EU regulates global sustainability ‘rules of the road’
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RECENT years have seen surging international awareness of and interest in sustainability issues, helping drive a new wave of economic value creation. However, regulation of these trends has been largely stuck on the political backburner, but that may now be changing.
This is underlined by the journey that the European Union (EU) has been on with its proposed Corporate Sustainability Due Diligence Directive (CSDDD). The measure is expected to secure final ratification by the European parliament on Apr 24 after some four years of consideration by the Brussels-based institutions.
The CSDDD will oblige large EU and non-EU companies to document that products they import are compliant with human rights and environmental standards, including child and forced labour. As part of this, the measure will codify the UN Guiding Principles on Business and Human Rights, for the first time, in EU law.
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