TotalEnergies and Siemens Urge EU to Scrap Corporate Sustainability Laws

TotalEnergies and Siemens have jointly urged European governments to dismantle a pivotal EU corporate sustainability regulation, as revealed in a letter seen by Reuters. The CEOs of TotalEnergies and Siemens, Patrick Pouyanne and Roland Busch respectively, penned this appeal to President Emmanuel Macron and Chancellor Friedrich Merz on behalf of 46 European firms.

The request, dated October 6, highlights the need to boost Europe's competitiveness by abolishing the rules, which involve addressing human rights and environmental issues in the supply chain. These sustainability mandates, subject to fines for non-compliance, have sparked fierce political debates and are currently under revision in Brussels.

Responding to opposition from key European nations, the United States, and major corporations, EU lawmakers have begun considering alterations to the directive. The proposal from TotalEnergies and Siemens to eliminate it entirely marks a significant escalation beyond existing negotiations for moderate adjustments and broader exemptions.

(With inputs from agencies.)