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ESG
Get an overview of our legal expertise in relation to environmental, social and governance.
Our CEE-wide expertise across several legal areas and industries allows our teams to advise on all environmental, social and governance related questions and challenges. Over the past years, our experts have been guiding clients on an increasing number of ESG-related matters, litigations and transactions, with a particularly strong focus on energy, environment, (social) infrastructure and public law, corporate governance (including stakeholder activism), CSR, finance and regulatory issues, including advertising clearance and litigation as well as registration and enforcement of certification marks.
Historically, Schoenherr has been involved in the development and implementation of much of Europe's most impactful energy market and climate protection legislation. Similarly, we are actively involved in many governance-related initiatives, spanning legislation drafting, education initiatives and supporting best practices. The firm has supported ESG strategies throughout the CEE region by providing innovative legislative and regulatory solutions for governments and sub-nationals.
We are well-known for advising:
- governments, national regulators and other governmental institutions on environmental law and energy sector reform, green energy transition strategies, green policy design and the enhancement of environmental and energy regulations in light of the ongoing challenges of climate protection;
- on a wide range of international and domestic energy matters, including energy transition projects (primarily renewable projects), "green" transactions and large development projects;
- on innovative projects such as "floating" solar plants, geothermal projects, electrolysers for the production of green hydrogen;
- clients on innovative waste management strategies aimed at preventing, mitigating and recycling operational waste flows;
- stakeholder associations (such as chambers of commerce) on the improvement of environmental and energy efficiency legislation;
- domestic and international clients on compliance with environmental law and ESG requirements;
- clients on "green" public procurement and financing (e.g. issuance of green bonds or venture capital investments in ESG-focused startups);
- governments, national regulators, stock exchanges, professional organizations and clients on drafting legislation, identifying/defining best practices and training initiatives in the corporate governance area;
- certification bodies and agencies in obtaining protection for and enforcing certification marks; and
- clients on clearance of sustainability advertising claims, including representation in misleading advertising litigation.
ESG deal news selection
press release
Austria: Schoenherr advises Wienerberger on the successful issue of EUR 350m Sustainability-Linked Bonds
Schoenherr advised Wienerberger AG as issuer's counsel in connection with the successful, oversubscribed issue of EUR 350,000,000 4.875 % Sustainability-Linked Bonds 2023-2028. The bond is the first sustainability-linked-bond with a KPI-link by an Austrian issuer placed among international institutional investors as well as Austrian retail investors.
press release
Austria: Schoenherr advises ARA on cooperation agreement for construction of sorting plant with Der Grüne Punkt and Bernegger GmbH
Schoenherr advised Altstoff Recycling Austria AG (ARA) on the negotiation and conclusion of a cooperation agreement for the construction of a new high-performance high-tech sorting plant in Upper Austria with DSD - Duales System Deutschland (Der Grüne Punkt) and Bernegger GmbH.
press release
Romania: Schoenherr advises Samsung C&T Corporation on sale of 45 MW solar PV park to GreenVolt
Schoenherr Romania advised Samsung C&T Corporation on the sale of its participation in LJG Green Source Energy Alpha, a solar photovoltaic ("PV") project with an installed capacity of 45 MW, located in Giurgiu county. The solar PV park was sold to Greenvolt – Energias Renováveis ("GreenVolt") through its subsidiaries V-Ridium Solar 45 and V-Ridium Renewables.
press release
Bulgaria: Schoenherr advises RGREEN INVEST on unique EUR 15m green bond to finance photovoltaic plant in Bulgaria
Schoenherr advised RGreen Invest, a French management company representing a fund for green energy projects, on a EUR 15m bond to finance the construction of a photovoltaic plant near the town of Razlog in southwestern Bulgaria, as well as on a standard security package for it. The bond's issuer is a member of the Renalfa group, a leading Bulgarian clean energy and e-mobility provider with a focus on renewable energy generation assets.
press release
Austria: Schoenherr advises e-mobility start-up Easelink on EUR 8.3m financing round (Series A)
Schoenherr advised the Austrian high-tech company Easelink, a provider of automated electric vehicle charging solutions, on its EUR 8.3m Series A financing round.
