Austria Leads EU in Sustainability Standards Adoption, Facing Threat from Omnibus Initiative
Austrian companies are leading the way in adopting European sustainability standards, with 85% of the ATX Prime-listed companies fully implementing them by 2024. However, the EU's Omnibus initiative threatens to penalize these early adopters and increase costs for smaller companies.
A study by WWF and TU Wien revealed that Austria's largest companies are already largely meeting European standards for sustainability reporting (ESRS). This trend is driven by companies seeking transparency, trust, and investments. Austrian Post AG serves as an example, having successfully implemented these standards.
The study analyzed sustainability reports from Austrian and German companies listed in the ATX Prime or DAX 40 for the 2024 business year. While 28 out of 33 Austrian companies complied with ESRS, no specific data was available for German Bundestag-represented companies. However, Germany is working on implementing the EU Corporate Sustainability Reporting Directive (CSRD). Companies like EnBW have already issued green bonds aligned with EU standards.
WWF is urging the EU to halt its deregulation agenda for Green Deal laws, citing the progress made by Austrian companies. The proposed Omnibus Regulation, which could punish early adopters and increase costs for smaller companies, is seen as counterproductive and harmful to the economic location. Sustainability reporting is viewed as a tool to strengthen trust and prioritize sustainability measures.
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