Agefi Luxembourg - février 2026

AGEFI Luxembourg 4 Février 2026 Économie L e 6 février 2026, le Conseil national de la productivité (CNP) a remis son rapport annuel 2024-2025 au ministre de l’Économie, Lex Delles. Le CNP rappelle que la productivité est un levier essentiel pour la compétitivité du pays, la hausse des salaires réels, la pérennité dumodèle socio-économique et la réussite de la transition écologique. Serge Allegrezza, président du CNP, insiste sur l’importance de la producti- vité comme moteur de prospérité. Le rapport, intitulé « La productivité au cœur de la compétitivité et de la pros- périté », constate une stagnation de la productivité du travail au Luxembourg depuis plus d’une décennie, malgré des écarts significatifs entre les secteurs. Le CNP élargit son analyse en exami- nant aussi la productivité des ressources et de l’énergie, dans une perspective de développement durable. Les données des dix dernières années montrent que le pays n’a pas encore réussi à dissocier sa consommationdematières premières de sa croissance économique. En revanche, la productivité énergé- tique s’est améliorée. Le rapport note également que, pour la première fois, 25 % de l’électricité consommée au Luxembourg a été produite locale- ment à partir d’énergies renouvelables, mais souligne que cette part doit encore progresser pour atteindre les objectifs climatiques. Malgré une baisse progressive, les émissions de gaz à effet de serre res- tent élevées, en grande partie à cause des ventes de carburants. Pour relancer la croissance de la pro- ductivité, le CNP formule plusieurs recommandations couvrant l’innova- tion, la politique d’entreprise et l’intel- ligence artificielle, et il fait le point sur les mesures gouvernementales prises depuis le précédent rapport. Le document inclut également trois études de recherche appliquée : 1. Structure économique et productivité Une étude du secrétariat du CNP mon- tre que la forte présence du secteur financier contribue à un niveau élevé de productivité, mais aussi à sa stagnation. 2. Productivité totale des facteurs (PTF) Une étude de Statec Research ASBL, basée sur le projet LuxKLEMS, montre une faible progression de la PTF, notam- ment enraisondes industriesde services, etmet enévidence le rôleduchangement technologique dans ce ralentissement. Elle examine aussi le lien entre la PTF et le capital TICdans différents secteurs. 3. Capital intangible et PTF Une seconde étude de Statec Research ASBL analyse l’impact de l’investisse- ment dans le capital intangible (bran- ding, capital organisationnel, formation) sur la croissance de la PTF, montrant que ces investissements peuvent soute- nir la productivité. Le rapport sera notifié à la Commission européenne et transmis au Conseil éco- nomique et social pour avis. Le CNP a également lancé un nouveau site web pour diffuser ses travaux. Rapport sur https://urls.fr/iqkuud Source : ministère de l’Économie Le Conseil national de la productivité dévoile son rapport annuel « La productivité au cœur de la compétitivité et de la prospérité » (de g. à dr.) LexDelles et SergeAllegrezza By Camille ROCHE, Associate, Arendt & Medernach & Juliette PETIT, Sustainability Advisor, House of Sustainability D espite ongoing regulatory evolution, Luxembourg com- panies remain invested in sustainability reporting.A joint sur- vey conductedbyArendt and the LuxembourgChamber of Commerce’sHouse of Sustainability shows that the Corporate Sustainability ReportingDirective (CSRD) is increasingly perceived as a strategic exercisewith tangible governance and riskmanagement benefits, and notmerely as a regulatory obligation. The surveyoutcomedraws on55 responses fromor- ganisationswitha significant operational presence in Luxembourg, primarily at management or senior ESG leadership level, and reflects the views of finan- cialinstitutions,industrialgroupsandservicecompa- nies. The findings are benchmarked against recent European reporting reviews by EFRAG, ESMA and theCSSF, positioning the resultswithinabroader su- pervisory and regulatory context. CSRD: BeyondCompliance Towards Strategy Oneofthemoststrikingfindingsconcernsperception of the CSRD itself. A large majority (76%) of respon- dents perceive the CSRD exercise as a balanced mix of compliance and strategic opportunity, whilst 12% see it solely as a strategic opportunity. This positive perception contrasts sharplywith the purely compli- ance-driven approachmanyhad anticipated. Respondents noted that the exercise helped to raise awareness and structure their ESGwork, primarily byhelpingcompanies identifyESGmatters relevant to their business. Thisdemonstrates that reporting is not merely a data gathering exercise – it helps com- panies structure their ESG strategy around what makes sense for their organisation. This strategic value extends beyond mere frame- work alignment. The majority of respondents see riskpreventionandmitigationas an immediateben- efit and 41% view it as a potential future benefit. Looking ahead, respondents indicated that they ex- pecttheexercisetoleadtotheremediationofadverse impact (71%), better environmental performance (53%) and better oversight of impacts, risks and op- portunities (53%). Omnibus BringsWelcome Relief But Uncertainty Persists Thesefindingsmust be readagainst a rapidlyevolv- ing regulatory backdrop. Adopted on 14 December 2022, the CSRD represents a major step forward in the EU’s sustainability reporting andwider sustain- able finance framework. The CSRD aimed to im- prove the quality, comparability and reliability of corporate disclosures through the adoption of the harmonised European Sustainability Reporting Standards (ESRS). However, the regulatory land- scape has shifted significantly since then. On 16De- cember 2025, the EU Parliament approved the Omnibus I simplification package. The new text re- moves theCSRD“Wave” systemandbases applica- bility solely on new size thresholds, with the CSRD now applying to EU companies with more than 1,000 employees and annual turnover above €450 million (at individual or consolidated level). For Luxembourg, CSRD reporting will not be mandatory for FY2025, as the implementing legisla- tion (bill of law 8370) will not enter into force until the first day of the month following its publication in the LuxembourgOfficial Journal.As a result, un- dertakings whose financial year ends before entry intoforcearenotrequiredtoreportthatyearbutmay do so voluntarily. InLuxembourg,theresponsetotheOmnibussimpli- fication