European Businesses Back Sustainability Initiatives for Global Competitiveness
European businesses have shown strong support for sustainability initiatives, viewing them as key to global competitiveness. A recent survey of over 2,500 European business leaders revealed a majority backing comprehensive sustainability reporting and due diligence rules.
The survey found that 63% of respondents believe it's fair for large companies to implement a transition plan to a green economy. Interestingly, indirect supply chain partners were most commonly cited as a source of human rights or environmental risks (41%), compared to direct business partners (18%).
Businesses prefer stricter thresholds for sustainability regulations. A majority (70%) suggested a threshold of 1,000 employees or less for companies covered by such regulations. More than half of companies across all size categories agreed that large companies should request relevant sustainability data from smaller suppliers, if proportionate.
Most EU-based businesses support retaining substantial and broadly applied sustainability reporting and due diligence rules. Most companies also agreed that strong due diligence rules would lead large companies to favor suppliers from the European Economic Area. Half of the businesses favored a threshold of 500 employees or less for mandatory sustainability reporting.
European businesses have demonstrated a clear commitment to sustainability, with a majority supporting robust regulations and due diligence rules. They see sustainability as a driver of competitiveness and an area where EU policymakers should lead globally. These findings suggest a positive shift towards a greener economy.
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