press release
Croatia: Schoenherr advises Mirova and RP Global on sale and refinancing of onshore wind farms in Croatia
Schoenherr advised Mirova and RP Global on the sale of two onshore wind farms in Dalmatia, Danilo (44MW) and Rudine (34MW), to Professio Energia d.d. (DLPR, Zagreb Stock Exchange).
press release
Austria: Schoenherr advises UNIQA on successful issue of new EUR 375m green tier 2 notes and notes repurchase
press release
17 August 2021
A.Doytchinova K.Kaloyanova-Toshkova S.Tsekova M.Gabrovska D.Kairakov G.Roussinova-Ivanova D.Vlaevsky E.Todorova G.Petkova
Bulgaria: Schoenherr advises MET Group on the acquisition of a 60 MW operational wind park in Western Bulgaria
press release
Schoenherr registers first ever certification mark for Styria vitalis' "Grüner Teller"
Schoenherr advised the Styrian association Styria vitalis on the registration of its quality seal "Grüner Teller", Austria's first registered certification mark.
more
local ESG updates
Find more local legal updates and information in our country-specific ESG pages:
international conference
Schoenherr CEE Compass: Going green
Annual International Conference | Schoenherr CEE Compass | Warsaw, 16 May 2024
Our experts from various legal areas not only advise on ESG-related matters, but also publish articles on new developments and sum up what that could mean for businesses.
Here you can find our latest ESG-related legal updates: publications, press releases about matters we advised on, newsletters on legal developments and more.
Do you have questions? Contact our ESG task force!
guide
Legal Overview of Renewable Energy in CEE
Developments at EU level - e.g. the European Climate Change Act, the European Green Deal, the REPowerEU Plan, and the Renewable Energy Directive II - will certainly result in a further immediate (and mid-term) boost for development of renewable energy projects and related financing in the CEE region. Take a look at our guide to get an CEE overview.
all (100)
blog (2)
newsletters (27)
publications (14)
media coverage (1)
events (7)
press releases (16)
roadmap (33)
newsletter
The National Bank of Hungary's new ESG guideline: a brief overview
The National Bank of Hungary (NBH) introduced a new guideline No. NBH's 9/2024, also known as the ESG (Environmental, Social and Governance) Guideline. This initiative aims to help financial institutions incorporate sustainability considerations into their risk management processes. The Guideline seeks to standardise the collection and assessment of ESG information, thereby enhancing predictability in legal compliance and reducing administrative burdens for businesses applying for credit.
publication
CZ: Schoenherr Journal Edition 16
The Schoenherr Journal, published by Schoenherr's Prague office, looks at significant new legal developments in the Czech Republic.
press release
Austria: Schoenherr advises bookrunners on successful issuance of EUR 500m green bonds by VERBUND
Schoenherr advised Barclays and J.P. Morgan in their capacities as joint ESG structuring agents and joint bookrunners, as well as BofA Securities, Raiffeisen Bank International and Santander Corporate & Investment Banking as joint bookrunners, on the Austrian law aspects of the successful issuance of EUR 500 million 3.250 per cent. Green Bonds due 2031 by VERBUND AG ("VERBUND").
newsletter
Serbia: CBAM Regulation and its effect on Balkan companies in iron and steel, cement, fertilisers, aluminium, hydrogen and electricity sectors
What is the CBAM?
The EU Carbon Border Adjustment Mechanism (the "CBAM") was established by the CBAM Regulation (EU) 2023/956 (the "CBAM Regulation"), which came into force in May 2023. It is a carbon tariff system introduced as part of the EU's goal to reduce greenhouse emissions by at least 55 % by 2030.
newsletter
Austria: UPDATE Erneuerbares-Gas-Gesetz (EGG)
Der Ministerrat hat sich zu einer Regierungsvorlage zum EGG durchgerungen. Dadurch rückt die Phase eines Investitionsbooms für Biomethananlagen in Österreich ein Stück näher. Österreich muss den Anteil erneuerbarer Gase bis 2030 schrittweise um den Faktor 50(!) erhöhen! Eine Herkulesaufgabe. Gegenüber dem Begutachtungsentwurf gibt es weitgehende Änderungen (ua einen neuen Fördermechanismus für Gasversorger).
