Commenting on the decision, Isabella Ritter, EU Policy Officer at ShareAction, said:
“Today, the ECON Committee of the European Parliament has sent the strong signal that financial institutions need to care about their impacts on planet and people. Today’s adopted report sets a crucial step in the right direction for harnessing the power and potential of the financial sector. Carrying out human rights and environmental due diligence will allow financial actors to better manage their financial risks and harmful impacts on the planet and people.”
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Notes to editors
Today, the Economic and Monetary Affairs Committee (ECON) adopted its position on the Corporate Sustainability Due Diligence Directive (CSDDD) which includes some significant additions to the initial proposal presented by the European Commission. The Members of the Committee agreed to further clarify and enhance the obligations for the financial sector for conducting human rights and environmental due diligence. The ECON Committee has joint competence on the extent to which due diligence applies to the financial sector.
Today’s vote took place in concomitance with other three Committees’ votes in the European Parliament. The reports will then be transmitted to the leading Legal Affairs Committee which will form its position in March to be adopted by the European Parliament’s plenary in May 2023. Once the Parliament has adopted its stance, it will enter inter-institutional negotiations with the Council.
For more than 15 years, ShareAction, the responsible investment NGO, has been working to shape a world where the financial system serves our planet and its people. Through research, campaigns and advocacy we mobilise global investors to drive up labour standards, tackle climate change, protect the natural world, and improve people’s health. We push policymakers to ensure the financial system is working in the best interests of people and planet. Visit shareaction.org or follow us @ShareAction to find out more.