M
ore and more U.S. politicians are speaking out against the European Union's suggested rules for how to follow environmental laws.They say that these laws could hurt American businesses and make it harder for the government to do its job.Some U.S. politicians have told companies to be careful as the EU starts to enforce stricter rules about environmental, social, and governance (ESG) standards.
People all over the world are talking about the EU's new plan for long-term growth.
The EU's rules about sustainability are meant to hold businesses accountable for how their actions affect people and the environment.The laws say that companies have to say how their actions hurt the environment, people's rights, and business ethics.These rules apply to a multinational company even if it is based in the US, as long as it has a certain number of employees or makes a certain amount of money in the EU.
European leaders say the rules are meant to promote honesty and good business, but a lot of American politicians are worried that they go too far and could be protectionist.The argument shows that the U.S. economy and European climate policy are becoming less and less compatible.
Some U.S. lawmakers say there are legal and financial risks
Several senators have openly warned U.S. businesses that not following EU rules on sustainability could hurt their finances.They say that US companies shouldn't have to follow international rules that are different from US rules or make it hard for US companies to compete around the world.
Lawmakers wrote to important trade groups and told businesses to think about how the new EU rules will affect their reporting duties, costs of doing business, and responsibilities to shareholders.They also told the Biden administration to talk to European leaders to make sure there aren't too many rules that are the same.
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Business leaders want it to be easier to understand global standards
Business leaders in the US have said the same thing: the US and European governments need to be more clear and work together better.Many businesses are worried that having to follow more than one set of ESG rules could mean more audits, more legal problems, and a worse reputation.
Some experts believe that the EU's sustainability framework sets a standard for the whole world, but it could also make the gap between regions with different environmental priorities even bigger.This could make it hard for the US and Europe to trade, especially in the energy, industrial, and agricultural sectors.
The Bigger Effect on U.S.-EU Relations
The U.S. and EU are already having problems with their economies and politics, so the argument about following sustainability rules comes at a bad time. If the two areas can't agree on their trade and climate policies, experts say that businesses all over the world may have to deal with unclear laws for years.
Some people who like the EU's model think it might make the U.S. standards for sustainability stronger.The current debate shows how closely linked environmental goals, trade policy, and economic strategy have become in the global market, even if that means that different laws or policies have to work together.
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