press release
Hungary/Romania: Schoenherr advises Enery on sealing 10-year solar VPPA with Dreher Breweries
Schoenherr advised Enery, one of the leading players in the renewable energy sector in Central and Eastern Europe, on signing a 10-year virtual cross-border power purchase agreement (VPPA) with Dreher Breweries (Dreher Sörgyárak Zrt.), part of Asahi Europe & International. The agreement aims to provide green energy and guarantees of origin for the production at Dreher Breweries' facilities in Hungary.
roadmap
Austria's sustainability-linked bond market: a snapshot
In 2023 we advised a client in connection with the issuance of the first sustainability-linked bond by an Austrian corporation placed among international institutional investors as well as Austrian retail investors. Its main feature is that the coupon for the last year of the term will increase if one or both predefined step-up events linked to the issuer's sustainability targets occur.
roadmap
Sustainability-linked loans and green finance developments in Poland
Greater interest in ESG and the energy transition may be observed recently throughout Europe, especially after the COVID-19 pandemic and the Russian aggression against Ukraine. The green energy transition has become not only a matter of climate protection but also of domestic security. As banks are one of the most important sources of external financing, they play a significant role in the transformation to a sustainable economy and can contribute towards mitigating adverse effects on the environment and society by key players in the global economy.
roadmap
Corporate sustainability in Austria: navigating new reporting obligations
The Corporate Sustainability Reporting Directive (CSRD) marks a new chapter in transparency requirements for European companies. From next year, the number of companies required to report on their sustainability performance will gradually expand. This reporting obligation extends beyond sustainability matters, however, as it covers a wide variety of ESG topics.
roadmap
Preparing for the Corporate Sustainability Due Diligence Directive
In the anticipation of the Corporate Sustainability Due Diligence Directive and the greater emphasis buyers will put on due diligence of processes and evaluation of risks, sellers and targets should take a proactive approach in demonstrating their readiness to deal with the new ESG requirements.
roadmap
Unpacking the EU Nature Restoration Law
The draft of the Nature Restoration Law (NRL) unveiled by the EU Commission in 2022 and narrowly approved by the EU Parliament in July 2023, has been met with both enthusiasm and controversy. It sets lofty objectives for the Member States to restore ecosystems, supporting the unionwide and long-term sustainable recovery of biodiversity and nature's resilience. To achieve this, the NRL aims to establish binding restoration targets and obligations for various ecosystems. By 2030, these measures should cover at least 20 % of the Union's land and sea areas and extend to all ecosystems "requiring restoration" by 2050. To meet these goals, Member States must create and implement "restoration plans".
roadmap
Supply chain compliance: a win for ESG sustainability or just more red tape?
2023 began with further compliance challenges. Large German companies must adhere to the due diligence requirements of the new German Supply Chain Act, which aims to foster human rights and environmental standards. In parallel, the European legal initiative for a Corporate Sustainability Due Diligence Directive on due diligence in supply chains is progressing. A worldwide movement to hold companies responsible for activity across their supply chains is accelerating, ushering in a new era of ESG compliance for companies and their advisors.
roadmap
Parametric insurance: a newcomer but no longer a niche product
Parametric insurance has become increasingly important due to extreme weather situations, the COVID-19 pandemic or the rise of cloud-based applications. Since the insurance industry has greatly expanded its know-how in the field of data analytics, data reporting and modelling techniques, parametric insurance is no longer a niche product.
roadmap
Climate change knows no borders. But what about greenwashing?
As we wrote in last year's edition, sustainability claims are "trendy but tricky", at least from the perspective of advertisers: On the one hand, there is social and economic pressure to offer green, sustainable, climate-friendly or even CO2-neutral products and services. On the other hand, one should avoid not only the accusation but also the legal consequences of engaging in greenwashing, i.e. misleading environmental advertising. This year, our slogan needs the following update: "Sustainability claims: trendy, tricky and soon to be expensive", as the EU Commission's latest proposal for a Directive on Green Claims foresees a strict regulation of environmental claims and labels.
roadmap
Upgrading to a smart city: adopting the Urbanism Code
The smart city concept has been a topic of much debate and several legal instruments, such as the New Leipzig Charter or the Pact of Amsterdam. Nevertheless, robust legal support from the Romanian government is needed to transpose the European decisions and to narrow the gap between innovative ideas and their implementation.
press release
Austria/Romania: Schoenherr advises Kommunalkredit on financing construction of solar power plants in Romania
Schoenherr advised Kommunalkredit Austria AG ("Kommunalkredit") on granting a EUR 25m loan to INVL Renewable Energy Fund I ("INVL") to finance the construction of solar power plants with a total capacity of 51 MW in Romania. This is the first Romanian project in INVL's pipeline to reach the ready-to-build phase.
newsletter
Have ESG ratings hit the Polish market?
