New European law would force US businesses to adopt woke rules
The Corporate Sustainability Due Diligence Directive (CSDDD), approved by European Union officials, poses significant risks to the U.S. economy, individual rights, and businesses, potentially forcing American companies to adopt left-wing values. The legislation imposes environmental, social, and governance (ESG) requirements on large businesses operating in the EU, affecting virtually every U.S. industry, including agriculture. Covered companies must adopt due diligence practices aligned with left-wing ideologies, and they are also required to coerce their business partners to comply with these practices, regardless of their location. The law applies to EU-based businesses with at least 1,000 employees and a net worldwide turnover greater than $489 million, as well as non-EU companies with a net turnover of $489 million in the EU. The CSDDD includes limits on land use, water consumption, biodiversity loss, and demands a transition to green energy. It also provides labor unions with substantial legal protections and imposes numerous binding EU and U.N. agreements on private businesses. EU countries can adopt stricter standards at the national level. Non-compliance with the law results in fines equal to 5% of a business s net worldwide turnover, and individuals or activist organizations can sue violators for alleged damages. The law will be phased in over several years, starting in 2027, and will impact many large corporations in the United States. The CSDDD s effects on America are far-reaching, as it requires covered companies to enforce ESG mandates on business partners, including small and medium-sized enterprises (SMEs). This could lead to a massive wealth transfer, as U.S. companies are mandated to support SMEs worldwide in adopting EU ESG rules. The legislation represents a direct assault on U.S. sovereignty, as it imposes Europe s failing policies on American businesses. The consequences of the 2024 election could be even more significant due to the CSDDD. U.S. politicians must push back against this legislation to protect American
Source: theblaze.comPublished on 2024-09-12
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