Serbia has taken a bold step by amending its Energy Act, lifting a decades-long moratorium on nuclear energy. This marks a pivotal moment in the country’s energy policy, aligning its strategies with the European Union’s commitment to sustainability and decarbonization. The move opens new opportunities for innovation, investment, and collaboration, positioning Serbia as a key player in the regional energy transition. EU’s stance on Nuclear Energy The European Union (EU) has long prioritized renewable energy and consistently provided support and incentives to encourage the transition to cleaner energy sources. This commitment extends to nuclear energy, officially classified as sustainable under […]
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To bolster Europe’s clean energy transition, the European Commission has recently announced a EUR 4.6 billion investment. This funding aims to advance net-zero technologies, electric vehicle (EV) battery cell manufacturing, and renewable hydrogen production. Thie initiative marks a pivotal step in the EU’s commitment to achieving climate neutrality by 2050. Investment Breakdown Net-Zero Technologies: A EUR 2.4 billion call for proposals targets projects that focus on decarbonization, including the manufacturing of components for renewable energy, energy storage, heat pumps, and hydrogen production. This effort aims to enhance Europe’s leadership in innovative, clean energy technologies. Electric Vehicle Battery Manufacturing: For the […]
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The European Commission recently released a comprehensive set of Frequently Asked Questions (FAQs) to assist investors and companies in implementing the EU Taxonomy, a classification system that defines environmentally sustainable economic activities. This initiative aims to enhance the usability of the EU’s sustainable finance framework and alleviate administrative burdens for companies. The EU Taxonomy is integral to the EU Action Plan on Sustainable Finance. It specifically provides a standardized framework to identify economic activities that significantly contribute to one or more of six environmental objectives without causing substantial harm to others. These objectives encompass climate change mitigation, climate change adaptation, sustainable […]
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Last week, the European Council adopted new legislation to regulate Environmental, Social, and Governance (ESG) ratings providers. This marks a significant step in enhancing the transparency, reliability, and accountability of ESG ratings, which have become crucial in sustainable finance and investment decision-making. The regulation addresses the increasing demand for trustworthy ESG data amid criticisms about the sector’s lack of oversight and uniformity. Key Features of the Regulation Supervision by ESMA Under the new rules, ESG ratings providers operating in the EU must obtain authorization from the European Securities and Markets Authority (ESMA). This requirement also extends to providers outside the […]
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Gecić Law proudly presents the latest edition of our ESG Chat @ Gecić Law series, where we spotlight innovators who are paving the way for integrating Environmental, Social, and Governance (ESG) principles across industries. In this special edition, we are thrilled to feature an insightful conversation with Milica Mišković, Co-founder and Managing Partner of the ESG Knowledge Hub. She leads projects that elevate corporate standards and strengthen the resilience of businesses in the region. She advocates for sustainability and responsible business practices at both corporate and community levels. The interview In our interview, Milica reflects on her remarkable journey. She […]
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The European Commission recently launched the consultation phase on two essential draft regulations to strengthen the EU Carbon Border Adjustment Mechanism (CBAM) regulation’s operational structure. These include the draft Implementing Regulation for Authorized Declarants and creating a comprehensive CBAM registry. Stakeholders can submit feedback until November 28, 2024. These regulations clarify key aspects of the definitive CBAM implementation, set to begin on January 1, 2026. Draft Implementing Regulation for Authorized Declarants Starting January 1, 2026, all importers of goods within the CBAM scope must qualify as Authorized CBAM Declarants. This therefore includes importers of cement, iron and steel, aluminum, fertilizers, electricity, […]
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Gecić Law is proud to announce its role as local counsel in a strategic collaboration with Akin, the renowned and highly regarded international counsel, on Serbia’s largest renewable energy project. Together, we have advised on a landmark agreement that paves the way for the construction of one of the largest solar power plants in Southeast Europe. This project is set to significantly boost Serbia’s renewable energy capacity. It is the result of a collaboration between the Government of Serbia and an international consortium led by Hyundai Engineering and UGTR. The agreement marks a major milestone in Serbia’s commitment to meeting […]
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Gecić Law proudly presents the latest edition of our ESG Chat @ Gecić Law. In the series of interviews, we explore the integration of Environmental, Social, and Governance (ESG) principles across various areas. In this edition, we shift our focus to the remarkable work being done within the social sphere. We had the privilege of speaking, Tatjana Dražilović, Director of the Zvezda Center. In addition to this role, she leads many other social projects in Serbia. Tanja is an amazing humanitarian and a long-standing partner of our firm. She is indeed a distinguished practitioner with years of experience in supporting […]
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Gecić|Law proudly presents the latest edition of our ESG Chat @ Gecić Law series, we are focusing on the intersection of Environmental, Social, and Governance (ESG) issues in big corporations. In this interview with Tijana Koprivica, Director of Sustainable Business at Delta Holding, and Manager of the Delta Foundation we learned about the ways of introducing innovations in business that directly or indirectly impact the environment and sustainability, as well as the company’s own sustainable operations and future strategies that benefit the community. Delta Holding prioritizes ESG principles, integrating them into its business strategy for sustainable development. The company is […]
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The inaugural meeting of the informal Expert Group on the Carbon Border Adjustment Mechanism (CBAM) took place online on April 23, 2024. Hosted by the Directorate-General for Taxation and Customs Union (DG TAXUD), the meeting marked the beginning of a collaborative effort to guide the implementation of CBAM during its transitional phase and the definitive period, which is set to commence on January 1, 2026. The expert group comprises representatives from EU Member States, industry associations, NGOs, civil society, observers from third countries and international organizations. The session began with a welcome from DG TAXUD, acknowledging the participants’ commitment to […]
