TotalEnergies and Siemens Push to Abolish EU Sustainability Laws
Major companies, including TotalEnergies and Siemens, are urging European leaders to abolish certain EU sustainability laws to enhance competitiveness. This movement challenges key environmental and human rights regulations, sparking debate amidst ongoing negotiations by European authorities to modify these laws.
In a significant move, TotalEnergies and Siemens have joined forces to persuade European governments to scrap a pivotal EU sustainability law, according to a letter obtained by Reuters. Addressed to French President Emmanuel Macron and German Chancellor Friedrich Merz, the letter was penned by TotalEnergies CEO Patrick Pouyanne and Siemens AG CEO Roland Busch.
The letter, dated October 6, argues that dismantling the regulations would signal a strong commitment from European governments and the European Commission to revive competitiveness in the region. Siemens emphasized the need to eliminate what it called 'excessive regulation' across all sectors to enhance Europe's global competitive stance.
The proposal is part of a broader strategy to streamline regulations, allowing industries more operational freedom, including maintaining free pollution permits and reforming competition policies for global market considerations. The sustainability law, involving human rights and environmental compliance, has sparked significant political debate, with ongoing talks to reduce its scope.
(With inputs from agencies.)
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