Sustainability regulations continue to evolve, shaping compliance requirements and business strategies across industries. This quarter, the European Commission has proposed significant changes to sustainability reporting through an Omnibus package, alongside a new Clean Industrial Deal aimed at strengthening industrial competitiveness while advancing decarbonisation. In Norway, the Wreck Removal Convention has now entered into force, imposing new requirements on Norwegian vessels, and vessels entering Norwegian waters. Explore this quarter’s key developments.
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Each quarter, we provide insights into key focus areas such as shipping, responsible business practices, real estate, investment and finance, and overarching regulations. Explore more than 80 updated sustainability regulations and initiatives in our Sustainability Database, or review some key highlights from the past quarter below.
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Omnibus package: Simplified Sustainability Reporting and CBAM Adjustments
The European Commission has unveiled its long-awaited Omnibus package, introducing proposals for significant simplifications to sustainability reporting under the CSRD, Taxonomy Regulation, and CSDDD. Key proposed changes to the CSRD framework include amendments to the size thresholds resulting in an 80% reduction in the number of in-scope companies. To alleviate companies that would fall out-of-scope from reporting requirements they would fall subject to under the current phase-in timeline, the Commission also proposes to postpone the timing for initial reporting for such companies.
The package also contains proposed adjustments in order to simplify and strengthen the implementation of CBAM, including a proposal of a mass-based threshold that exempts importers handling less than 50 tonnes in key sectors from reporting obligations, as well as several other proposals.
Overriding Regulations: A Shift from the Green Deal to the Clean Industrial Deal?
On 26 February 2025, the European Commission introduced the Clean Industrial Deal, a new framework designed to make decarbonisation a driver of growth for European industries. With a focus on energy-intensive sectors and clean technology, the initiative builds upon the Green Deal’s foundations while strengthening industrial competitiveness and maintaining the EU’s commitment to climate neutrality by 2050.
Additionally, in January 2025, the Commission launched four new regulations under the Net-Zero Industry Act (NZIA) to accelerate the deployment of critical decarbonisation technologies and enhance the EU’s industrial leadership in the green transition.
Shipping: The Wreck Removal Convention Now in Force in Norway
On 11 February 2025, the Wreck Removal Convention entered into force in Norway. The Convention grants coastal states the authority to remove shipwrecks that pose a threat to navigation or the marine environment – at the registered shipowner’s expense. The Convention also requires shipowners to hold insurance or other financial security to cover wreck removal costs.
From 11 February 2025, vessels of more than 300 gross tonnage registered in the Norwegian Ordinary Ship Register (NOR) and the Norwegian International Ship Register (NIS) must obtain a Wreck Removal Certificate issued by the Norwegian Maritime Authority. Ships currently operating with certificates issued by foreign authorities may continue operating with these certificates until they expire or are invalidated.
Real Restate: Impact of EU's Omnibus package, BREEAM NOR v6.1.1 and TEK17 revision
The proposed Omnibus Package will, if implemented, exempt most Norwegian real estate companies from reporting obligation under the CSRD (consequently also the Taxonomy), by introducing an absolute requirement of 1,000 full-time employees. Furthermore, the proposed postponement of the reporting requirement by two years, allows the aforementioned absolute requirement to be implemented before those that will be exempt become subject to reporting under the current rules.
The revised BREEAM-NOR v6.1.1, launched on 10 December 2024, includes structural changes without affecting point calculations. A public hearing on proposed changes to TEK17, aimed at enhancing digital use, concluded on 1 March 2025. Furthermore, it should be noted that the Green Building Alliance, FutureBuilt, and Skift have initiated a petition for climate requirements in TEK17, currently supported by 187 stakeholders in real estate and construction.
