CSRD after Omnibus

Jun 11, 2026 8:52:05 AM

CSRD After Omnibus: What Is Changing in Sustainability Reporting?

In recent years, sustainability reporting has evolved from being something only the largest companies dealt with into an issue that affects the entire business community. In the middle of this shift, something unexpected happened: the EU stepped back. Not from sustainability as a goal, but from the scope and complexity of the original requirements.

The Omnibus package, launched in February 2025 and adopted in March 2026, represents the most significant revision of the EU’s sustainability regulations since they were introduced. Fewer companies are affected, and the reporting standards themselves are set to be significantly simplified.

For many Norwegian companies, this has led to a natural response: wait and see. But that is a risky strategy. Delay does not mean cancellation, and pressure from customers and financial institutions remains regardless of which deadlines apply. The companies that use the space now created to build a solid foundation will be far better prepared than those that wait until things become urgent.

The EU is simplifying, but the requirements are still real. Here is an overview of what has actually changed, what still applies, and what it means for your business.

Sustainable Office Conference With Data Displays-2

What is ESRS?

ESRS — European Sustainability Reporting Standards — are the reporting standards that underpin CSRD (the EU’s Corporate Sustainability Reporting Directive). They specify exactly what companies must report on: greenhouse gas emissions, social matters, governance, biodiversity, and more. The first version was adopted by the European Commission in July 2023 and contains more than 1,100 data points.

What is the Omnibus package?

In February 2025, the European Commission launched what is known as Omnibus I — a broad package of simplification measures affecting CSRD, the EU Taxonomy, and CSDDD. The background was political pressure to reduce administrative burdens, particularly for businesses.

For CSRD reporting, this means fewer companies in scope and simpler standards.

The Most Important Changes

1. A dramatic reduction in who must report

The original CSRD would have applied to around 50,000 European companies. After Omnibus, the threshold was raised to companies with more than 1,000 employees combined with revenue above EUR 450 million. This change applies from FY 2027. It also opens up the possibility that companies which reported under wave 1 (larger listed companies), but which fall outside the scope from FY 2027, may be exempt from reporting in 2026. Several countries have already made use of this option, and it is expected that this will also be adopted in Norway during autumn 2026.

2. Revised ESRS with more than 60% fewer mandatory data points

In December 2025, EFRAG submitted its proposal for simplified ESRS to the European Commission. On 6 May 2026, the Commission opened a public consultation on the revised draft. Key changes include:

- More than a 60 percent reduction in mandatory data points
- A clearer distinction between what is always mandatory and what is subject to materiality
- Simplification of the materiality assessment process (double materiality)
- Prioritization of quantitative data points over narrative requirements
- Shorter and clearer wording

The directive itself (Omnibus I) entered into force on 18 March 2026. Adoption of the revised ESRS standards as a delegated act is expected during 2026. In Norway, Omnibus I is expected to be adopted during the autumn.

What does this mean for Norwegian companies?

You are still subject to the reporting requirement if you have more than 1,000 employees and NOK 5 billion in revenue. The reporting obligation still applies, and the current ESRS standards from 2023 remain in use until the revised standards are adopted.

The value chain is not on hold. Large customers and banks will still request sustainability information. Even if your company falls outside the formal scope, it may still face demands from both below and above in the value chain.

What should you do now?

Even in a phase of simplification, the best investment is to understand what is actually material to your business. A strong materiality assessment is robust regardless of whether 1,100 or 400 data points need to be reported — and it provides strategic value far beyond compliance.

Please feel free to contact us for a no-obligation review of where your company currently stands.

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Sources: EU Omnibus I — Directive (EU) 2026/470, in force from 18 March 2026. EFRAG revised ESRS exposure drafts, December 2025. European Commission consultation on revised ESRS, 6 May 2026. Quick-fix regulation adopted 11 July 2025, in force in Norway from 13 November 2025.