MEP Sibylle Berg (NI) has submitted a written parliamentary question to the European Commission, warning that the Omnibus simplification initiative's reduction of the Corporate Sustainability Reporting Directive (CSRD) scope could undermine banks' access to standardised sustainability data, affecting capital allocation and increasing reliance on estimated data.
The question, dated 28 April 2026, targets the Commission's plans to address data gaps for financial institutions as fewer corporate customers will report under the European Sustainability Reporting Standard (ESRS). Berg notes that banks remain subject to extensive disclosure requirements under the SFDR, EU Taxonomy Regulation and Pillar 3 ESG criteria, making primary data from clients critical.
Berg asks three specific questions: whether the Commission has assessed the impact of the reduced CSRD scope on data availability, quality and comparability for banks, and if it will publish results; what instruments it plans to improve access to standardised data, including the voluntary SME standard (VSME), common data templates, the European Single Access Point (ESAP), and coordination with EBA, ESMA and ECB; and whether the Commission plans an EU-wide harmonised framework for verifiable estimate and proxy data, including a safe-harbour provision, pending sufficient primary data.
The question reflects concerns that estimated and proxy data, especially for SMEs and counterparties not subject to CSRD, could increase implementation costs, reduce comparability, and create false incentives for capital allocation. Berg's initiative targets the balance between simplification and maintaining robust ESG data for financial supervision.
The Commission is expected to reply within approximately six weeks. Its response will signal whether it acknowledges the risk and what measures it envisions to ensure banks can still access reliable sustainability data under the streamlined regime.