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Europe’s regulatory landscape is undergoing a profound transformation as sustainability shifts from voluntary commitment to enforceable compliance. The European Union (EU) has now constructed a comprehensive ESG framework that binds disclosure, accountability, and trade into a single architecture. At the heart of this structure stand three landmark instruments, the 기업 지속가능성 보고 지침(CSRD)에서 Carbon Border Adjustment Mechanism (CBAM), 그리고 기업 지속가능성 실사 지침(CSDDD).
Together, they form the EU’s blueprint for sustainable business conduct: CSRD enforces transparency in reporting, CBAM extends climate responsibility to cross-border trade, and CSDDD embeds human rights and environmental due diligence throughout global value chains. For businesses, these rules herald a new era of integrated ESG governance, where sustainability performance carries the same weight as financial performance.
1. CSRD: Rewiring Corporate Transparency
그리고 기업 지속가능성 보고 지침(CSRD) represents a decisive shift from the previous Non-Financial Reporting Directive (NFRD). It standardises how companies disclose sustainability information, ensuring comparability across the EU’s single market. CSRD’s goal is clear, to “modernise and strengthen the rules concerning the social and environmental information that companies have to report” [1].
The directive applies to large companies meeting two of three thresholds, more than 250 employees, a turnover exceeding €40 million, or total assets above €20 million, as well as to listed SMEs and non-EU companies with at least €150 million in EU turnover [1]. For boards, this broad reach means that sustainability reporting can no longer be confined to voluntary frameworks or investor expectations; it is now a matter of regulatory compliance.
Under CSRD, companies must disclose how their operations affect the environment, people, and society, as well as the sustainability risks they face. To achieve this, the European Commission has introduced 유럽 지속가능성 보고 표준(ESRS), which demand detailed, verifiable data across areas such as climate change, biodiversity, and human rights [2].
Importantly, CSRD elevates sustainability reporting to a financial-grade discipline. As Seneca ESG notes, “for the first time, sustainability metrics are treated with the same rigour as financial data,” transforming the Chief Financial Officer into a “sustainability champion” responsible for data assurance and stakeholder communication [2].
This evolution compels companies to invest in ESG data management systems, strengthen cross-functional collaboration, and ensure audit-level accuracy in sustainability disclosures. The CFO’s role increasingly centres on demonstrating the financial implications of ESG decisions, whether through cost savings from energy efficiency, supply chain resilience, or access to sustainable finance.
For non-EU companies, the message is equally clear: if they conduct significant business within Europe, they too must meet EU disclosure expectations. CSRD thus extends the EU’s sustainability influence well beyond its borders, embedding its standards into global value chains.
2. CBAM: Climate Accountability at the Border
While CSRD targets corporate transparency, the Carbon Border Adjustment Mechanism (CBAM) addresses one of Europe’s most persistent climate risks: carbon leakage. As EU industries decarbonise under the Emissions Trading System (ETS), production could shift to countries with weaker carbon rules, undermining global progress. CBAM directly tackles this issue by placing a carbon price on imports equivalent to the cost faced by EU producers [3][4].
CBAM entered its transitional phase in October 2023, requiring importers of high-emission goods, including cement, iron and steel, aluminium, fertilisers, hydrogen, and electricity, to report embedded emissions quarterly without financial penalties [3][5]. From January 2026, the definitive regime will begin: importers must purchase CBAM certificates reflecting the EU carbon price per tonne of CO₂ emitted [3].
If importers can demonstrate that a carbon price was already paid in the country of production, the corresponding cost will be deducted, ensuring WTO compatibility and avoiding double taxation [3]. This structure not only prevents carbon leakage but also encourages trading partners to implement their own carbon pricing mechanisms.
According to the OECD, CBAM will effectively reduce global carbon leakage, reversing the historic pattern by incentivising cleaner production among exporters to the EU. Without CBAM, 0.19 tonnes of CO₂ could leak abroad for every tonne avoided within the EU; with CBAM, global emissions are projected to fall by 0.54% [4].
For businesses, the mechanism creates an immediate need for supply chain carbon accounting. Importers must gather emissions data from upstream suppliers, verify product carbon footprints, and integrate these figures into compliance systems [5]. Verified product-level data will confer a competitive advantage, particularly for exporters offering low-carbon goods.
CBAM also brings operational and financial implications: companies will need to analyse production footprints, assess import exposures, and model the potential cost of CBAM certificates. The Carbon Trust advises conducting scenario analyses and engaging suppliers early to manage transition risks and avoid last-minute disruptions [5].
For EU-based manufacturers, CBAM levels the playing field; for global exporters, it marks the beginning of a new trade era where carbon intensity becomes a determinant of market access.
3. CSDDD: Embedding Due Diligence in Corporate Practice
그리고 기업 지속가능성 실사 지침(CSDDD) extends the EU’s ESG architecture into the realm of corporate responsibility and human rights. Formally adopted in July 2024, it imposes mandatory due diligence requirements on large EU and non-EU companies operating within the Union [6].
