The Bulgarian Industrial Capital Association in (BICA) has joined a pan-European initiative urging MEPs to support the Omnibus I simplification package in today’s crucial vote in the European Parliament.
The package aims to reduce excessive bureaucracy and correct the burdensome requirements of the Non-Financial Reporting Directives (CSRD) and Due Diligence Directives (CSDDD) that prevent businesses from remaining competitive.
According to data cited by the European Business Coalition:
• In 2023, the price of industrial gas in the EU is 345% higher than in the US, and electricity – 158% more expensive.
• Foreign investment in the EU has fallen by 31 percentage points compared to 2017.
• Productivity growth in Europe is around 0.5%, three times lower than in the US.
These factors, combined with increasingly complex reporting requirements, place a heavy burden on businesses, including SMEs, which are increasingly required to provide ESG data, even though they are not formally covered by the regulations.
The European initiative highlights that Omnibus I is a key opportunity to strike a balance between sustainability and competitiveness through:
✔ proportionality of requirements,
✔ more efficient use of sustainability funds,
✔ administrative simplification.
“Only a competitive Europe can be sustainable,” state the signatories.
Among them is BICA, along with business associations from 20 other Member States.
More information can be found here.
