EU CSRD simplifications, CSDDD delays, Omnibus I finalized + revised ESRS + CBAM + CS3D consultation + EU taxonomy + non-EU deadlines + US-EU regulatory divide
Key Questions
What key changes does the Omnibus I approval introduce for CSRD reporting?
The Council approved Omnibus I on March 18, 2026, setting thresholds at €450M/1000 employees and delaying Wave 2 to 2028 while cutting ESRS requirements by 60%. This simplifies compliance for many companies while maintaining core disclosure obligations.
When will the revised ESRS be finalized and what voluntary options are included?
Deloitte confirms the revised ESRS will be finalized on July 3, 2026, alongside an ISSB interoperability draft open for public feedback from June 3. A new voluntary standard for smaller companies is also introduced, creating opportunities in the SME segment.
What are the timelines for CSDDD, CBAM, and non-EU companies under CSRD?
CSDDD implementation is set for July 2028 with limited assurance standards due by July 2027, while CBAM starts in 2026. Non-EU companies face CSRD deadlines from July 2026 through FY2028, with a CS3D consultation open until July 24, 2026.
Council okays Omnibus I Mar18 2026 €450M/1000emp/Wave2 2028/60% ESRS cuts; revised ESRS/ISSB interop draft Jun3 2026 (public feedback open). New: Deloitte piece confirms revised ESRS finalization July 3, 2026, with voluntary standard for smaller companies – opens new market segment. CSDDD Jul2028 with EC limited assurance standards due Jul2027; CBAM 2026, CountEmissionsEU, ISO 14001:2026. CS3D consultation open until Jul24, 2026. EU taxonomy disclosure support article highlights methodological challenges. CSRD for non-EU companies timeline (July 2026 to FY2028). ESRS governance requirements specify 33 mandatory data points and 39 disclosures. Mining ESG article highlights shift to mandatory, audit-ready compliance across sectors. US/CA: SEC May 29 vote to rescind 2024 climate rules – federal mandatory Scope 3 off table, but state rules remain: CA SB253 Scope1/2 Aug2026/Scope3 2027 verified; NY proposed climate disclosure rules (regs by 2027, platform by 2028). Early SB261 filings (73% standalone reports) signal rising CA SME ERP carbon demand. Public comment on SEC proposal open until Aug 3, 2026. Practitioner article on US-EU regulatory divide reinforces stakeholder pressure driving disclosure beyond compliance.