing demands from customers, investors and supply chains.
The same trend also emerges in the food sector, analyzed by Deloitte in collaboration with the University of Parma. The study shows that the 70% of food companies analyzed declares ESG objectives specific and measurable, confirming a growing awareness of sustainability as strategic lever of competitiveness e value creationIn the food sector, issues such as climate change, the circular economy, consumers, and the workforce are particularly relevant because they directly impact the quality, safety, reputation, and resilience of supply chains.
Overall, the most interesting fact is that the sustainability produces value when enters strategic planning and is not confined to reportingFor companies, this means transforming ESG objectives into operational choices, investments, innovation, and more structured risk management.
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SFDR 2.0: Sustainable finance moves towards more rigorous labels and less greenwashing
La review of Sustainable Finance Disclosure Regulation (SFDR) aims to make the European market for sustainable financial products clearer, more comparable, and more credible. The regulation, created to standardize ESG information provided by financial operators, has progressively generated some ambiguities: the Article 8 and Article 9 categories, initially conceived as disclosure regimes, have often been used by the market as real ESG labels, increasing the risk of greenwashing.
To overcome this criticality, the reform proposes a new classification system for financial products, divided into three categories: Sustainable, for products that directly contribute to environmental or social objectives; Transition, for those oriented towards financing credible transition paths; and ESG Basics, for products that integrate ESG factors into their investment processes without meeting the more stringent requirements of the first two categories.
The European Parliament's draft further strengthens this approach by introducing requirements stricter on transparency. Among the main innovations is the obligation to report a minimum set of Principal Adverse Impacts (PAI) for products belonging to the new categories, so as to make the negative environmental and social impacts of the funds more comparable. A "comply or explain” on engagement strategies, asking managers to explain how they communicate with the companies they invest in or, alternatively, why they don't do so.
Particular attention is also paid to anti-greenwashing measuresProducts that do not fall into the new categories, but continue to use ESG or sustainability references in their marketing communications, will have to explicitly state that they do not meet European standards for sustainable products. Furthermore, for the ESG Basics category, the draft proposes excluding at least 20% of investments with the lowest sustainability ratings.
The operators' reactions are generally positive, but not without requests for corrections. Forum for Sustainable Finance supports the reform framework, but calls for preserving the DNSH principle and PAI indicators as fundamental tools for ensuring an integrated approach to sustainability. Eurosif considers the draft a good working basis, but highlights the need to adapt criteria and thresholds to different asset classes, such as private markets, real estate, and sovereign instruments.
Overall, the SFDR reform marks the passage from an system based especially on the disclosure to a model more oriented towards criteria, categories and verifiable informationFor the market, the challenge will be to find a balance between simplification, investor protection, and methodological rigor, ensuring that financial sustainability remains a difficult-to-interpret label.
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From ESG to megatrends: investors are becoming more selective.
In the world of investments la sustainability does not appear to have been abandoned, but he's going through a frepositioning areaESG is now viewed less generically and increasingly linked to concrete priorities such as energy security, industrial competitiveness, infrastructure resilience, and geopolitical fragmentation.
This is the reading proposed by Manuela Mazzoleni, Director of Sustainability and Human Capital of Assogestioni, according to which we are not witnessing a real regression, but rather a market normalization and maturation phase. The institutional investors continue to consider the ESG factors a leads for risk management , value creation, even as the language of sustainability is adapting to a more complex context. Issues such as energy independence, electrification, renewables, and efficiency are therefore becoming an integral part of the new approach to sustainable investments.
This evolution also emerges in the approach described by Giancarlo Sandrin of L&G, according to which the investors are becoming more selective. The interest is moving from generalist ESG strategies towards more specific themes and those linked to long-term economic dynamics, such as clean energy, smart grids, batteries, electricity infrastructure, and water resource management. In particular, the water sector is seen as an area that combines defensive characteristics with growth opportunities, thanks to the necessary investments in networks, monitoring technologies, loss reduction, treatment, and purification.
The picture drawn by Amundi Investment Institute confirms that the next decade will be characterized by structural volatility, more persistent inflation, high debt and geopolitical fragmentation. In this scenario, the portfolio construction will require more attention a resilience, diversification e asset class selectionEnergy transition, digitalization, infrastructure, artificial intelligence and strategic autonomy thus become drivers that are relevant not only from an environmental point of view, but also from a financial and industrial one.
The key point is that the sustainability is entering a more mature stage: less based on generic labels and more focused on measurable themes, structural trends, and the ability to generate long-term value. For companies and investors, this means that ESG factors remain relevant, but must be interpreted within a broader strategy of risk management, innovation, and competitiveness.
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