Exxon Mobil vs. EU: A Transatlantic Sustainability Showdown
Exxon Mobil is challenging the EU's corporate sustainability law, arguing it could drive businesses from Europe. CEO Darren Woods seeks a repeal, citing financial burdens. The U.S. administration has raised the issue in trade talks. Meanwhile, a U.S. bill aims to protect American corporations from the directive.
Exxon Mobil is ramping up its opposition to a European Union corporate sustainability law, escalating the matter to the highest levels of the U.S. government. The oil giant contends that the regulation threatens to push businesses out of Europe.
The EU's corporate sustainability due diligence directive, known as CSDDD, was enacted last year, demanding companies address human rights and environmental concerns within their supply chains with a penalty of 5% of global turnover for non-compliance. This has prompted resistance from businesses and European leaders alike, leading to proposed reforms to relax the rules.
Exxon CEO Darren Woods, in a conversation with Reuters, urged the law's repeal entirely, expressing concerns directly to President Trump and other administration officials involved in EU policy. The dispute highlights growing tensions between Washington and Brussels, as American lawmakers introduce measures to shield U.S. businesses from the regulation.
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