ASEAN-ECONOMY | New EU sustainability rules will impact ASEAN industries

Seeds of controversy: A worker weighs palm oil seeds at a plantation in Kutamakmur, Aceh, on May 12. The European Union is drafting a deforestation-free regulation that may ban imports of Indonesian palm oil.(AFP/Azwar Ipank)

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Two recent developments in the European Union will affect ASEAN, namely the Corporate Sustainability Reporting Directive (CSRD) and the draft of Corporate Sustainability Due Diligence Directive (CSDD). There is a criterion within both of these those directives that requires non-EU companies to comply with EU conditions.

The CSRD has been in force since January of this year while the CSDD, if passed, may come into effect in 2025.

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The CSRD requires companies to report on their sustainability performance, including their social and environmental impacts. Meanwhile, the CSDD obliges companies to conduct due diligence toward their environmental and human rights impacts. As such, the two documents are highly interlinked; the due diligence processes introduced by the CSDD are expected to inform the sustainability reporting required by the CSRD.

to Read Full Story-Click to read: https://www.thejakartapost.com/paper/2023/09/08/new-eu-sustainability-rules-will-impact-asean-industries.html.

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Mohamad Mova AlAfghani and Suryani Motik
The Jakarta Post) PREMIUM
Jakarta
●   Fri, September 8 2023

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