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The ESG Adria Summit 2024, held in Tivat, Montenegro, successfully concluded its two-day agenda, leaving attendees enriched with insights on sustainable practices and technological innovations aimed at a sustainable future. This year’s theme, “Act Now for a Sustainable Tomorrow,” underscored the urgency of adopting strategies that align with ESG principles. Day 1 Highlights: AI at the Forefront of Sustainability The summit kicked off with powerful opening remarks from local dignitaries and ESG leaders. This set the stage for a series of discussions that intertwined sustainability with pioneering technologies and policies. Sessions on renewable energy funding and sustainable urban futures ensued. […]
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After numerous delays, the European Parliament gave the green light today for the Corporate Sustainability Due Diligence Directive (CSDDD). This directive aims to hold companies accountable for any environmental or human rights violations in their supply chains. However, the final version of the CSDDD has been significantly watered down from its original proposal, much to the dismay of sustainability advocates. The CSDDD, also known as the CS3D, sets out a standard for corporate due diligence on sustainability in the EU. This primarily involves environmental and human rights concerns. Under the new rules, companies are responsible for their own actions and […]
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We are excited to announce that Gecić Law will participate in the ESG Adria Summit in Tivat, Montenegro, from April 24-26, 2024. The premier event focuses on issues of sustainable development in the region. Gecić Law distinguishes itself for its innovative leadership in ESG and sustainability matters. Notably, it was the first independent law firm in the region to establish a dedicated ESG legal practice. With its expertise in EU law, the firm also offers a unique perspective on navigating the future of sustainability. Bogdan Gecić, Founding Partner of Gecić Law, will be a featured panelist in the discussion titled […]
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In our ongoing journey to illuminate the critical significance and far-reaching impact of Environmental, Social, and Governance (ESG) principles across various industries, we proudly unveil the latest edition of our ESG Chat @ Gecić Law series of interviews. In our new installment, we are thrilled to present a compelling dialogue with Elvisa Koca, Human Resources Manager at Eurotay in Serbia. This insightful conversation takes us deep into the heart of the textile industry, offering profound insights. It chiefly delves into how ESG considerations seamlessly integrate into the sector, influencing everything from production methods to corporate ethos. Our guest has tremendous […]
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The European Union’s Corporate Sustainability Due Diligence Directive (CSDDD) has faced escalating challenges since its final draft release on January 20. Despite weeks of uncertainty and concerns over the proposal’s fate, supporters were buoyed by the European Council’s unexpected decision to schedule a vote for February 28. However, optimism quickly waned as the vote failed to garner sufficient support. This cast doubt on the CSDDD’s revival before the March 15 deadline for approval by the European Parliament. The Directive The CSDDD, also called the CS3D, aims to establish a corporate due diligence standard on sustainability issues within the EU. The […]
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Gecić Law proudly presents the latest edition of our ESG Chat @ Gecić Law series, we are focusing on the intersection of Environmental, Social, and Governance (ESG) issues within the banking and finance sector. In this interview, we delve deep into the insights and perspectives of a distinguished ESG and CSR expert in Serbia, Sonja Konakov Svirčev, Corporate Social Responsibility, Diversity and Inclusion Manager at Erste Bank Serbia. Our guest expert shares their extensive knowledge of the role and significance of social responsibility within the broader ESG framework. She also emphasizes the strategic importance of socially responsible and sustainable business […]
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In a landmark accomplishment, the collaborative efforts of Gecić Law’s ESG and EU Law teams, alongside Shibolet & Co.’s Environment, Sustainability & Climate Change team, in partnership with Sher Consulting & Training, have led to a significant milestone. This achievement marks the successful submission of the first CBAM reports from Israel in accordance with the EU’s new CBAM (Carbon Border Adjustment Mechanism) regulation. This groundbreaking collaboration supports Israeli aluminum, steel, and iron exporters, addressing the challenges of a new era in environmental accountability. Importers successfully submitted their first CBAM reports, covering the fourth quarter of 2023, by the January 31, […]
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In an era where businesses are increasingly attuned to their environmental and social footprint, the European Union has ushered in a transformative era by introducing the Corporate Sustainability Due Diligence Directive (CSDDD). Anticipated to take effect in 2024, this groundbreaking legislation is poised to reshape the landscape for companies operating within the EU and beyond its borders. At its essence, the CSDDD compels large companies to: Identify, prevent, and alleviate potential adverse impacts on human rights and the environment across their entire value chain, encompassing subsidiaries, suppliers, and downstream partners. Institute a due diligence process integrating risk assessment, grievance mechanisms, […]
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The European Union (EU) has recently made another significant advancement in its commitment to reducing carbon emissions by reaching a provisional agreement on stringent regulations to reduce emissions from trucks, buses, and trailers. These heavy-duty vehicles (HDVs) are known to be substantial contributors to harmful emissions. With the implementation of these new rules, there will be a significant shift towards cleaner and more eco-friendly transportation. What’s changing? Starting in 2030, new HDVs will have to emit 45% less carbon dioxide (CO2) compared to 2019 levels. This target becomes even more ambitious in 2035, with a 65% reduction in CO2 emissions […]
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What are Green and other related ESG corporate bonds? Green bonds, a prominent term in finance, have recently gained significant attention. These instruments, part of the broader Environmental, Social, and Governance (ESG) category, offer distinct advantages over regular bonds and play a crucial role in modern finance. Like regular bonds, ESG bonds involve loans from investors to organizations. These loans finance projects, and investors receive their principal back with interest. ESG bonds include green, social, climate, and sustainability-linked types. Green bonds, issued by public or private entities, finance environmental or climate change projects. They represent the environmental aspect of ESG. […]
