NFU Press Release: Drama of Omnibus I – Nordic Financial Unions Applauds Parliament’s Call for Scrutiny

The Nordic Financial Unions (NFU), representing finance sector workers across the Nordic region, welcomes the European Parliament’s decision to reopen the discussion on the Omnibus I package, encompassing the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD).

Wednesday’s, 22nd of October’s plenary decision to withhold an automatic mandate for trilogue negotiations, by a narrow margin of 318 votes to 309, demonstrates that many Members of the European Parliament are willing to use their full democratic mandate to ensure that simplification does not become deregulation.

“We fully support the Members of the European Parliament who chose diligence over haste,” said Carin Hallerström, General Secretary of NFU. “Finance workers across the Nordic countries see daily how vital high-quality, comparable, and standardised ESG data is. Rushed deregulation risks undermining years of effort to make finance a driver for sustainability and social responsibility.”

NFU emphasises that the current debate around Omnibus I is not simply technical. It is a defining moment for Europe’s Green Deal architecture and for the credibility of the EU’s ESG regulatory framework. The decision to reopen the vote creates an opportunity to secure the integrity and effectiveness of sustainability reporting and due diligence rules, which are cornerstones of corporate accountability in Europe.

Recent findings from the European Banking Authority (EBA) have highlighted critical data challenges that underscore the need for strong, not weaker, reporting frameworks. The EBA’s review of ESG data practices across 36 institutions in 14 EEA countries found persistent gaps in three key areas:

• The consistency, reliability and standardisation of ESG data across countries;
• The level of detail on clients’ activities and supply chains; and
• The availability of quantitative metrics to support credible risk assessments.

These findings confirm what Nordic finance professionals experience in practice: without robust, regulated reporting under CSRD and CSDDD, financial institutions cannot effectively identify, assess, or manage ESG risks.

“High-quality ESG data is not bureaucracy, it is the foundation for sound, sustainable finance,” NFU’s Head of EU Affairs Anna-Delia Papenberg added. “We need legislation that strengthens accountability and transparency, not one that blurs definitions or weakens obligations in the name of simplification.”

Carin Hallerström also recognises the courage of those MEPs who resisted pressure to “wave through” the Omnibus I text: “Their insistence on parliamentary scrutiny is a vital act of democratic responsibility, especially as certain political factions push for deregulation and the dilution of the EU’s sustainability commitments.”

The Nordic Financial Unions urges all parliamentary groups to approach the 8 November mini-plenary vote with the seriousness this moment deserves. Simplification should never become a synonym for dismantling Europe’s ESG framework. Nordic finance workers stand ready to support the development of credible, evidence-based, and enforceable sustainability legislation that ensures finance continues to serve people, the planet, and long-term prosperity.