a. Is there any statutory duty to implement net zero business strategies;

So far, Greek law has not established any statutory duty to implement net zero business strategies. However, Law 4936/2022 – Government Gazette 105/A//27.05.2022 (“National Climate Law”), the purpose of which is to create a framework for improving adaptation to climate change and to ensure climate neutrality by 2050 in alignment with Regulation (EU) 2021/1119 establishing the framework for achieving climate neutrality (“European Climate Law”), obliges companies active in certain industries, such as credit institutions, fixed and mobile telephony operators, retail chains and logistics service providers, to report on their carbon footprint on an annual basis in a publicly accessible electronic database operated by the Natural Environment and Climate Change Agency (N.E.C.C.A.).

Moreover, Law 5164/2024 – Government Gazette A/202/12.12.2024 (“Law 5164/2024”), transposing Directive (EU) 2022/2464 as regards corporate sustainability reporting (“CSRD”), obliges large companies, parent companies of large groups, public interest entities, listed SMEs and non-EU companies with significant activities in the EU, to report annually on the transition plans that they implement  to ensure that their business models and are compatible with the objective of limiting global warming to 1,5 °C as well as the objective of achieving climate neutrality by 2050. According to the CSRD, the abovementioned information should be reported in accordance with the European Sustainability Reporting Standards (“ESRS”), which are provided in the Delegated Regulation (EU) 2023/2772 as regards sustainability reporting standards (see ESRS E1-1 – Transition plan for climate change mitigation and ESRS E1-6 -Gross Scopes 1,2,3 and Total GHG Emissions). To determine the extent of the abovementioned reporting obligations under the ESRS, however, companies shall conduct a relevant materiality assessment in order to assess whether climate-related factors (including GHG emissions) are material to their activities.

b. Is the use of carbon offsets to meet net zero or carbon neutral commitments regulated;

The use of carbon offsets to meet net zero or carbon neutral commitments is regulated in Greece by Ministerial Decision YPEN/DKAPA/86227/2245/2024 – Government Gazette 4674/Β/ 09.08.2024 (“Ministerial Decision 86227/2024”), which  transposes Directive 2003/87/EC establishing a system for greenhouse gas emission allowance trading within the Community (“Directive 2003/87/EC”) establishing the EU Emission Trading System (“ETS”). The EU ETS is based on a “cap and trade” principle, where the “cap” refers to the total amount of GHG that can be collectively emitted by certain heavy industry installations, aircraft operators and shipping companies. Said cap is divided into a number of pollution permits known as EU Allowances (“EUAs”) with each EUA being equivalent to one ton of CO2 emissions. Based on this system operators of activities covered by the EU ETS may acquire EUAs either by auction or for free (under certain circumstances). According to Ministerial Decision 86227/2024 operators of installations listed in Annex I of Directive 2003/87/EC, aircraft operators and shipping companies should report and monitor their emissions on a yearly basis and hand over (“surrender”) a number of EUAs equal to their total GHG emissions during the preceding calendar year. If said obligations are not fulfilled heavy fines may be imposed. Furthermore, for projects and activities, which have significant effects on the environment, and which do not fall within the scope of the EU ETS, the National Climate Law requires that their emissions be reduced by at least thirty percent (30%) by 2030 compared to 2019.

c. Have there been any test cases brought against companies for undeliverable net zero strategies;

To date and following a review of the available legal information databases, there appear to be no relevant decisions pertaining to test cases brought against companies for undeliverable net zero strategies.

d. Have there been any test cases brought against companies for their proportionate contribution to global levels of greenhouse gases (GHGs)?

To date and following a review of the available legal information databases, there appear to be no relevant decisions against companies for their proportionate contribution to global levels of greenhouse gases (GHGs).

There is no requirement to demonstrate biodiversity net gain to receive development consent for new projects in Greece. However, Law 4014/2011 – Government Gazette 209/A/21.09.2011 on environmental licensing of projects and activities provides that the protection of the biodiversity of geographical areas that are likely to be affected by a potential project/activity is one of the criteria considered for the classification of projects and activities into different categories based on their impact on the environment. For projects/activities that are likely to have a significant effect on the biodiversity of the geographical area where they will take place, besides the issuance of an Environmental Terms Approval Decision (“AEPO” as per its Greek initials), the conduct of an Environmental Impact Assessment is also required. Finally, companies falling within the scope of the CSRD and Law 5164/2024 may need to disclose information pertaining to the consideration of biodiversity and ecosystems in their strategy and business model, if said topic is deemed to be material to them based on their materiality assessment. In such case, the relevant information shall be disclosed in accordance with the ESRS E4 – “Biodiversity and Ecosystems”.