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Gecić Law is pleased to announce the second edition of “ESG Chat @ Gecić Law,” an insightful series of interviews exploring the dynamic and ever-evolving world of Environmental, Social, and Governance (ESG) practices. Decarbonization and Growth In this edition, we bring you a thought-provoking discussion with Mikhail Korostikov, Senior Analyst at the Climate Bonds Initiative and a leading expert in green economics based in Serbia. The interview delves into the intricate relationship between the issue of sustainability, decarbonization and economic growth. We take a look at these phenomena from the perspective of the Western Balkans. Central to the discussion is […]
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Gecić Law is proud to announce its partnership with Women on Boards Adria (WOBA), as it becomes the newest Corporate Founding Partner of the organization. This partnership comes from our fruitful professional cooperation in EU law developments and issues of Environment, Social, and Governance (ESG). These are clearly areas where Gecić Law is at the forefront of the region’s legal profession. The latest development certainly strengthens the existing collaboration and underscores our dedication to promoting gender diversity in leadership roles. Gecić Law believes this partnership aligns perfectly with our core values and operational ethos. We have always prioritized diversity and […]
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Gecić Law is pleased to announce another practice-focused initiative on this website and our social media platforms. Welcome to “ESG Chat @ Gecić Law,” an insightful series of interviews exploring the dynamic and ever-evolving world of Environmental, Social, and Governance (ESG) practices. This series delves into the complex interplay of sustainability, corporate responsibility, and ethical governance. Leading experts, practitioners, and innovators present their views on these crucial matters. Moreover, each interview offers a unique perspective, shedding light on how ESG principles reshape industries and influence corporate strategies. From discussing regulatory challenges to highlighting successful ESG initiatives, our “ESG Chat” is […]
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Gecić Law is honored to announce that our esteemed colleague and counsel, Branko Gabrić, will share his specialist knowledge during an upcoming interactive global webinar on the European Union’s new Carbon Border Adjustment Mechanism (CBAM) regulation. The prestigious global legal network TerraLex presents the event “The Impact of the Carbon Border Adjustment Mechanism.” Branko will be in the company of illustrious speakers, including Assunção Cristas, Head of Environment at Vieira de Almeida, and Nithya Nagarajan, Partner at Husch Blackwell. The event aims to discuss the implementation of CBAM, a groundbreaking initiative by the European Union. The mechanism entered its transitional phase […]
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Bogdan Gecić, Founding Partner at Gecić Law, recently spoke to Euractiv Serbia and shared his insights on the critical changes in international trade likely to ensue as a result of the European Union’s groundbreaking Carbon Border Adjustment Mechanism (CBAM) regulation. The regulation entered its transitional phase on October 1, 2023. Moreover, Bogdan detailed the ramifications for businesses. The article is titled “CBAM: Why is It Important and What Do We Need to Know?” The article clearly explains the motivation and reasoning behind this unique regulation. With the CBAM, the EU pioneers the world’s first carbon border tax on imports into […]
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Gecić Law experts will participate in multiple sectoral training sessions on the EU’s new Carbon Border Adjustment Mechanism (CBAM) in October and November. The Ministry of Environmental Protection and the Chamber of Commerce of Serbia initiated the training program within the Swiss Program on Capacities for Trade Policies (C4TP) framework. CBAM training sessions will hence take place in several cities in Serbia during the next two months. These sessions are particularly tailored to the economic sectors affected by the CBAM regulation. First CBAM Training Session on Fertilizers On Monday, the program started its first full-day workshop at the Chamber of […]
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Bogdan Gecić, the Founding Partner of Gecić Law, recently spoke with journalist Paddy Bolton. He was thereafter quoted in a Brussels Signal article regarding the significant changes coming up with the European Union’s pioneering Carbon Border Adjustment Mechanism (CBAM) regulation. The European Union (EU) has begun a transitional phase for implementing CBAM, effective October 1. This initiative, part of the European Green Deal, aims to reduce carbon emissions by taxing carbon-intensive imports. The article discusses the possible implications of CBAM. Boston Consulting Group predicts this could increase the average car price in the EU by approximately EUR 600. This is […]
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The SEEenergy conference kicked off this morning with an exciting panel on Decarbonization in the economy. Our colleague Branko Gabrić sparked great interest as he spoke about the EU’s Carbon Border Adjustment Mechanism (CBAM). The discussion was timely as the new regulation took effect on October 1. The code will introduce significant changes, especially for a specific group of carbon-intensive industries. The energy sector is consequently among the most significantly affected. Panel Discussion on Decarbonization in Industry The distinguished panelists hailed from companies in diverse industries, including Henkel, ABB Group, Schneider Electric, Energy Net, and Viessmann. They shared their views on Decarbonization and specific […]
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From this Sunday, October 1, the European Union (EU) will start implementing the Carbon Border Adjustment Mechanism (CBAM) in its transitional phase. This regulation reflects the EU’s commitment to mitigating carbon leakage as part of the Fit for 55 Agenda. It aims to harmonize carbon costs between local and imported products. CBAM should also galvanize global industries towards adopting greener technologies. Initially, this mechanism will include cement, aluminum, steel, electricity, hydrogen, and fertilizer imports. From now on, importers must submit quarterly reports on greenhouse gas (GHG) emissions in production. Data collection starts in the last quarter of 2023, with the […]
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We are pleased to announce that Gecić Law will proudly join the sixth regional SEEenergy conference. This year’s event will take place in Novi Sad from October 2 – 3. It will explore new challenges in energy transition, including decarbonization, energy storage, and the market. At the conference, Gecić Law will share its expertise on the latest developments in EU law and their likely impact on businesses and economies of the region. EU’s Carbon Border Adjustment Mechanism (CBAM) takes effect on October 1. The regulation will introduce significant changes, especially for a specific group of carbon-intensive industries. The energy sector […]