has been positive, with (59%) of respondents welcomingtheadditionalpreparationtime.However, whilst the flexibility was welcomed, 41% of respon- dents see the simplification as a future potential ben- efit only, which emphasises the need for clarity and certaintythroughfinalisedlegislativetextsatbothEU andLuxembourg level. VoluntaryAdoptionDemonstrates Market Commitment Perhaps most striking is the commitment shown by Luxembourg companies despite regulatory de- lays. For the FY2024 reporting exercise, our data shows that 49%of respondents elected to report on a voluntary basis and only 4% of respondents de- clared theywould not issue a report at all, demon- strating widespread buy-in to the sustainability reporting exercise. Overall, themajority of respondentswho declared their intention to report voluntarily elected to use either the ESRS (18%) or theVSME (18%)—a clear preference for the use of European harmonised standards in Luxembourg. ImplementationProgress: Foundations Laid, ChallengesAhead Survey responses show that Luxembourg companies have concentrated their efforts on foundational activities, such as confirmation of reporting frameworks and scoping exer- cises. Unsurprisingly, assurance-related activities, including engagement with as- surance service providers and assurance readiness assessments, remain largely in the planning stages for most organi- sations (only 21% of respondents de- claredhaving startedon this stage). This undoubtedly reflects the impact of Om- nibus I and simplification-related de- lays, with significant work remaining across most implementation stages. DoubleMaterialityAssessment: FurtherAlignment Needed The doublemateriality assessment (DMA) continues to be viewedas the cornerstone of CSRDcompliance andone of itsmost complex elements. Survey results show E1 ‘climate’ as the most frequently identified material topic, followed by S1 ‘own workforce’, G1 ‘businessconduct’andS2‘consumersandendusers’. This hierarchy broadly aligns with European super- visory guidance andmarket practice. While completion rates are encouraging, thenumber of impacts, risks and opportunities identified varies significantlyacrossrespondents,reflectingdifferences inmethodologies,organisationalcomplexityandESG maturity. This variation echoes supervisory concerns regarding inconsistent materiality assessments and the increasing use of entity specific disclosures, and highlights the importance of robust and well-docu- mentedDMAprocesses. ValueChainDataCollection: The PrimaryHurdle According to our data, themost significant reporting challenges stem from fragmented international stan- dards, complex data collection requirements, uncer- tainty around Taxonomy alignment and the need to integrateESGrisksandcontrolsintoexistingfinancial reporting structures. At value chain level, unsurpris- ingly, the greatest obstacles are data collection, sup- plier transparency and emission tracking. These responses reflect the difficulty of obtaining re- liable sustainability data from suppliers, customers and other value chain participants. Combined with limitedinternalresourcesandongoingregulatoryun- certainty, these issues create a challenging environ- ment for reporting professionals. Faced with these challenges, respondents mentioned the need for a more level international playing field and supported convergence towards a single reporting standard. StrongDemand For Peer-To-Peer Exchange andCollaboration Whenaskedabouttheirneedsintermsofsupportfor thereportingexercise,respondentsidentifiedpeer-to- peer exchanges (26%) as their number one need, fol- lowedbyexperthelp(18%)andtraining(14%)tobet- ter meet CSRD requirements. This preference for collaborativelearningsuggeststheLuxembourgmar- ketrecognisesthevalueofsharedknowledgeandbest practice exchanges. External Support Delivers StrongValue The survey confirms that CSRD implementation has material cost implications. Most respondents report having increased their budgets to accommodate CSRD-relatedexpenses,andalargemajorityhaveen- gaged external service providers to support imple- mentation. These investments seem to be paying off. Satisfaction with external support in Luxembourg is high,particularlyforspecialisedareassuchasDMAs, data readiness and report drafting, underlining the technical complexity of the exercise. KeyRecommendations For Successful SustainabilityReporting Severalcriticalsuccessfactorsemergefromthesurvey findings.Mostrespondentsmentionedthattheywish they had allocated more time to the exercise, which suggests that organisations shouldstartworkingand engaging staff on the CSRDproject as soon as possi- ble. Management support was cited by respondents as the key to smooth implementation, indicating or- ganisations should ensure their board and manage- ment signoffandgive support to the project. Given that data collection represents the greatest challenge associated with sustainability reporting, organisations should invest early in robust data gathering systems andprocesses, particularlyacross the value chain. Respondents identified this as their biggest challenge and do not expect the exercise to become easier in the coming year. The strong de- mand for peer-to-peer exchanges suggests that col- laborative learning and sharing of best practices significantly benefits organisations in their CSRD journey, with the House of Sustainability’s CSRD Network offering opportunities to connect with peers in this context. LookingAhead While Omnibus I has reduced the scope of manda- tory CSRD reporting in the short term, the survey suggests that Luxembourg companies are not slow- ing down their preparation efforts significantly. Many appear to view sustainability reporting capa- bilities as a long-terminvestment, decorrelated from regulatory timelines. With strong participation from the financial sector, the findings highlight Luxembourg’s proactive stance on integrating sustainability considerations into corporate governance and reporting. Overall, the survey suggests that Luxembourg companies viewCSRDcapabilities as a long-terminvestment in governance, transparency and risk management, largely independent of short-term regulatory time- lines. In a context of evolving EU sustainability pol- icy, this strategic maturity may prove decisive for credibility and stakeholder trust. Corporate Sustainability Reporting Directive (CSRD) Survey: Luxembourg Companies Recognise Strategic Value Of Sustainability Reporting ©MECO