ESG ratings are all the rage these days, especially in the Polish banking sector. But there is still no one-size-fits-all methodology supervised by, for example, the European Banking Association. Instead, multiple rating institutions such as MSCI, Morningstar Sustainalytics, S&P Global and Sustainable Fitch, assess companies on their environmental, corporate governance and social attributes.
press release
Austria: Schoenherr advises Wienerberger on the successful issue of EUR 350m Sustainability-Linked Bonds
Schoenherr advised Wienerberger AG as issuer's counsel in connection with the successful, oversubscribed issue of EUR 350,000,000 4.875 % Sustainability-Linked Bonds 2023-2028. The bond is the first sustainability-linked-bond with a KPI-link by an Austrian issuer placed among international institutional investors as well as Austrian retail investors.
newsletter
EU Parliament approves new Emissions Trading System
On 18 April 2023, the EU Parliament approved the provisional political plan to reduce CO2 emissions in the EU agreed on by the Council and the European Parliament on 18 December 2022.
newsletter
Erneuerbares-Gas-Gesetz (EGG) mit Déjà vu: Die Strafzahlung für Gasversorger und die daran anknüpfende Frage der Weiterverrechnung an Endkunden!
Am 15.02.2023 wurde der Begutachtungsentwurf zum Bundesgesetz über die Einführung einer Versorgerverpflichtung für Gas aus erneuerbaren Quellen veröffentlicht ("Erneuerbares-Gas-Gesetz-Entwurf" – "EGG-Entwurf"). Der EGG-Entwurf sieht die Verpflichtung von Gasversorgern vor, einen bestimmten Anteil der von ihnen verkauften Gasmengen durch erneuerbare Gase zu ersetzen. Kommen Gasversorger dieser Verpflichtung nicht nach, drohen Strafzahlungen in Form eines Ausgleichsbetrags, der von der Regulierungsbehörde (E-Control) durch Bescheid vorgeschrieben wird. Die Strafzahlungen könnten nicht nur Versorger, sondern letztlich auch deren Endkunden zu spüren bekommen.
roadmap
ESG labels protected as certification marks: five years of practice with this new kind of trademark
roadmap
Management of limited liability companies under the microscope: director, employee or all of the above?
roadmap
Photovoltaics: the green energy source. Austrian tax aspects to consider when implementing photovoltaic systems
publication
to the point: Finance | Q4 2022
Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!
publication
International Comparative Legal Guide - Renewable Energy 2023
The International Comparative Legal Guides provide current and practical comparative legal information on a range of practice areas, following a Q&A format to ensure thorough coverage of each topic within different legal systems worldwide.
publication
13 September 2022
austria poland slovenia belgium / EU
M.Ebner V.Carranza-Berg P.Feyl W.Kapica M.Nusser M.Schmiedinger V.Kobe
to the point: Finance | Q3 2022
Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!
press release
Austria/CEE: Schoenherr advises on the sale of significant parts of Kontron Group’s IT services business in eleven countries for EUR 400m
Schoenherr advised stock exchange listed technology group Kontron AG (formerly S&T AG) on the sale of significant parts of Kontron Group’s IT services business to VINCI Energies S.A. in the course of a competitive auction process for a purchase price of approx. EUR 400m.
press release
Austria: Schoenherr advises ARA on cooperation agreement for construction of sorting plant with Der Grüne Punkt and Bernegger GmbH
Schoenherr advised Altstoff Recycling Austria AG (ARA) on the negotiation and conclusion of a cooperation agreement for the construction of a new high-performance high-tech sorting plant in Upper Austria with DSD - Duales System Deutschland (Der Grüne Punkt) and Bernegger GmbH.
