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, 2024 deadline. The firms will now be able to offer regular quarterly reports, with a significant shift to start in January 2026. From then on, payments for actual greenhouse gas emissions of imported goods into Europe will begin.
Bogdan Gecić, founding partner at Gecić Law, said: “I am immensely proud of our team’s dedication and expertise. Above all, their work has been instrumental in this tremendous achievement. This result underscores our commitment to pioneering solutions for complex, multijurisdictional challenges. It is also a testament to the fantastic collaboration with our esteemed colleagues in Israel. This speaks of our joint dedication to helping our clients’ businesses navigate this complex new regulation.”
This achievement represents a significant step for the clients involved. It is also a pioneering move in multijurisdictional cooperation in addressing the requirements of this regulation with global ramifications. Therefore, congratulations go to team members Galit Ofer, Tali Rodkov, Leeshai Koren, Branko Gabrić, Vasilije Bošković, and Nikola Ivković for their expertise and commitment to this project.
Gecić Law celebrates this achievement as a legal milestone and a leap toward international collaboration in a new era for international trade. Gecić Law and Shibolet & Co. are proud members of the elite global legal alliance Terralex.
