Insurance Europe has published its response to a consultation conducted by the EC on its proposal for a Corporate Sustainability Due Diligence (CSDD) Directive.
Economic activities must avoid causing or contributing towards adverse impacts on human rights and the environment. Furthermore, the industry welcomes corporate decisions that duly take account of a broad spectrum of considerations relevant to both companies’ impact on people and the planet, as well as on long-term financial performance.
The EC proposal for a CSDD Directive is intended to accelerate and deepen corporate sustainability actions and transition planning already being undertaken by many companies, and the insurance industry supports this objective.
In this respect, the insurance sector welcomes the fact that the Directive sets out a harmonised framework on corporate due diligence requirements. This will ensure a regulatory level playing field, including with non-EU companies which are also covered by the Directive, and prevent divergences between member states.
The insurance sector would, however, like to bring to the attention of legislators the following key elements: