The latest update on ESG social credit scores, due diligence, and supply chain is that the European Parliament has approved the Corporate Sustainability Due Diligence Directive (CSDDD) on April 24, 2024. This directive requires large companies to conduct human rights and environmental due diligence in their global supply chains. This move is significant as it is considered an extension of years of commitments and voluntary standards, mainstreaming topics such as human rights and environmental protection. The approval of this directive by the European Parliament was met with a majority vote of 374 votes for, 235 against, and 19 abstentions. This development is crucial for businesses, emphasizing the importance of transparency and sustainability efforts in their operations. It also signifies a risk-based approach where companies are encouraged to address risks across their full supply chain, focusing first on the most salient issues for people and the planet. This directive is seen as aligning with international UN and OECD standards on business and human rights, making it a significant step forward in the corporate sustainability and due diligence landscape.
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