In general, there is no relevant requirement in national law for companies to report on water usage. However, for companies falling within the scope of the CSRD and Law 5164/2024 to the extent that water usage is a material topic based on the company’s materiality assessment they may need to disclose relevant information based on ESRS E3 “Water and Marine Resources”.

To date and following a review of the available legal information databases, there appear to be no relevant decisions issued against companies for product liability or pollution of the environment related to forever chemicals such as Perfluoroalkyl and Polyfluoroalkyl Substances.

Waste management in Greece is mainly governed by Law 4819/2021 – Government Gazette 129/A/23.07.2021 – Integrated Framework for Waste Management transposing Directive 94/62/EC on packaging and packaging waste (“Law 4819/2021”), which sets certain minimum quantitative recycling targets for certain packaging categories (e.g. plastic, glass, paper metal, wood) that need to be achieved within specific timelines at a national level. Furthermore, Law 4736/2020 – Government Gazette 200/A/20.10.2020 transposing Directive (EU) 2019/904 on the reduction of the impact of certain plastic products on the environment introduces specific recycling targets for single-use plastic beverage bottles. The above obligations, however, are placed on alternative waste management system operators and not on producers/distributors/retailers per se.

As regards incorporation of recycled material, plastic carrier bags (as per Law 4819/2021) and beverage bottles made from polyethylene terephthalate (“PET”) (as per Law 4736/2020) must contain a minimum of recycled plastic, calculated as an average for all plastic bags placed on the market on an annual basis by each producer individually.

More requirements as regards duties to ensure levels of recycling and/or incorporate a certain percentage of recycled materials are provided in Regulation (EU) 2025/40 on packaging and packaging waste, which shall apply from 12 August 2026.

b. Are any duties placed on producers, distributors or retailers of products to handle the end-of-life of the products placed on the market?

Law 4819/2021 places certain end-of-life obligations on entities that are subject to extended producer responsibility (“EPR”) obligations i.e. entities, which, in the course of their business, produce, manufacture, sell, process or import:

• Vehicles;
• Waste from Electrical and Electronic Equipment
• Batteries and accumulators
• Packaging and packaging waste (including plastic carrier bags)
• Lubricating Oils
• Vehicle Tyres
• Plastic carrier bags

More specifically, the above entities should:

• Register with the National Producer’s Registry (“NPR” or “EMPA” as per its Greek initials) operated by the Hellenic Recycling Agency (“EOAN” as per its Greek initials). Said registration is a prerequisite for the legitimate exercise of their activities and their participation in public tenders.
• Enter into an agreement with a collective alternative management system (“SSED” as per its Greek initials).

As mentioned in our response to question 4 b), Law 4819/2021 has introduced EPR for the producers of certain product categories as well as the producers of packaging and packaging waste (including plastic carrier bags). Furthermore, pursuant to Circular 126087/4682/2020 issued by the Ministry of Environment and Energy, an environmental tax of the amount of seven cents (0.07 €) per piece of plastic carrier bag is imposed on consumers. Finally, it should be noted that pursuant to Law 4736/2020 the production and distribution of certain categories of plastic products is banned in Greece. These are -among others- the following:

• Plastic cutlery;
• Plastic plates;
• Plastic straws;
• Plastic stirrers;
• Expanded polystyrene food containers and cups;
• Products made from oxo-degradable plastics.

