Campaigners have raised concerns that proposed revisions to the criteria for sustainable investments might result in cosmetics and various items with hazardous components, such as certain long-lasting PFAS compounds, being granted an 'eco-friendly' designation under EU regulations, even though these pose possible dangers.
The modifications, hidden within the fine print of an 'omnibus' deregulation proposition submitted last month, might restrict the roster of chemicals that disqualify products from being included in the European Union's sustainable investment category to just about 247 recognized substances of extremely high concern.
Theresa Kjell, who leads policy efforts at the non-profit chemical oversight organization ChemSec, stated that the Commission was discarding the 'do no significant harm' principle central to President Ursula von der Leyen’s Green Deal initiative during her initial five-year tenure as the leader of the European Union executive branch.
“By doing this, it is also disrupting the investment climate and thus endangering economic growth,” she stated.
ChemSec, which has often criticized the slow progress of EU regulations on chemicals, cautioned that businesses might enjoy a positive environmental image from using an EU sustainability label even when their products contain substances like galaxolide—a hormone-altering fragrance ingredient—or TFA, which persists indefinitely in the environment, despite these compounds not being prohibited under current EU legislation.
However, the Commission seemingly has substantial backing for its push towards simplification—which it maintains is not deregulation, though even European Central Bank President Christine Lagarde stated in a recent BBC interview This is essentially what it comes down to.
Roberta Metsola, who leads the European Parliament and belongs to the pro-regulation-simplification European People’s Party, expressed her backing for continuing the effort to ease business constraints following discussions with EU heads of state at today's European Council summit.
The European Parliament will assume its responsibility in advancing this simplification initiative," Metsola stated. "In our upcoming session, we will employ an urgent process to pass the comprehensive simplification package using methods that have not been attempted previously.
It is anticipated that the Council will support the anti-bureaucracy initiative during their current summit. The public can participate in consultations regarding the suggested changes to the guidelines for sustainable investments up until March 26th.
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