Foreign firms forced to observe ESG rules in EU

European legislators have agreed to force about 28,000 foreign subsidiaries to comply with the EU’s environmental, social and governance

Europe has been working for years to ensure its rules for ESG standards become a global benchmark. The latest proposal means the local operations of giant corporations such as McDonald’s and General Motors would all be required to live up to the same ESG reporting requirements as their European peers.

Europe’s proposed ESG rules for companies are “probably going quite far in terms of how much an EU law can export itself, or export its content, into the global economy”, said Mirjam Wolfrum, director of policy engagement for the European operations of CDP, a nonprofit voluntary environmental disclosure system.

European legislators say they’re trying to redirect the flow of capital in ways that shield the environment and promote social justice. The EU’s toolbox is based on a so-called taxonomy, which is a multiyear undertaking that’s still finalising rules intended to define sustainable businesses. Legislators in the bloc worry that they can’t rely on other jurisdictions to come up with adequate rules.

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