In Greece, various legislative provisions have been enacted to safeguard and promote equality, diversity and inclusion in the workplace, such as:

• Law 2643/1998 – Government Gazette 220/A/28.09.1998 concerning the employment of persons in special categories, pursuant to which companies employing more than fifty (50) employees are required to hire protected individuals (e.g., employees with disabilities, war veterans etc.).
• Law 3896/2010 -Government Gazette 207/A/08.12.2010 transposing Directive 2006/54/ΕC on the implementation of the principle of equal opportunities and equal treatment of men and women on matters of employment and occupation (“Law 3896/2010”), which prohibits any direct or indirect discrimination on grounds of sex, especially with regard to family status.
• Law 4443/2016 – Government Gazette 232/A/09.12.2016 transposing Directive 2000/43/EC implementing the principle of equal treatment between persons irrespective of racial and ethnic origin, Directive 2000/78/EC establishing a general framework for equal treatment in employment and Directive 2014/54/EU on measures facilitating the exercise of rights conferred on workers in the context of freedom of movement for workers (“Law 4443/2016”), which prohibits any direct or indirect discrimination on the grounds of race, colour, national or ethnic origin, genealogical descent, religion or other belief, disability or chronic condition, age, social status, sexual orientation, gender identity or gender characteristics in the field of work and employment.
• Law 4808/2021 -Government Gazette 101/A/19.06.2021 for the protection of labor (“Law 4808/2021, which provides for the prevention and elimination of violence and harassment in the workplace based on which: a) all companies must introduce preventive and disciplinary measures for those who engage in such behaviors and b) companies that employ more than twenty (20) employees are obliged to have an anti-violence and anti-harassment policy in place.

Pursuant to Law 3850/2010 Government Gazette 84/A/02.06.2010 (“Health and Safety at Work Code”), the employer is obliged to have a written assessment of the existing occupational risks for health and safety, which includes psychosocial risks- among others.

In addition, Law 4808/2021, enhances employees’ protection against violence and harassment in the workplace and provides affected employees with specific rights, while vesting additional responsibilities on the employers such as the requirement to adopt relevant policies for the prevention and elimination of violence and harassment in the workplace and the creation of internal channels for handling relevant complaints.

In Greece, the minimum wage is regulated by the law. More favourable provisions may, however, be established by Collective Labor Agreements (CLAs).

In 2024, Greece introduced significant reforms to its minimum wage system, aiming to enhance fairness and transparency in worker compensation. More specifically, Law 5163/2024 -Government Gazette 199/A/06.12.2024, which transposed Directive (EU) 2022/2041 on adequate minimum wages in the European Union intro Greek law, introduced a new minimum wage calculation system, which will enter into force as of June 1^st, 2027.

The key innovations introduced are as follows:

1. The minimum wage:
   1. cannot be reduced;
   2. is linked to real economic indicators, such as inflation and productivity;
   3. is based on objective data from ELSTAT (i.e., the Hellenic Statistical Authority), strengthening transparency.

a. Are there any statutory duties to perform due diligence;

There is currently no specific national legislation obliging companies to conduct due diligence for human rights and environmental impacts in the supply chain in Greece. Said obligations, however, are provided in Directive (EU) 2024/1760 on corporate sustainability due diligence (“CSDDD”), which should be adopted by Member States by July 2026. The CSDDD establishes the obligation to identify and assess adverse human rights and environmental impacts (“adverse impacts”) within the entire value chains of the above companies falling under its scope. The current version of the CSDDD is, however, expected to undergo significant changes on the basis of the Omnibus Proposal, which, if adopted, will narrow down due diligence obligations only to direct (tier 1) suppliers and business partners rather than the entire value chain and will delay the deadline of adoption by Member States by two years (July 2028).

Furthermore, the Regulation (EU) 2023/1115 on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation (“EUDR”) also establishes obligations for operators and traders that place on the EU market or export from the EU market certain commodities/products, such as: palm oil, wood, coffee, and cocoa. More specifically, these operators should conduct due diligence by tracing the products/commodities they sell back to the plot of land they were produced and prepare due diligence statements in order to demonstrate that said products/commodities are deforestation-free and their production takes into account the rights of indigenous peoples.

b. Have there been any test cases brought against companies?

To date and following a review of the available legal information databases, there appear to be no relevant decisions issued against companies for any violations related to the adverse impact on human rights or the environment in the supply chain.

a. Are there any statutory duties to perform due diligence;

Other than the requirements provided at EU level mentioned above in our response to question 10, there are currently no Greek rules pertaining to due diligence obligations in relation to host communities, environment and indigenous populations.

b. Have there been any test cases brought against companies?

