Headlines
TotalEnergies, Siemens urge EU to abolish climate law, letter shows
Published by Global Banking & Finance Review®
Posted on October 9, 2025
2 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 9, 2025
2 min readLast updated: January 21, 2026
TotalEnergies and Siemens urge EU to repeal a key climate law, aiming to enhance competitiveness. The law requires companies to address supply chain issues.
By Kate Abnett and Virginia Furness
LONDON (Reuters) -TotalEnergies and Siemens have called on European governments to abolish one of the EU's flagship corporate sustainability laws in order to boost the continent's competitiveness, a letter seen by Reuters shows.
TotalEnergies CEO Patrick Pouyanne and his Siemens AG counterpart Roland Busch wrote the letter to French President Emmanuel Macron and German Chancellor Friedrich Merz, on behalf of 46 European companies.
Abolishing the rules would be a "clear and symbolic signal to European and international companies that the governments and the Commission are really engaged to restore competitiveness in Europe," the letter dated October 6 said.
Siemens and Total did not immediately respond to requests for comment.
The European Union's corporate sustainability due diligence directive was adopted last year and requires companies to fix human rights and environmental issues within their supply chains, or face fines of 5% of global turnover.
It has become one of the most politically contested parts of Europe's green agenda, and Brussels is now negotiating changes to simplify the rules for European companies, after pushback from Germany and France - as well as the United States and Qatar, and companies including Exxon Mobil (XOM.N).
Siemens and Total's calls to scrap the rules entirely go further than plans already being negotiated by EU lawmakers and countries to scale them back and exempt more companies from the law.
(Reporting by Kate Abnett and Virginia Furness; Editing by Emelia Sithole-Matarise)
Corporate sustainability refers to a company's commitment to conducting business in an environmentally and socially responsible manner, ensuring long-term economic viability while minimizing negative impacts on society and the environment.
A corporate governance directive is a set of guidelines or regulations that govern the practices and procedures of a company's board of directors and management, ensuring accountability, fairness, and transparency in the company's operations.
Compliance in finance refers to the process of adhering to laws, regulations, and standards set by governing bodies to ensure that financial institutions operate within legal frameworks and maintain ethical practices.
Environmental issues in finance pertain to the impact of financial activities on the environment, including considerations of sustainability, resource management, and the effects of climate change on investments and corporate practices.
A due diligence directive is a regulatory requirement that mandates companies to assess and manage risks related to human rights and environmental impacts within their supply chains, ensuring responsible business practices.
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