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Ep 1067 | This New European Law Is About to Change the World | Guest: Justin Haskins
Sep 16, 2024
Justin Haskins, author and editorial director at the Heartland Institute, discusses a new EU law that imposes rigorous ESG requirements on companies worldwide, raising concerns about its impact on American businesses. They explore the potential for Trump to mitigate these challenges if elected and how this law might lead to corporate uniformity, likened to corporate communism. Haskins also highlights upcoming UN agreements that could significantly alter global policies, urging listeners to consider the implications for personal and national sovereignty.
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Quick takeaways
- The EU's new Corporate Sustainability Due Diligence Directive mandates strict ESG compliance for global companies, impacting U.S. businesses significantly.
- Corporations must navigate the tension between shareholder interests and consumer backlash, often prioritizing financial stakes over public opinion.
Deep dives
Impact of the Corporate Sustainability Due Diligence Directive
The European Union has passed a significant law known as the Corporate Sustainability Due Diligence Directive, which creates Environmental, Social, and Governance (ESG) social credit scores for companies. This law is poised to impact not only EU-based companies but also large non-EU companies that generate substantial revenue within the EU. Consequently, corporations like Apple or McDonald's must comply with these regulations globally, not just in Europe, effectively imposing EU-defined ESG metrics on their operations everywhere. The directive encompasses a range of progressive mandates concerning climate initiatives and social justice, fundamentally reshaping how these companies operate and the products they offer.
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