What Does EU Taxonomy Brings as Challenges and Opportunities for the Business?

How to navigate your business via the sustainability reporting and ESG compliance considering the EU Taxonomy?
That complex and burning question was the main topic of the 2nd meeting of the AmCham Bulgaria ESG Working Group, kindly hosted by Philip Morris Bulgaria and knowledge-powered by denkstatt Bulgaria.

Demian Pintos Labandera, GM, Philip Morris Bulgaria, addressed the group of app. 50 professionals from the membership emphasizing on the importance of the dialogue between businesses, clients, institutions and regulations. Following Boyan Rashev’s presentation on the status of the taxonomy reporting, a group of members’ representatives engaged in open and frank conversation about the impact of the ESG regulations and the opportunities having the views of Biliana Mladenova of UniCredit Bulbank, Dilyana Yakova of Philip Morris International, Botio Zaharinov of Agria. The audience enjoyed Denislav Borisov, PhD’ s moderation and engaging discussion together.

Event Highlights

“The EU taxonomy is part of the company’s obligations to report on their sustainable practices. It will be part of the companies’ sustainability reports and includes criteria for whether an activity is sustainable and environmentally friendly. Compliance with the Taxonomy will serve as the benchmark for financial institutions in directing resources towards “green” and sustainable endeavors. Demonstrating adherence to the Taxonomy presents a significant opportunity for companies to attract investment and secure financing on favorable terms.”, Boyan Rashev, Managing Partner, denkstatt Bulgaria

Sustainability is not just part of our strategy at PMI, but it has become the business strategy itself. We see it as an opportunity for innovation, growth, and long-term value creation for our customers, shareholders, and the society as a whole. In the last more than 10 years we’ve transformed entirely our business with the vision to create a smoke-free future. But in order to accelerate this change and achieve the global and local sustainability goals, we all need to work together – regulators, businesses and the civil society.”, Demian Pintos, General Manager of Philip Morris Bulgaria

“We are grateful for the invitation to host today’s AmCham Bulgaria ESG Committee meeting as we believe that only through an open and transparent dialogue with all stakeholders, we can achieve the sustainability targets. For us, our first local sustainability report “Sharing progress 2022” , developed voluntarily with the support of denkstatt Bulgaria, was a ‘rehearsal’ for the challenging regulatory requirements that would come with the newly adopted EU CSRD. We believe that only through aligning our company’s global strategic priorities with the local ESG topics of significance, defined through the dedicated materiality assessment we performed last year, we can better address the local needs and create a meaningful impact for our consumers, business partners and the society. “, Dilyana Yakova, Manager Sustainability and Regulatory Affairs Philip Morris Bulgaria

The transformation of consumer behavior and attitudes towards the living environment are key to its future development and improvement of the ESG field,” commented Biliana Mladenova-Mileva, ESG Strategy Manager, during an event on “Understanding the EU taxonomy for sustainable activities and its impact on enterprises”. She said that along with the many good examples we have, “UniCredit Bulbank’s partnership with conscious business helps overall to develop the environment in a more sustainable direction. As a bank, we comply with regulations and support businesses through our ESG-focused investment guarantee programs such as Invest EU. We also offer ESG-linked transaction opportunities that tie the more favorable financing terms provided by the bank to the achievement of specific ESG goals of the business.

Bilyana Miladenova-Mileva, ESG Strategy Manager, UniCredit Bulbank

“On the issues of sustainable use of water resources, there are two water treatment plants for wastewater in Agria SA – from both production and human us. The expenses for the water from the wells for cooling purposes have been optimized by the installation of chillers. All losses and leakages have been prevented. as far as the carbon-neutrality and climate changes go, AGRIA SA has introduced new cooling systems with new-generation-freons which resulted in almost 200-time-reduction in CO2 emissions; solar-powered plants are in preparation; electric cars are being used; electric and gas-driven fork-lifts, as well as only bikes for personnel movement on the site are being used.

Botio Zaharinov, Environmental Advisor to the Executive Director, Agria AD

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