Best Sustainable Finance Lawyers in Thessaloniki

About Sustainable Finance Law in Thessaloniki, Greece

Sustainable finance refers to the integration of environmental, social, and governance (ESG) factors in financial decision-making processes. In Thessaloniki, Greece, sustainable finance is becoming increasingly important due to growing awareness of climate change, regulatory compliance, and European Union (EU) directives. The city, as a significant economic hub in Northern Greece, is seeing more initiatives in green bonds, responsible investing, and ethical banking. Both local businesses and multinational companies operating in Thessaloniki are striving to align their financial activities with sustainability goals, which requires navigating complex legal frameworks at both the Greek and European levels.

Why You May Need a Lawyer

A lawyer specializing in sustainable finance can guide you through compliance, investment decisions, and regulatory obligations. Common situations where legal advice is advisable include:

• Ensuring compliance with Greek and EU sustainable finance regulations
• Conducting due diligence for green investments
• Drafting and reviewing contracts for sustainable projects
• Avoiding greenwashing and adhering to transparency requirements
• Navigating ESG disclosure obligations
• Participating in public or private tenders for sustainable infrastructure
• Securing funding under the EU Green Deal or other initiatives
• Resolving disputes related to ESG investment criteria
• Acquiring or managing sustainable finance certifications and labels
• Understanding impact on taxation and incentives

Local Laws Overview

Sustainable finance in Thessaloniki is guided not only by Greek national laws but also by EU regulations, directives, and guidance. Key legal aspects include:

• EU Taxonomy Regulation: Establishes criteria to determine whether an economic activity qualifies as environmentally sustainable, affecting Greek financial and non-financial undertakings.
• Non-Financial Reporting Directive (NFRD): Requires certain large businesses in Thessaloniki to disclose information on the way they operate and address social and environmental challenges.
• Sustainable Finance Disclosure Regulation (SFDR): Imposes transparency requirements on financial market participants regarding integration of sustainability risks.
• Greek Law on Corporate Social Responsibility (CSR): Encourages businesses to implement ethical practices in line with sustainability goals.
• National funding mechanisms: Support for green initiatives, often in partnership with the Thessaloniki municipality, the Chamber of Commerce, and regional authorities.
• Environmental licensing and permitting laws: Impact investment in sustainable projects such as renewable energy, waste management, and energy efficiency.

Frequently Asked Questions

What is sustainable finance and how does it affect businesses in Thessaloniki?

Sustainable finance includes investing in activities that consider ESG criteria. It ensures businesses in Thessaloniki operate responsibly and comply with regulations that support environmental and social goals.

Are there specific regulations for sustainable finance in Thessaloniki or Greece?

Yes, both Greek law and EU regulations such as the EU Taxonomy Regulation and SFDR are applicable. Local rules and incentives may also supplement these obligations.

Do small and medium-sized enterprises (SMEs) in Thessaloniki need to follow sustainable finance laws?

While some regulations target larger companies, SMEs are increasingly expected to adhere to ESG standards, especially when applying for funding or working with larger partners.

What are green bonds and can they be issued or traded in Thessaloniki?

Green bonds are financial instruments designed to raise funds exclusively for environmentally friendly projects. Companies and public bodies in Thessaloniki can issue or invest in them, subject to legal compliance.

How do I obtain funding for a sustainable project in Thessaloniki?

You may apply for grants or loans from Greek national programs or EU mechanisms. Legal guidance ensures eligibility, compliance, and proper application.

What are ESG disclosures and who is required to make them?

ESG disclosures involve reporting on environmental, social, and governance practices. Larger companies or those accessing certain types of funding are typically required to disclose this information.

Can a business be penalized for failing to comply with sustainable finance regulations?

Yes, penalties may include fines, loss of funding, reputational damage, or exclusion from public contracts. Compliance is essential to avoid such consequences.

What is greenwashing and how can it be avoided?

Greenwashing is the practice of making misleading claims about the sustainability of a product or activity. Legal assistance helps ensure all statements are accurate and in line with regulations.

Are there tax benefits for sustainable investments in Thessaloniki?

Certain sustainable investments may be eligible for tax incentives under Greek law. A lawyer can help identify and secure applicable benefits.

What should I look for in a sustainable finance lawyer in Thessaloniki?

Look for experience with ESG compliance, knowledge of Greek and EU law, familiarity with local funding mechanisms, and a track record in relevant projects.

Additional Resources

For further information, the following resources can be helpful in Thessaloniki and throughout Greece:

• Hellenic Capital Market Commission (HCMC) - supervision and guidance for financial markets
• Greek Ministry of Environment and Energy - updates on policy and incentives
• Chamber of Commerce and Industry of Thessaloniki - business support and funding information
• University of Macedonia and Aristotle University of Thessaloniki - research on sustainable finance
• Greek Banking Association - guidance for banks and financial institutions on ESG and sustainability
• EU Green Deal - information on European funding and legal requirements
• Local law firms with ESG and sustainability practice groups

Next Steps

If you require legal assistance in sustainable finance in Thessaloniki, consider the following actions:

• Compile all relevant documents relating to your project or investment
• Define your goals and the specific issues you are facing
• Contact a lawyer with expertise in sustainable finance and ESG compliance
• Schedule a consultation to discuss your needs and assess your legal position
• Stay informed on updates to local and EU regulations that may impact your activities
• Utilize local business support organizations and governmental agencies for additional guidance

With proper legal advice, you can navigate the complexities of sustainable finance law and ensure your activities are both compliant and beneficial for the environment and your organization.