ESG & Sustainability

Notable matters DGKV’s ESG team has worked on include:

Sustainability Assessment and Reporting:

• Amazon on Bulgarian legal requirements relating to ESG reporting, including identification of country-specific requirements compared to the reporting requirements set out in the applicable European directives, type of entities that are captured by the ESG reporting requirements, format for reporting, information that should be disclosed, consequences for non-compliance, enforcement of legal requirements, etc.
• IT Group from the Czech Republic regarding the status of transposition in the Bulgarian legislation of CSRD. The focus was on type of ESG reporting obligations which would arise for the client’s Bulgarian subsidiary after transposition of the CSRD through adoption of the draft bill for amending and supplementing the Law on Accounting.

Sustainable Finance:

• Lion’s Head Investments AD (LHI) on two related financing transactions with IFC, supported by a sustainability-linked financing package of €150m from IFC’s own account as well as from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program.

CO₂ Emission Allowances:

• EBRD's special counsel in Bulgaria in a series of purchases of CO₂ emission allowances transactions arising from projects financed or to be financed by the bank as part of its investment activities.
• Mitsubishi UFJ Securities International on trading of CO₂ emission allowances.
• Vitol on trading of CO₂ emission allowances, including contract drafting.

Kyoto Protocol:

• Japan Carbon Fund on JI Project under the Kyoto Protocol.
• World Bank on the possibilities for structuring and administering a Green Investment Scheme in Bulgaria to implement Kyoto Protocol commitments.