On Tuesday, the German Sustainable Finance Advisory Board (SFB) of the German Federal Government, made a statement in support of CSDDD, advocating for adoption of the Directive under the current Council Presidency. The statement highlights the broad public support for CSDDD, a piece of legislation that is crucial in ensuring responsible corporate behaviour in value chains across the globe.
The Directive makes proactive and ongoing due diligence in value chains regarding human rights violations, environmental risks, and governance issues such as corruption mandatory. Without EU legislation, misconduct involving European businesses, for instance forced labour in the cocoa industry in West-Africa or deforestation for animal feed in Brazil will be hard to tackle.
Triodos Bank welcomes this statement of the German SFB and urges EU member states' officials in the Council and Members of Parliament to resume voting in support of CSDDD.
We have seen a lengthy and careful process of negotiations in which the initial proposal has been significantly weakened to take into consideration the different stakes and interests across member states. Any further stalling of the vote will cause further damage to communities and ecosystems across the globe that EU economies currently heavily depend on.
Having EU legislation will ensure a level playing field and transparency for all companies based or operating in the EU where business conduct with respect for human rights and ecological values will be set as the new norm.
Triodos Bank is committed to supporting and implementing new regulatory frameworks that help steer economic activities in a future-proof direction; supporting communities and social structures, operating within planetary boundaries.