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The European Union has formally unveiled today specific rules for importers on implementing the world’s first carbon border tax. These guidelines in the form of its Implementing Regulation were published today in the EU’s official journal, highlighting the processes to be followed by EU importers in light of the Carbon Border Adjustment Mechanism (CBAM) during its transitional phase. The Carbon Border Adjustment Mechanism is a groundbreaking initiative by the European Union. CBAM aims to level the playing field between EU producers who bear carbon pricing costs and foreign producers who don’t face these charges. It discourages businesses from seeking cheaper […]
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Bogdan Gecić, Founding Partner at Gecić Law, was featured in eKapija for his insights on the immanent and profound transformation in both environmental and international trade regimes, propelled by the European Union’s groundbreaking Carbon Border Adjustment Mechanism (CBAM) regulation. As the CBAM takes effect on October 1, 2023, Bogdan detailed his insights for eKapija. The article is titled “The Revolutionary New EU Carbon Import Tariff: What Do You Need to Know?” The article explains the motivation and reasoning behind this unique regulation. With the CBAM, the EU pioneers the world’s first carbon border tax on imports in the EU. Accordingly, […]
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Introduction The European Union has initiated the world’s first carbon border tax, known as the Carbon Border Adjustment Mechanism (CBAM), in a strategic move to tackle the mounting concerns of climate change. The CBAM is designed to level the competitive landscape, ensuring that EU companies, which are already bearing the cost of their carbon emissions, remain on equal footing with enterprises originating from nations with minimal or no carbon emission charges. While the Carbon Border Adjustment Mechanism (CBAM) stands as a significant development in the realm of climate policy, its ramifications extend beyond environmental considerations, reshaping the contours of international […]
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As we previously reported, the pivotal Energy Community Ministerial Meeting held in Tepelenë, Albania, in June signaled potential developments in green energy and decarbonization in the Western Balkans (WB). High-ranking officials, including Energy Community Contracting Parties ministers, European Commission representatives, and Energy Community Secretariat members, converged at the Informal Ministerial Council Meeting to deliberate on salient energy issues, with the centerpiece being the Energy Community Decarbonisation Roadmap, which aims to establish a regional emissions trading system (“ETS“) and set ambitious decarbonization targets. These talks hold immense importance in implementing the Carbon Border Adjustment Mechanism Regulation (“CBAM“), specifically in the electricity […]
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Winner of the UNESCO-L’Oreal scholarship for the best young scientists in 2012, Polina Blagojević, as a chemist, has a mission to discover new bioactive substances. The results of her research apply in the pharmaceutical, cosmetic, and food industries. Polina worked at the Faculty of Natural Sciences and Mathematics in Niš as part of Serbia’s youngest scientific research team and later at the University of British Columbia in Vancouver, Canada. She is currently part of the development team at Acuitas Therapeutics, whose lipid nanotechnology, among other things, enabled the Pfizer COVID-19 vaccine. Polina joined our Women in Science: Breaking Barriers and […]
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On Monday, our Founding Partner, Bogdan Gecić, participated in a webinar titled “All About CBAM, the new EU Carbon Border Tax”. This event was organized by the Israel Export Institute in collaboration with the leading Israeli law firm, Shibolet. The attendees, mainly Israeli exporters from diverse industries, had the opportunity to hear from top experts in sustainability, ESG, EU law, and international trade. They discussed how the EU’s new regulations might affect their businesses and gave recommendations on how to best prepare. Daphna Sternfeld, Deputy Director of the Israel Export Institute, offered an introduction to the topics and moderated the […]
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Gecić Law is proud to announce that it has contributed to the inaugural edition of the Terralex Cross-Border Guide to ESG and Sustainable Finance for the jurisdictions of Montenegro and Serbia. We are especially thrilled that our team was honored to contribute with its expertise and complete the section of the guide that refers to the entire EU. The guides are now live and are free to access. This confirms our team’s pioneering expertise in one of the hottest fields of law today. The EU chapter, authored by counsel Branko Gabrić and associates Nikola Ivković, Milica Novaković, Teodora Ristić, Marko […]
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Due to climate change, and the state of the world, companies are under considerable pressure from investors and customers to improve their ESG performance. While companies and governments work hard to develop and implement ESG principles, there is still much work in this field and many pieces that need to be added to build reliable ESG mechanisms. One of the most significant challenges global businesses face today is setting ESG goals and effectively monitoring and progressing toward them. The complexity and fragmentation of incoming data sources often result in incomplete analyses, inconsistent reporting, and unmet commitments. This is precisely why […]
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The Western Balkans ESG Summit, the first regional event on this hot topic, successfully concluded last week after two days of insightful discussions and informative sessions on Environmental, Social, and Governance (ESG) issues. The conference, which gathered 450 participants and 150 companies from the region, was held to promote sustainable development and drive positive change for businesses and society in the area. The Western Balkans ESG Summit brought together industry experts, business leaders, policymakers, and representatives from civil society to discuss the importance of ESG issues for the region. The event featured keynote speeches, panel discussions, and interactive workshops that […]
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The Western Balkans ESG Summit starts tomorrow! Gecić Law proudly announces its participation in the first regional event dedicated to environmental protection, social responsibility, and responsible management (ESG). The summit will be held on April 27th and 28th, 2023 in Tivat and will focus on sustainable development issues in the Western Balkans. The Western Balkans ESG Summit will bring together regional and global leaders and experts in sustainable business who will address this global paradigm shift and its impact on Southeast European markets. Gecić Law will participate in the ESG regulation panel, discussing the latest ESG regulations and their far-reaching […]