Its central purpose is to ensure that companies “contribute to sustainable development… through the identification, prevention, mitigation, and remediation of actual or potential adverse human rights and environmental impacts” across their entire chain of activities [6].
CSDDD applies to EU companies with over 1,000 employees and a net worldwide turnover exceeding €450 million, and to non-EU companies with equivalent turnover generated within the EU. Compliance will be phased in between 2027 and 2029, giving firms time to align policies and systems [6].
Core obligations include:
- Integrating due diligence into policies and risk management systems;
- Identifying and prioritising actual and potential adverse impacts;
- Preventing or mitigating negative impacts through appropriate measures;
- Providing remediation where harm occurs; and
- Adopting a climate transition plan aligned with the Paris Agreement [6].
Failure to comply may result in penalties of up to 5% of global turnover and potential civil liability where companies negligently fail to address impacts [6].
CSDDD’s inclusion of transition plans represents an important bridge to CSRD: companies that comply with CSRD reporting standards will be deemed to have fulfilled their CSDDD climate plan obligations [6]. This integration highlights the EU’s effort to ensure coherence across its sustainability rules — linking reporting (CSRD), accountability (CSDDD)및 carbon pricing (CBAM).
Table 1. Overview of Key EU ESG Regulations
| Regulation | Primary Objective | 범위 | Key Requirements | Business Implications |
| CSRD | Standardises sustainability reporting | Large and listed companies; non-EU firms with €150m EU turnover | ESRS reporting on ESG impacts, risks, and opportunities | Financial-grade sustainability data; cross-functional ESG governance |
| CBAM | Prevents carbon leakage and aligns import prices with EU carbon costs | Importers of carbon-intensive goods (e.g., cement, steel, aluminium) | Reporting and surrender of CBAM certificates based on embedded emissions | Supply chain carbon data collection; competitive advantage for low-carbon products |
| CSDDD | Mandates due diligence on human rights and environmental impacts | Large EU/non-EU companies (>1,000 employees, €450m turnover) | Identification, mitigation, and remediation of adverse impacts; climate transition plan | Legal liability; deeper supplier engagement; alignment with Paris Agreement |
4. Implications for Businesses: A New Compliance Ecosystem
The convergence of CSRD, CBAM, and CSDDD signals a systemic shift toward integrated ESG governance. Companies will no longer be able to treat sustainability as a separate pillar; it is now embedded in core financial, operational, and legal frameworks.
For boards and executives, this demands:
- Holistic data integration: Sustainability data must meet the same assurance and audit standards as financial reporting.
- Supply chain transformation: Both CBAM and CSDDD extend responsibility beyond direct operations, requiring upstream visibility and due diligence systems that track emissions, human rights, and environmental risks.
- Strategic risk management: Non-compliance now carries material financial and reputational risks, from trade penalties under CBAM to legal sanctions under CSDDD.
- Capital market alignment: Enhanced ESG transparency will shape investor expectations, influence financing costs, and determine access to sustainable investment capital.
Ultimately, these regulations are designed not merely as compliance tools but as market-shaping mechanisms. By harmonising standards across the Union, the EU is creating a unified sustainability marketplace that rewards credible, transparent, and low-carbon business models.
최종 생각
The EU’s ESG architecture marks a turning point in global corporate governance. Through CSRD, CBAM, and CSDDD, the bloc is institutionalising accountability at every stage of the business cycle, from disclosure to trade and supply chain responsibility.
For businesses, compliance is not just a legal necessity; it is a strategic opportunity to build resilience, attract capital, and maintain competitiveness in a decarbonising world. Companies that adapt early, embedding transparency, traceability, and due diligence into their operations, will not only meet regulatory demands but also shape the future of sustainable enterprise in Europe and beyond.
참조
[1] The Corporate Governance Institute. What is CSRD? Available at: https://www.thecorporategovernanceinstitute.com/insights/lexicon/what-is-csrd
[2] Seneca ESG. How CSRD Is Changing the Role of the CFO in Sustainability Reporting. Available at: https://senecaesg.com/insights/how-csrd-is-changing-the-role-of-the-cfo-in-sustainability-reporting/
[3] European Commission. Carbon Border Adjustment Mechanism. Available at: https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en
[4] OECD. EU Carbon Border Adjustment Mechanism: What is it, how does it work and what are the effects? Available at: https://www.oecd.org/en/blogs/2025/03/eu-carbon-border-adjustment-mechanism-what-is-it-how-does-it-work-and-what-are-the-effects.html
[5] Carbon Trust. What is CBAM and how will it impact your business? Available at: https://www.carbontrust.com/news-and-insights/insights/what-is-cbam-and-how-will-it-impact-your-business
[6] White & Case. Time to Get to Know Your Supply Chain: EU Adopts Corporate Sustainability Due Diligence Directive. Available at: https://www.whitecase.com/insight-alert/time-get-know-your-supply-chain-eu-adopts-corporate-sustainability-due-diligence
