歐盟讓金融業躲過永續審查？

歐盟企業永續盡職調查指令（CSDDD）的修正案「Omnibus提案」近期引發強烈爭議。該提案目前已交由 歐洲議會法律事務委員會（JURI） 審議，預計於10月13日就修正內容進行表決，隨後將在本月稍晚進入全體會議表決。

The Omnibus amendment to the EU’s Corporate Sustainability Due Diligence Directive (CSDDD) has stirred heated controversy. The proposal is now under review by the European Parliament’s Committee for Legal Affairs (JURI), which is scheduled to vote on October 13, before the directive moves to a plenary vote later in the month.

CSDDD最初由歐盟執委會於2022年2月提出，當時版本涵蓋企業的「下游活動」，意味著金融機構在投資與放貸時，需審視其客戶的經營活動是否涉及人權與環境風險。然而，在2023年12月議會與理事會的協商後，金融服務業被排除在指令適用範圍之外，僅保留一項「檢討條款」，允許日後在完成影響評估後，重新將金融業納入規範。

The CSDDD was first introduced by the European Commission in February 2022. The original version included companies’ “downstream activities,” requiring financial institutions to assess whether clients receiving loans or investments were exposed to human rights or environmental risks. However, after negotiations between the Parliament and the Council in December 2023, the financial sector was excluded from the directive’s scope, with only a “review clause” left in place - allowing future inclusion of financial services once an impact assessment had been completed.

然而，Omnibus提案卻計畫刪除這項檢討條款。提案文本指出，該條款「未留給新建立的一般盡職調查框架足夠的實施時間」，因此不應保留。

The Omnibus proposal, however, seeks to delete this clause altogether. According to the proposal’s text, the clause “does not leave sufficient time for the newly established general due diligence framework to be implemented,” and therefore should not remain.

這一舉動立刻引發批評。永續金融倡議組織 Eiris Foundation 在9月1日的LinkedIn文章中表示，檢討條款原本是「金融業納入規範的第二次機會」。該組織今年的報告更揭露，金融機構與相關遊說團體在2022至2023年間，積極推動將金融業排除於CSDDD之外。

The move has drawn sharp criticism. The sustainable finance advocacy group Eiris Foundation wrote in a September 1 LinkedIn post that the review clause had offered a “second chance” to bring financial institutions back under the rules. Its 2024 report also detailed how financial institutions and lobbying groups had worked between 2022 and 2023 to ensure the sector was excluded from CSDDD.

週一公布的一封聯合公開信也直言，若歐盟刪除該條款，將釋放出「金融業可繼續逃避責任」的訊號，意味著高風險投資仍可能助長人權侵害與環境破壞，投資人自身的系統性風險也將失控。

A joint open letter published Monday further warned that eliminating the clause would send a dangerous signal: that “the financial sector can continue to avoid accountability,” allowing high-risk investments to fuel human rights abuses and environmental destruction, while leaving systemic risks for investors unchecked.

不僅投資人與人權團體表達憂慮， 歐洲央行（ECB） 亦在今年5月公開聲明，呼籲保留檢討條款。ECB雖認同2026年7月的評估期限過於倉促，但強調「受監管的金融機構不應被視為與其他產業不同」，應在CSDDD框架下同樣承擔責任。

Concerns are not limited to advocacy groups. In May, the European Central Bank (ECB) issued a statement calling for the review clause to be retained. While acknowledging that the July 2026 deadline for an assessment was too ambitious, the ECB stressed that “regulated financial institutions should not be treated differently from other sectors” and should remain accountable under the CSDDD framework.

ECB進一步指出，若要讓私人金融有效管理風險並推動實體經濟的綠色轉型，跨部門的監管一致性至關重要。CSDDD的盡職調查義務可協助金融機構在決策與風險管理中，系統性地納入永續性考量。

The ECB added that consistent regulation across sectors is crucial for private finance to effectively manage risks and support the green transition of the real economy. It argued that CSDDD’s due diligence requirements could help financial institutions systematically integrate sustainability factors into their decision-making and risk management practices.

分析人士指出 ，Omnibus提案若最終通過，不僅將削弱CSDDD的完整性，也可能動搖歐盟在全球永續治理中的公信力。金融部門作為資金流動的核心，若缺乏同等規範，恐使整體永續轉型成效大打折扣。

Analysts caution that if the Omnibus proposal is adopted, it could weaken the overall integrity of the CSDDD and undermine the EU’s global credibility in sustainable governance. Given the financial sector’s central role in capital flows, the absence of equivalent due diligence requirements may significantly hinder Europe’s ability to achieve its sustainability transition goals.