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On Tuesday, the EU Parliament unleashed a legislative game-changer in the global climate battle, adopting the world’s first carbon border tax (CBAM). The MEPs also formally adopted the deals reached with the Council in December 2022 on several other critical pieces of legislation, including the closely-related revised EU’s Emissions Trading System (“EU ETS“) and a new Social Climate Fund (“SCF“), all a vital part of the EU’s Fit for 55 package, designed to help the bloc cut greenhouse-gas emissions by 55 percent by 2030 against a 1990 baseline. The CBAM complements the EU Emissions Trading System (ETS), addressing the phenomenon of […]
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We are pleased to announce that Gecić Law will proudly join the Western Balkans ESG Summit in Tivat, the first major regional event dedicated to Environmental, Social, and Governance (ESG) topics. The summit is scheduled for April 26 – 28, 2023, and will explore ways to promote sustainable development in the Western Balkans. At the summit, Gecić Law will share its widely recognized experience in ESG and sustainability matters as the first independent law firm in the region to launch a dedicated ESG legal practice. This pioneering work and unrivaled EU law expertise offer a unique perspective, valuable in understanding […]
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Gecić Law is proud to announce that it has been recognized as a Recommended Firm in The Legal 500 Green Guide: EMEA 2023, making it one of only two firms in the Western Balkans to make the ranking. The guide recognizes law firms for contributing to the green transition by exploring their work for clients in connection with climate change mitigation and sustainability while highlighting their own internal best practices and green initiatives. Gecić Law was commended for launching its dedicated ESG practice, the region’s first by an independent law firm, and for its groundbreaking work in areas including environmental […]
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On March 22, 2023, the European Commission adopted a proposal for a new directive to prevent businesses from misleading their customers about the environmental characteristics of their products and services. The proposed Green Claims Directive (“GCD”) aims to provide consumers with valid, comparable, and verifiable information about the environmental impacts of the purchased products. The new rules will regulate various claims made by businesses regarding the environmental aspects or performance of their products or services that are not already targeted by other EU rules. GCD also regulates environmental labels, which provide information on the environmental characteristics of a product or […]
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EU and Western Balkans leaders gathered in Albania last December for the EU and Western Balkans Summit to discuss cooperation and EU perspectives of the region. The Tirana Declaration (“Declaration”) was signed between the leaders of the Western Balkans Six and the EU Member States, with representatives of the EU Council and the EU Commission. The document comprises specific initiatives to strengthen regional cooperation in parallel with the EU accession processes. One of the Declaration’s critical topics was the Western Balkans’ commitment to fully implement the Green Agenda and develop a carbon pricing policy in the context of the EU […]
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In her keynote speech at the 2023 World Economic Forum in Davos, Ursula von der Leyen, EU Commission President, outlined yesterday the main pillars of the EU’s Green Deal Industrial Plan to boost Europe’s leadership in green technology on its road to carbon neutrality. “We know we have a small window to invest in clean tech and innovation to gain leadership before the fossil fuel economy becomes obsolete,” said von der Leyen. As the plan’s regulatory pillar, she announced a new Net-zero Industry Act to support the “greatest industrial transformation of our times” and keep up with strongly incentivized programs […]
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The European Union is fast-tracking the road to a greener future as EU institutions reach provisional agreements on the Carbon Border Adjustment Mechanism (“CBAM”) and the EU Emissions Trading System (“ETS”). After round-the-clock negotiations between EU officials, the “Fit for 55” legislative package with the ultimate goal of reaching carbon neutrality by 2050 is now being finalized. What are the implications for non-EU countries? EU’s Climate Action Recognizing the threats of climate change, the European Union adopted a range of climate laws, which includes the ETS and the CBAM, as part of the revolutionary “Fit for 55” legislative package. In contrast to the […]
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The “Conference of the Parties,” known as “COP“, is an annual gathering of the nations that have ratified the United Nations Framework Convention on Climate Change (“UNFCCC“), the Kyoto Protocol, or the Paris Agreement. This year’s COP 27 is taking place in Sharm El-Sheikh, Egypt, and marks seven years since the Paris Agreement adoption at COP 21 and thirty years since UNFFCCC was adopted. The theme of this year’s COP is ‘Together for implementation ‘. COP 27 kicked off on November 8, 2022, and participants are ministers, world leaders and negotiators deciding how to combat climate change and all its effects collectively. Moreover, to […]
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Intralinks recently published a report on Environmental, Social and Governance (“ESG “), which looks at ESG and how it gained prominence in European M&A. The main idea of the report is to demonstrate ESG’s impact on the M&A decision-making processes, supported with statistics to depict the impact intensity. The Intralinks survey shows that only 3% of the survey respondents were not concerned about ESG issues during their latest M&A transaction. In comparison, 41% of respondents said that the ESG drove their last transaction, and the remaining 56% stated that the ESG was not the primary motivator for their latest deal, but they considered […]
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Our Partner and Head of Corporate M&A practice Ognjen Colić delivered an inspiring lecture about the latest in sustainable development and ESG, focusing on the EU’s Carbon Border Adjustment Mechanism (CBAM) and the practice of greenwashing in corporate non-financial reporting. Ognjen gave the attendants a comprehensive overview of these hot topics using examples and anecdotes from his rich experience in the field. The lecture was followed by a Q&A session and lively discussion on the topics. Ognjen explained the genesis of CBAM, its planned roll-out and its potential ramifications for businesses in Serbia. He also spoke about the consequences of […]
