The European Parliament and Council have reached today a provisional agreement to simplify the EU’s Carbon Border Adjustment Mechanism (CBAM). The EU aims to ease administrative burdens while keeping its environmental impact intact. The reform is part of the broader “Omnibus I” legislative package, introduced on 26 February 2025, aimed at making EU laws more business-friendly, especially for small and medium-sized enterprises (SMEs). This reform further aligns with broader EU goals to boost global competitiveness, as outlined in the Commission’s “Competitiveness Compass”, and to reduce administrative burdens by 25% for all companies and 35% for SMEs. A New De Minimis […]
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The European automotive industry, a cornerstone of the continent’s economy, is currently navigating a transformative period. This era is marked by technological advancements, environmental imperatives, and intensifying global competition. To address these challenges and ensure the sector’s continued vitality, the European Commission has recently introduced a comprehensive Automotive Industrial Action Plan, focusing on innovation, clean mobility, supply chain resilience, and workforce development. Innovation and Technological Advancement Central to the action plan is the establishment of the European Connected and Autonomous Vehicle Alliance. This initiative aims to foster collaboration among industry stakeholders to develop shared software and semiconductor technologies. It also […]
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The European Commission has introduced a new legislative package aimed at simplifying sustainability and investment regulations. In the latest Competitiveness Compass we recently covered, the Commission outlined its strategy to enhance the EU’s economic prosperity and competitiveness. Known as Omnibus I and Omnibus II, these reforms are designed to cut administrative burdens, enhance business competitiveness, and maintain the EU’s commitment to sustainability goals. The key areas affected include the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), the Carbon Border Adjustment Mechanism (CBAM), and the InvestEU Regulation. By streamlining compliance, the EU hopes to make regulatory […]
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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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According to the January 2022 Development Agency of Serbia report, the agricultural sector recorded a significant inflow of foreign investments indicating that Serbia is fertile ground for investment in agriculture. The industry showed remarkable resilience during the crisis caused by the COVID-19 pandemic, when many countries faced food shortages. Meanwhile, during this period (January to November 2021), cereals, cereal-based products, fruits, and vegetables were among the most crucial Serbian export products. Serbia has a long-standing agricultural tradition and optimal conditions for the development of this sector. Its land is fertile, the climate is optimal, and there is excellent potential for […]
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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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On December 9, 2021, the European Commission (’’Commission’’) approved Croatian State aid in the amount of EUR 783 million to support the production of electricity from renewable energy sources as part of the European Union’s endeavors to meet the climate and energy objectives set by the Communication ‘A policy framework for climate and energy in the period from 2020 to 2030’. The Croatian scheme will be open until 2023 and will be paid out to the selected beneficiaries for a period of 12 years. The Commission assessed this scheme under the 2014 Guidelines on State aid for environmental protection and […]
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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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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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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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