Following calls to reduce the regulatory burden imposed on businesses, the European Union is poised to reform a series of laws passed under the EU Green Deal

The European Commission on Wednesday proposed looser environmental and corporate sustainability rules for a large majority of businesses in Europe, responding to criticism that EU red tape hinders competitiveness with foreign rivals.

Officials are seeking to boost competitiveness and reduce the regulatory burden on businesses during what a European commissioner called a “perilous” time.

Following calls to reduce the regulatory burden imposed on businesses, the European Union is poised to reform a series of laws passed under the EU Green Deal.

The European Commission plans to loosen its rules on corporate sustainability reporting and supply chain transparency, it said on Wednesday, in a bid to make Europe more competitive with the United States and China.