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ESG awareness is more than essential. Organizing various panel discussions on relevant topics is a must. Yet, what type of example does an event that encourages environmental sustainability set forth if they print a ton of unnecessary paper, each delegate travels to the venue with their own car or provide an all-you-can-eat buffet which leads to an embarrassing amount of food wastage. As they say, practice what you preach. Yesterday, our team Branko Gabrić, Counsel and Nikola Kovačević, Business Development Manager attended the Net 0 event in Maribor which was co-organized by the Institute of Strategic Solutions (ISR), Ministry of […]
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With ESG becoming such a hot topic and the global sustainable finance market reaching more than USD 35 trillion in value, there are expectations of further growth in this rapidly expanding sector. The growth is fuelled on one hand by greater standardization in the area in major economies, including the EU taxonomy, but also a rise in innovation and an ever-greater variety of financial products that fall within this category. Case in point, interesting news has just recently came from the sector. On August 29th, one of the biggest banks in Europe, Raiffeisen Bank International AG announced that it has […]
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Building on our CBAM series, we can now report that the CBAM was adopted by the EU Parliament (“Parliament”) on June 22, 2022. The next step is the EU Council approval (“Council”). Even though there are still some differences regarding the approach between the Parliament and the Council, it is assumed that their shared vision of the overall goals will be decisive in finding a compromise on regulation introducing CBAM. Back in 2005, the EU established the EU Emissions Trading System (“ETS”), which has since become a cornerstone of the EU’s climate change policy and its most important tool for reducing […]
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Today in Brussels, the EU parliament, EU governments and the European Commission will try to agree on uniform rules for corporate reporting on environmental, governance and social standards (ESG). This will be the last time that the lawmakers meet to confirm the new reporting rules. Pascal Durand, the lead negotiator for the European parliament, stated ahead of the meeting: “If we strike a deal tonight, the EU will set the tone of the global conversation on sustainable standards for the company of the 21st century.” This highlights the importance of the new uniform reporting rules for the companies, and as […]
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The first post-covid Global Meeting of the elite global legal alliance TerraLex was last week’s highlight as lawyers from 180 member law firms from across the globe gathered in Oslo. Delegates had the opportunity to learn, collaborate and network with their colleagues in a unique series of activities and a relaxed collegial atmosphere. The Gecić Law team took to the center stage, as for the first time the alliance built its annual meeting around a single theme, choosing one of the hottest topics in the legal world today – ESG: Environmental, Social, and Governance. The gathering took a multifaceted approach […]
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Serbian Mining and Energy Minister Zorana Mihajlovic revealed last week an aggressive national climate and energy plan that aims to increase the share of renewable energy sources (RES) fivefold to 15% by 2030, reducing dependency on coal and take Serbia into carbon-neutrality by 2050, in line with EU targets. The EUR 35bn plan focuses on solar, wind and hydropower project and is set to mark a fundamental shift that should reshape its energy sector over the coming decades. She said the new energy and mining legislation that came into effect in 2021 is historic in its focus on RES and […]
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Building on our series of CBAM articles, we report shocking news from the EU Parliament. Members of the EU Parliament (“MEPs”) unexpectedly rejected a series of legislative proposals from the “Fit for 55” legislative package, including the EU Parliament’s negotiating position on the introduction of a Carbon Border Adjustment Mechanism (“CBAM”). Back in 2005, the EU established the EU Emissions Trading System (“ETS”) which has since become a cornerstone of the EU’s climate change policy and its most important tool for reducing greenhouse gas emissions. Since its inception, the ETS is constantly being reformed which was one of the goals […]
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In anticipation of the June 7 plenary session when the European Parliament will take on the CBAM proposal, we delve into the key ideas behind and the expected game-changing impact of the regulation on international trade. In this edition of our CBAM series, find out more about how this wind of change may affect consumers, businesses and economies across the globe. Why is the EU introducing a new carbon pricing policy? As a new policy, the Carbon Border Adjustment Mechanism (“CBAM”) is being developed to work in conjunction with the EU Emission Trading System (“ETS”) – a cornerstone of the EU’s […]
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Through several moves in recent months, the U.S. Securities and Exchange Commission (“SEC”) has demonstrated its will to put its proverbial money where its mouth is when it comes to ESG. Businesses often resort to window dressing in their ESG reports to showcase a pretty picture, using appealing ESG vocabulary without actually committing to any of these goals and values, and most importantly, without any accountability for what is being reported. The SEC seems to be interested in putting an end to such attitudes. The body is increasingly showing resolve in addressing the practice of greenwashing reports and is doing […]
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What has been in the making for years now is set to become a reality very soon. The EU’s Carbon Border Adjustment Mechanism (“CBAM”) is expected to be adopted at the plenary session of the European Parliament, which will be held on June 7, 2022. The EU is finalizing its plans to introduce a charge at its border for carbon emissions associated with products sold in the EU. This is likely to mark a tectonic shift in international trade with far-reaching implications for businesses and economies around the world that rely on exporting their goods to the European Union. In […]
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Keeping up with the latest news concerning the ESG can be hard considering all the related events shaking the globe lately. However, there may be a few of us who have not heard of Elon Musk’s outburst last week about ESG being “an outrageous scam” after Tesla was dropped from the S&P 500 ESG Index. Why is this news important? Let’s start from the beginning. When investors began considering aspects other than profit in their investments, that was the turning point for many corporations. The launch of the S&P 500 ESG Index meant an evolution in (sustainable) investments, addressing the […]