To date and following a review of the available legal information databases, there appear to be no relevant decisions rendered against companies for any violations related to the adverse impact on human rights or the environment in host communities.

The Hellenic Communications Control Council (“SEE” as per its Greek initials) which is the self-regulatory body dedicated to all forms of commercial communication in Greece, issued a decision (decision nr. A 3922) in 2009, whereby it requested the modification/correction of an advertisement concerning a detergent on the basis that the overall style of the product’s communication gave the general impression that the product had ecological characteristics, which were not fully substantiated as required by the Greek Code of Advertising and Communication. Other than that, we have not identified any other cases requiring businesses to remove adverts for unsubstantiated sustainability claims by SEE.

To the best of our knowledge, neither the Hellenic Competition Commission (the “HCC”) nor the Hellenic Capital Market Commission (“HCMC”) have taken any action or fined any businesses for unsubstantiated sustainability claims relating to products or services so far.

To date and following a review of the available legal information databases, there appear to be no relevant decisions issued against businesses for unsubstantiated enterprise-wide sustainability commitments.

Law 5164/2024, which transposes the CSRD, establishes an obligation for the Board of Directors of entities that fall within its scope to ensure that the sustainability report of said entities contains all the required information including the impacts of the entity on sustainability matters. It further provides criminal sanctions for the Board of Directors in the event that any of the required information is omitted. Thus, even though there is no standalone statutory duty on the Board of Directors to oversee environmental and social impacts in Greece, there is an indirect obligation for the Board of Directors to have an overview of the environmental and social impacts of their company in order to ensure that the relevant information is disclosed appropriately based on the CSRD and the relevant ESRS standards.

To date and following a review of the available legal information databases, there appear to be relevant decisions rendered against directors for presenting misleading information on environmental and social impact.

Financial institutions are required to report against sustainable development criteria based on Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”), which imposes on “financial market participants” (including -among others- credit institutions and investment firms) the obligation to disclose the manner in which sustainability risks are integrated into their investment decisions.

Furthermore, the EU Taxonomy Regulation provides that financial institutions and large listed companies should disclose information on how and to what extent their activities are associated with economic activities that qualify as environmentally sustainable under Articles 3 and 9 of said Regulation.

Finally, Law 5164/2024 requires companies falling under its scope to include in their sustainability report -among others- their financial and investment plans, in order to ensure that their business model and strategy is compatible with sustainability goals.

Yes, pursuant to Law 5164/2024 transposing the CSRD into Greek law, companies falling under its scope, are required to report on their policies related to climate change adaptation to address the management of physical risks and transition risks related to climate adaptation (see ESRS E1 – Climate Change). The extent of the abovementioned reporting obligation shall, however, depend on the company’s materiality assessment, which should be conducted to identify the climate-related financial risks that are material to its business activity.

Yes, pursuant to ESRS E1-5 (“Energy Consumption and Mix”), which accompanies the CSRD (see also relevant reference to the ESRS in Article 10 of Law 5164/2024), companies falling under the scope of the CSRD should provide information regarding their energy consumption in their sustainability report, provided that said topic is deemed as material to the company based on its materiality assessment.

Furthermore, pursuant to Law 4342/2015- Government Gazette 143/A/09.11.2015 on energy efficiency, large companies are required to undergo energy audits every 4 years.

In Greece, there is no law currently in force regarding gender pay gap reporting. However, a new law is anticipated to enter into force which will transpose into Greek legislation the Directive (EU) 2023/970 to strengthen the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms (“EU Gender Pay Transparency Directive”).

There is no statutory responsibility to report on modern day slavery under Greek law. There are, however, several legal provisions prohibiting modern day slavery applicable in Greece such as Article 4 of the European Convention on Human Rights, Article 22 of the Greek Constitution and Article 323A of the Greek Criminal Code.

If the Omnibus Proposal is adopted it will introduce extensive amendments to the scope of the CSRD and, thus, it is possible that within the next 12 months, Law 5264/2024 will be amended.

Furthermore, as regulatory oversight continues to expand and societal and investor awareness increases, it is increasingly probable that judicial decisions will be rendered in Greece concerning ESG-related issues, at a pace commensurate with the growing awareness of these matters among the public.