Andy Bounds and Alice Hancock of the Financial Times report that European businesses are pushing back on the EU’s green reporting regulations.
- Business leaders say that the EU’s green taxonomy reporting rules are unclear and burdensome to complete.
- One study found that it took companies as long as 150 to complete that their quarterly reports this year due to the EU’s various and overlapping regulations.
- Regulations like these are especially harmful for small businesses who do not have the means or bandwidth to complete these reviews while creating revenue.
- The U.S. can learn from Europe’s missteps and implement rules that make it easier for businesses to compete and drive clean innovation.
“European industry, still struggling from the after-effects of Covid-19 and last year’s record-high energy prices, has become increasingly vocal about the bureaucratic burden of complying with EU rules. Ursula von der Leyen, the commission’s president, recently promised to cut red tape by 25 per cent and is expected to propose a plan to do so this year.”
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