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Leading economic minds are highlighting climate change as one of the most threatening factors to today’s relative economic prosperity. Although environmental policies have been in place for a long time, they appear to have had little impact in practice. The lack of clear definition and specific rules in the field may be an important factor, as this has been a cause of much concern and given raise to questionable practices, including the growing phenomenon of greenwashing – a deceptive method of marketing in which a product, good, or service is presented to appear to follow environmental protection principles intended to […]
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It looks like ESG is taking another interesting turn in the corporate world. Topics like ESG reporting are already standard, and governments worldwide are working hard on ESG reporting rules. Companies have recognized how important it is for their businesses to wear a shiny green badge, so international companies are competing in how to best demonstrate their green agendas. There is, however, a new initiative that gives rise to the development of “green management”. Companies are increasingly linking the compensation packages of their executives to their performance on ESG principles. In short, large multinationals are now including ESG criteria in […]
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The Committee on the Environment, Public Health, and Food Safety (“ENVI”) decided on Wednesday to accelerate the shift to electric vehicles in Europe to reach increased climate ambitions. In July 2021, as part of the ‘’Fit for 55’’ package, the European Commission (‘’Commission’’) decided to propose an amendment to the Regulation 2019/631 to strengthen the CO2 emission performance standards for new passenger cars and new light commercial vehicles in line with the Union’s increased climate ambition. Currently, carmakers need to ensure that their average fleet of new cars emits no more than 95 grams of C02 a kilometer. Lawmakers have […]
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Today is Earth Day, a global celebration held on April 22 every year to show support for environmental protection. It began on April 22, 1970, and has since grown to include a diverse range of events coordinated globally, involving over a billion people in over 193 nations. On Earth Day 2016, the United States, the United Kingdom, China, and 120 other countries signed the historic Paris Agreement. To mark this important day, Gecić Law is bringing you a special Insights Report dedicated to the European Union’s legislative journey toward a carbon-neutral continent. In July 2021, the European Commission (“EC“) adopted […]
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Dow Jones, the eminent global financial news and data provider, recently launched its sustainability data set for asset managers. The purpose of the launch is to help the financial community to understand the impact of a company’s Environmental, Social and Governance (‘’ESG’’) practices. The data set shows sustainability scores for more than 6,000 publicly traded companies and includes Industry, Category and Country Scoring. As part of its methodology, Dow Jones uses a proprietary model which captures a large amount of information about environmental, social and governance elements of the ESG concept. The information is intended to help investors build their […]
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As the focus on environmental, social, and governance considerations is becoming increasingly essential, and billions of dollars are invested in sustainable projects, the leading global rating agencies have incorporated these factors into their methodologies. Due to greater sensitivity to these topics and increasing client demand, as investors now must have a clear view of ESG aspects of potential investments, credit rating agencies have found distinct methods of assessing the impact in the past several years. They have since gradually expanded the scope and scale of their analysis in this area to include a broader array of sectors and entities. To […]
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Football fans around the world know which football clubs are in the top divisions in their respective leagues but do they know which football clubs are in the Environment, Social, Governance (‘’ESG’’) top division? ESG has become increasingly important for every industry in the world, so it comes as no surprise that ‘’the most important secondary thing in the world’’ is also largely influenced by ESG. Clubs have adopted ESG strategies in their businesses to show their commitment to sustainability within their communities. Football clubs have large profits. Meanwhile, ESG is financial in its essence. The concept underlines that responsible […]
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’’Good corporate governance, it’s about being proper and prosper.” Toba Beta Environmental, social and governance (ESG) factors are increasingly being used by investors looking to assess the sustainability and risk profile of companies. Governments worldwide are taking part in this ESG focus, with new legislation being introduced to build the foundations and provide a legal basis to ESG. We have already written about the importance of ESG when assessing the market performance of a company which is supported by a growing number of research and data analyses. In previous articles, we have covered the “E” and “S”, with the letter […]
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On June 1st 2021, the new Gender Equality Act (the “Act”) entered into force and Serbia finally has a modern act to address this issue. The Act regulates the concept, meaning and policy measures for achieving and promoting gender equality, as well as measures for combating and preventing all forms of gender-based violence, violence against women and domestic violence. We emphasize that discrimination based on sex and gender was prohibited even before the entry into force of this Act. The Act confirms the current principles of equality of employees in employment rights and the prohibition of discriminatory behaviour of employers, […]
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Our founder and partner Bogdan Gecić spoke with the regional publication The Adriatic, an English-language publication by the Institute for Strategic Solutions (Inštitut za strateške rešitve) in Ljubljana. It features fundamental business and geopolitical issues of importance for the region of Southeast Europe. The interview was published in the February issue. Bogdan spoke about the Gecić Law’s achievements and its strengths when advising diverse entities in the SEE region. He singled out innovation as the key ingredient to the firm’s success and the decision to expand into new practice areas such as ESG, one of the most pressing issues of […]
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Our Founding Partner Bogdan Gecić and Partner | Head of Corporate/M&A Ognjen Colić spoke with the Managing Editor of the preeminent regional legal publication CEE Legal Matters which invited Gecić Law as a leading regional law firm to take part in its featured interview published in the December edition dedicated to the Western Balkans. They talked about the importance of ESG in the region, the firm’s new practice area and its unique approach to advising clients in the field. Gecić Law recently became the first independent law firm in the region to expand into the area of Environmental, Social & […]
