…EU Climate Tentacles Reach US Companies…
The EU, which has created energy disasters for itself, where Germany stupidly closes its nuclear power plants that don’t emit CO2, and where Europe relied on Russia for its supplies of natural gas, is now telling American companies that they must adhere to sustainability laws that target reductions in CO2 emissions to achieve net zero carbon.
This is in addition to a carbon border tax intended to force American companies to comply with the EU’s climate agenda.
Approximately 3,000 US companies will have to comply with the Corporate Sustainability Reporting Directive, (CSRD).
The law requires burdensome and costly efforts to record all the data needed to meet the law’s requirements.
Not only will Americans bear the burden of these extra costs, they will have their corporations targeting climate issues unnecessarily. The costs will be added to the cost structure of every American corporation, and will either reduce profitability, affecting shareholders, or result in higher prices, which affects all Americans.
The current administration is probably supportive of these requirements even though they adversely affect Americans.
Quoting the WSJ,
“The draft includes 82 annual disclosure requirements, each of which can involve separate metrics and explanations. The rules include disclosures on greenhouse-gas emissions and plans aligned with the 2015 Paris agreement to reduce those emissions, as well as things like pollution entering waterways and gender pay differences.”
“Companies will also need to have a third party audit their data.”
US companies should not have to comply with these regulations and this administration should impose restrictive reporting requirements on any EU company operating in the US.
This should also be a problem for the WTO, but they are supportive of drastic climate action.
EU, the poster child for failed energy policy, is trying to force other countries to adhere to its climate agenda.
We should get off the train before it careens off the tracks.
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