In the EU, the current legal, regulatory and statistical frameworks rely mostly on historical emissions; the legislation that should introduce the obligation to draw up such plans both for financial and non-financial companies – the Corporate sector due diligence directive (CSDDD) and, for banks, the CRR3/CRD6 package – is still on the drawing board, but is making progress.
In France, for example, where public debt is verging on 100% of GDP, another delay in reducing deficits would mean taking an unconsidered risk with business and household confidence. In all of our countries, however, the mix of revenues and expenditure could be made friendlier to investment.