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“Business, after all, is nothing more than a bunch of human relationships.” Lee Iacocca Whenever people talk about Environmental, Social & Governance (’’ESG’’), the environmental part always seems to draw all the attention. The importance of the “S” element is often neglected. However, it looks like COVID-19 along with the Great Resignation phenomenon have changed that, making social issues increasingly relevant. The “S” stands for the social part of the ESG concept and simply put, it deals with businesses’ relations with employees, suppliers, customers, and communities in which it operates. Basically, the “S” is all about the way businesses treat […]
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Environmental awareness has been a pressing topic for decades. In the past, international treaties were signed to put words into action. One of these key treaties was the 1997 Kyoto Protocol. The reasoning behind this protocol was evident; countries needed to reduce greenhouse gas emissions (“GHG”). Back in 2008, Serbia had ratified this agreement and prescribed mandatory targets for the reduction of harmful emissions in the period between 2008-2012. The Amendment from Doha confirmed the second binding period of the Kyoto Protocol, between 2013-2020, including new obligations in GHG emissions reduction. However, perhaps the most crucial treaty was the Paris […]
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Cluster 4 on the Green Agenda and Sustainable Connectivity was formally opened at an Intergovernmental conference on Tuesday, in Brussels, covering four negotiating chapters. Earlier this year, and in order to make the accession process more efficient, the Commission proposed and the EU Council agreed to implement the revised Enlargement Methodology, according to which negotiating chapters are organized in thematic clusters. Clusters were envisaged as a means to ensure stronger progress monitoring and accelerated integration. The Green Agenda and Sustainable Connectivity cluster encompass Chapter 14 on Transport Policy, Chapter 15 on Energy, Chapter 21 on Trans-European Networks and Chapter 27 […]
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“The Earth is what we all have in common.” —Wendell Berry Environmental Social and Governance (“ESG”) are the three main elements that companies increasingly consider when deciding whether to cooperate with or invest in a company. It is also a term used in capital markets when assessing corporate behavior and a method of linking the performance in these three areas with the – future financial performance of corporations. The term is sometimes referred to as sustainable investing, responsible investing, impact investing, or socially responsible investing. Nevertheless, once enough data has been obtained, they are integrated into the investment process […]
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Gecić Law’s sustainability experts took part in two sessions at this fall’s CSR Forum organized by the Responsible Business Forum and Smart Kolektiv. Gecić Law and the Responsible Business Forum hosted a panel on responsible business practices on November 22. The event was held as part of the CSR Forum and was titled “Strategies for Sustainability – from CSR to ESG policies.” Our Partner and Head of Corporate / M&A Ognjen Colić moderated the panel. Meanwhile, speakers at the event were Erste Bank Senior Expert for Corporate Social Responsibility Sonja Konakov Sirčev, Nelt Operations Manager Milenko Ribić, Lidl Serbia CSR […]
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Gecić Law is pleased to announce that we have opened the application process for the Taboroši Scholarship for the fifth consecutive year. About the Scholarship The Taboroši Scholarship was established in memory of Professor Svetislav Taboroši, by family members and former students who have been inspired by the professor’s work and dedication to academic research and innovative problem-solving in the practice of business law. A brilliant teacher and scholar, Professor Taboroši strived to educate his students on the most recent trends in legal academic thinking and the importance of critical thinking in academic and professional analysis of international law & […]
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Multinational entities and governments are pushing for more action regarding Environmental, Social and Governance (ESG) issues. As a result, enterprises increasingly integrate the ever-changing social and environmental factors into their business strategies. The concept of business success has changed and so must the actions they take. But what exactly is ESG? ESG is a set of standards to guide corporate policies to ensure sustainable development in the fields of environment, social and corporate governance. How Did We Get to ESG? Only twenty years ago, if one would ask a group of individuals with a business background about the main objective […]
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Gecić Law is pleased to announce that we have become the first independent law firm in the region to expand into the sphere of Environmental, Social & Governance (ESG) by launching a new practice that will focus on the needs of businesses in this increasingly prominent area. The practice will be co-headed by Partner | Head of Corporate/M&A Ognjen Colić and Head of Operations Hristina Kosec. The formal development of the ESG practice is a natural expansion of our corporate law activities and complements existing practices at Gecić Law. Our firm’s multijurisdictional, holistic, and cross-disciplinary approach will be coupled with […]
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We are immensely pleased to announce that our own Ognjen Colić was elected partner at Gecić Law. This is a greatly important milestone marking five years of continued successes. Ognjen’s independent practice joined Gecić Law in 2016, complementing its corporate arm and contributing to the strengthening of common values. Ognjen has since headed our Corporate/M&A, Labor and Energy, Infrastructure & PPP practices, taken them from strength to strength and will continue driving their growth as a partner. Ognjen’s career path has been remarkable, with more than fifteen years of professional experience across the Western Balkans (Bosnia & Herzegovina, Montenegro, North […]
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It is almost impossible to remain unfazed by the increasing detriments of global warming. To make matters worse – the worst is yet to come, and we can only mitigate the unavoidable consequences. To this end, the European Union (“EU”) has sought to develop a strategy for combating climate change and global warming. The children of this effort are several significant legal acts. As part of the “Fit for 55” initiative, the EU wants to reduce net greenhouse emissions by 55% by 2030. So, here’s where we get to the hydrogen economy. The global economy is currently based on hydrocarbons […]
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