press release
Romania: Schoenherr advises Samsung C&T Corporation on sale of 45 MW solar PV park to GreenVolt
Schoenherr Romania advised Samsung C&T Corporation on the sale of its participation in LJG Green Source Energy Alpha, a solar photovoltaic ("PV") project with an installed capacity of 45 MW, located in Giurgiu county. The solar PV park was sold to Greenvolt – Energias Renováveis ("GreenVolt") through its subsidiaries V-Ridium Solar 45 and V-Ridium Renewables.
newsletter
Nachhaltigkeit beim Vertrieb von Versicherungsprodukten
Rechtliche Konsequenzen der nicht (vollständigen) Abfrage von Kundenpräferenzen
newsletter
Romania launches new renewables support scheme for wind and solar projects. Over EUR 450m up for grabs
publication
to the point: Finance | Q1 2022
Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!
newsletter
Weiterer Meilenstein am Weg zu 100% Ökostrom bis 2030: EAG-Investitionszuschüsseverordnung Strom in Begutachtung geschickt
press release
Bulgaria: Schoenherr advises RGREEN INVEST on unique EUR 15m green bond to finance photovoltaic plant in Bulgaria
Schoenherr advised RGreen Invest, a French management company representing a fund for green energy projects, on a EUR 15m bond to finance the construction of a photovoltaic plant near the town of Razlog in southwestern Bulgaria, as well as on a standard security package for it. The bond's issuer is a member of the Renalfa group, a leading Bulgarian clean energy and e-mobility provider with a focus on renewable energy generation assets.
press release
Austria: Schoenherr advises e-mobility start-up Easelink on EUR 8.3m financing round (Series A)
Schoenherr advised the Austrian high-tech company Easelink, a provider of automated electric vehicle charging solutions, on its EUR 8.3m Series A financing round.
press release
Croatia: Schoenherr advises Mirova and RP Global on sale and refinancing of onshore wind farms in Croatia
Schoenherr advised Mirova and RP Global on the sale of two onshore wind farms in Dalmatia, Danilo (44MW) and Rudine (34MW), to Professio Energia d.d. (DLPR, Zagreb Stock Exchange).
newsletter
Bulgaria (Energy): Record high electricity prices lead to zero premium for RES producers and moratorium on the regulated market
press release
Austria: Schoenherr advises UNIQA on successful issue of new EUR 375m green tier 2 notes and notes repurchase
press release
17 August 2021
A.Doytchinova K.Kaloyanova-Toshkova S.Tsekova M.Gabrovska D.Kairakov G.Roussinova-Ivanova D.Vlaevsky E.Todorova G.Petkova
Bulgaria: Schoenherr advises MET Group on the acquisition of a 60 MW operational wind park in Western Bulgaria
press release
Romania: Schoenherr advises Nofar Energy on the acquisition of a 153 MW photovoltaic park under development in Romania
press release
Austria: Schoenherr advises Joint Lead Managers on issue of EUR 250m green mortgage covered bonds by Oberbank AG
Schoenherr advised the Joint Lead Managers Crédit Agricole Corporate and Investment Bank, DekaBank, Erste Group and Raiffeisen Bank International on the successful green mortgage covered bank bond issue by Oberbank AG.
press release
Romania: Schoenherr advises ENGIE Romania on the acquisition of an operational PV park
Schoenherr Romania advised ENGIE Romania ("ENGIE") on the acquisition of a fully operational photovoltaic ("PV") project with an installed capacity of 5.46 megawatt (MW), located in Teleorman county, Romania from two German investors.
Schoenherr's ESG task force is made up of experienced experts in various legal areas and industries across the CEE region. The team advises on all environmental, social and governance-related questions and challenges.
If you have any questions about ESG, please contact our ESG task force!
Austria and CEE
Christoph
Moser
Partner
austria vienna
Czech Republic
Jan
Kupčík
Attorney at Law
czech republic
Michal
Jendželovský
Counsel
czech republic
Monika
Voldánová
Attorney at Law
czech republic
Kristýna
Tupá
Attorney at Law
czech republic
Balkan team
Croatia
Ana Mihaljević, attorney at law in cooperation with Schoenherr
Serbia
Srđana Petronijević, partner
Nina Rasljanin, attorney at law
North Macedonia
Filip Zafirovski, associate
Bosnia & Herzegowina
Minela Sehovic, attorney at law