Environmental Law · Sub-area
Environmental Compliance & ESG
CSRD (EU 2022/2464), Green Taxonomy (EU 2020/852) and Law 11/2018. Europe's ESG regulatory framework requires companies to measure, verify and publish their environmental performance. We advise at every stage of the process.
The ESG regulatory framework in Spain and the EU
Environmental and ESG compliance is no longer voluntary for most medium and large companies operating in Spain. Three rules of different rank — a European directive, a European regulation and a Spanish law — now define the obligations for reporting, verification and alignment with sustainability criteria.
EU Directive 2022/2464
CSRD — Corporate Sustainability Reporting Directive
- Requires publication of sustainability information under the European Sustainability Reporting Standards (ESRS)
- Requires double materiality: the company's impact on its surroundings and the surroundings' impact on the company
- Mandatory external verification by an auditor or independent verification services provider
- Replaces and extends the NFRD: progressively expanding from +500 employees to +250 employees
- Staggered timeline: 2024 · 2025 · 2026 · 2028
EU Regulation 2020/852
Green Taxonomy
- Classifies economic activities according to their contribution to six environmental objectives
- DNSH principle (Do No Significant Harm): no activity may significantly harm another objective
- Companies subject to the CSRD must disclose the percentage of turnover, CapEx and OpEx that is aligned
- Affects access to finance labelled as sustainable (green bonds, ESG loans)
- Technical Screening Criteria (TSC) defined by sector-specific delegated regulations
Law 11/2018 · NFRD Directive 2014/95/EU
Non-Financial Information
- Requires large companies with more than 500 employees to publish the Non-Financial Information Statement (EINF)
- The EINF must cover the environment, social and labour matters, human rights and anti-corruption
- Failure to publish the EINF prevents the distribution of dividends for the relevant financial year
- The CSRD will progressively replace it from the 2024 financial year
- In Spain, Law 11/2018 amends the Commercial Code and the Capital Companies Act
EU Directive 2022/2464
CSRD phase-in calendar 2024-2028
CSRD obligations apply on a staggered basis according to company size and its previous status under the NFRD. Identify which financial year your obligations begin.
| Financial year | First filing | Companies affected |
|---|---|---|
| 2024 | 2025 | Large companies already subject to the NFRD: more than 500 employees and listed on EU regulated markets. |
| 2025 | 2026 | Large companies not subject to the NFRD that exceed two of the three thresholds: more than 250 employees, more than €40M net turnover, more than €20M total assets. |
| 2026 | 2027 | Listed SMEs on EU regulated markets (except micro-enterprises), small non-complex credit institutions and captive insurance undertakings. |
| 2028 | 2029 | Non-EU third-country companies with net EU turnover exceeding €150M and at least one large or listed subsidiary, or a branch exceeding €40M turnover in the EU. |
How we work
Environmental compliance and ESG services
We support companies through every stage of ESG compliance: from the initial diagnosis to preparing the sustainability report and coordinating with the external verifier.
CSRD obligations diagnosis
Analysis of whether the company falls within the scope of the CSRD, which financial year it applies from, and which ESRS are mandatory according to its activity and size.
Implementation of environmental compliance systems
Design and implementation of environmental regulatory compliance management systems: identifying legal requirements, control procedures and internal reporting channels.
CSRD reporting and EINF preparation
Legal support in preparing the sustainability report under the ESRS and the Non-Financial Information Statement (Law 11/2018). Coordination with the verification team.
Green Taxonomy alignment analysis
Legal review of the eligibility and alignment of the company's activities with the Technical Screening Criteria (TSC) and the DNSH principle of EU Regulation 2020/852.
Environmental and ESG risk management
Identification of environmental compliance risks with an impact on ESG reporting, access to sustainable finance, or the supply chain. Mitigation plans.
Environmental compliance audit
Review of compliance with applicable environmental obligations: authorisations, permits, licences, declarations and current administrative conditions.
Frequently asked questions about CSRD, Green Taxonomy and ESG
What is the CSRD and which companies are obliged to comply in Spain?
The CSRD (EU Directive 2022/2464) requires the publication of sustainability information under the ESRS. In Spain, obligations phase in progressively: financial year 2024 (large companies already subject to the NFRD, more than 500 employees); financial year 2025 (large companies not subject to the NFRD, more than 250 employees or more than €40M turnover or more than €20M in assets); financial year 2026 (listed SMEs, except micro-enterprises); financial year 2028 (third-country companies with EU turnover exceeding €150M).
What is the difference between the CSRD and Law 11/2018 on non-financial information?
Law 11/2018 requires the Non-Financial Information Statement (EINF) from companies with more than 500 employees under the NFRD. The CSRD extends the scope to companies with more than 250 employees, introduces the ESRS as mandatory reporting standards, requires double materiality and imposes mandatory external verification. The CSRD will progressively replace Law 11/2018 according to its phase-in calendar.
How does the Green Taxonomy (EU Regulation 2020/852) affect Spanish companies?
Companies subject to the CSRD must report the percentage of turnover, CapEx and OpEx aligned with the Green Taxonomy's six environmental objectives and with the DNSH principle (Do No Significant Harm). The Taxonomy also affects access to sustainable finance: green bonds, ESG loans and investment funds labelled as sustainable must demonstrate alignment with the Technical Screening Criteria (TSC).
What penalties can apply for non-compliance with the CSRD or Law 11/2018?
Law 11/2018 provides that failure to publish the EINF prevents the distribution of dividends. The CSRD leaves the design of the sanctioning regime to Member States, to be incorporated into Spain's transposing legislation: other European jurisdictions set fines of up to 5% of annual turnover. ESG claims not backed by verified data may constitute greenwashing, with consequences before the CNMV and the European Commission.