Summarize this content to 2000 words in 6 paragraphs in Arabic
\n All but the largest companies operating in the EU will be released from environmental reporting obligations and having to prove they are not trading indirectly with firms tainted by exploitation or human rights abuses. The EU executive insists this is not deregulation.
\n ADVERTISEMENTFour out of five companies are set to be removed from the scope of an EU directive on corporate sustainability reporting, leaving only the 10,000 largest firms in Europe facing the obligation to publish details of their environmental footprint and the risks they face from factors such as extreme weather linked to climate change alongside financial data.Commission\u00a0Vice-President Valdis Dombrovskis sought to pre-empt criticism of a U-turn on Green Deal legislation adopted under Commission President Ursula von der Leyen\u2019s first administration by pointing to \u201cdramatic shifts in the geopolitical landscape\u201d.He cited the Trump administration siding with Russia this week to oppose a UN vote condemning the Kremlin\u2019s war on Ukraine. \u201cWe need to treat these developments as a call to action,\u201d Dombrovskis said.\u201cIn short, we need to build a more competitive Europe,\u201d he said as he presented the first of a promised \u201cfleet\u201d of so-called \u201comnibus\u201d packages designed to meet the Commission\u2019s goal of slashing red tape for firms operating in Europe by at least a quarter.Greening the economyThe reporting directive was part of a plan to \u2018green\u2019 Europe\u2019s economy by ensuring investors can \u2013 partly in response to growing public demand \u2013 channel pension funds and savings away from dirty, polluting industries and towards more sustainable activities like renewable energy, all of which are in the EU\u2019s sustainable investment green list known as the \u2018taxonomy\u2019.Dombrovskis said the system was never intended to be compulsory. \u201cThe taxonomy is meant to be voluntary for those companies which are claiming they are compliant with the sustainability targets [so] investors can be certain there is no greenwashing taking place.\u201dSpeaking alongside the vice-president, Financial Services\u00a0Commissioner Maria Lu\u00eds Albuquerque insisted that this objective would not be harmed by exempting four-fifths of businesses from the reporting obligation.\u201cThis does not mean 80% will no longer report, it just means that they won\u2019t have to,\u201d Albuquerque said, adding that the new voluntary reporting standard eliminates 70% of the data points that companies previously had to fill in.The Brussels based European Consumer Organisation (BEUC) was unconvinced. The proposed changes \u201crisk rendering the framework not fit for purpose and discouraging consumers from engaging in sustainable and climate transition investing\u201d, it said.\u201cOver the past decade, the EU has become a global leader in sustainable finance by establishing strong rules which, despite their flaws, have allowed this innovative green funding area to flourish more than any other place in the world, pushing companies to accelerate their transition plans,\u201d BEUC Director General Agust\u00edn Reyna said.Supply chain visibilityBut the changes set out today in the \u2018omnibus\u2019 proposal go beyond mere reporting obligations, which were at the core of the \u2018simplification\u2019 agenda announced by von der Leyen in the first days of her second term.Even larger firms will be\u00a0freed from the requirement under a related directive on due diligence to ensure that their longer supply chains are not tainted by exploitation of workers, human rights abuses or environmental destruction, with the requirement to screen partners now limited to direct suppliers.And those immediate business partners, if they fall beneath the reporting threshold, will not be required to supply more than a limited range of information on the provenance of their goods, again to avoid placing a \u201cdisproportionate\u201d administrative burden on them.The EU executive also wants to scrap rules that apply the same civil liability for damage done to any firm operating in Europe, with any redress for victims to be decided at the national level.The global charity Oxfam said the proposed changes would make an \u201cempty shell\u201d of the supply chain law. \u201cVon der Leyen is taking a chainsaw to environmental and human rights protections,\u201d said Franziska Humbert, a lawyer and policy advisor with Oxfam Germany.ADVERTISEMENT\u201cWithout binding due diligence obligations, companies will not take responsibility \u2013 something the disasters of recent years have made painfully clear: collapsing textile factories, dam failures in mining, and pesticide poisoning on banana plantations,\u201d Humbert said.Stop the clockTo avoid regulatory chaos that could ensue with companies remaining subject to the existing laws as the European Parliament and governments in the EU Council negotiate the proposed amendments, the EU executive wants to rush through an emergency \u201cstop the clock\u201d bill that would suspend application of the reporting directive until 2028.The same emergency procedure, with scant opportunity for parliamentary scrutiny, was used late last year to postpone the implementation of the deforestation regulation, another law designed to reduce the environmental impact of goods sold on the EU market.To complete the first of a promised \u2018fleet\u2019 of omnibus packages, nine out of ten of companies \u2013 those importing less than 50 tonnes of certain materials such as steel and cement \u2013 are exempted from complying with the carbon border adjustment mechanism, an import levy based on the estimated carbon footprint of goods. The EU executive says 99% of associated greenhouse gas emissions are still covered by the levy.ADVERTISEMENTDombrovskis insisted that the EU\u2019s \u201csimplification agenda\u201d did not amount to deregulation. \u201cWe are not changing our Green Deal goals and targets,\u201d he said. The easing of reporting requirements would help deliver them in \u201ca more efficient and loss less costly way\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic All but the largest companies operating in the EU will be released from environmental reporting obligations and having to prove they are not trading indirectly with firms tainted by exploitation or human rights abuses. The EU executive insists this is not deregulation. ADVERTISEMENTFour out<\/p>\n","protected":false},"author":1,"featured_media":222423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[],"class_list":{"0":"post-222422","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/222422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=222422"}],"version-history":[{"count":1,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/222422\/revisions"}],"predecessor-version":[{"id":222424,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/222422\/revisions\/222424"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media\/222423"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=222422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=222422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=222422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}