The National Climate Law and the New Obligations for Businesses and Organizations
Law 4936/2022 (“National Climate Law”) establishes Greece’s legal framework for achieving climate neutrality by 2050 and introduces specific, binding obligations for businesses, organizations, and entities across both the public and private sectors. Climate management is no longer a voluntary sustainability initiative; it is now embedded at the core of regulatory compliance and corporate strategic planning.
Key Provisions of the Law
Under Article 1, national interim greenhouse gas emission reduction targets are defined, forming a binding reference framework for the development of policies, sectoral measures, and operational strategies.
Pursuant to Article 20, companies falling within designated categories are required to:
- calculate and document their annual carbon footprint,
- submit verified emissions reports, and
- implement emission reduction measures through structured operational plans.
The same article further mandates the preparation of Emission Reduction Plans for large enterprises, incorporating defined timelines, measurable targets, and compliance monitoring mechanisms.
Moreover, the Law is closely aligned with the broader European regulatory framework — including the EU Climate Law, the Fit for 55 package, and the Corporate Sustainability Reporting Directive (CSRD) — thereby reinforcing obligations related to transparency, accountability, and sustainability disclosures.
Non-compliance may result in administrative penalties, restrictions on participation in public procurement procedures, limited access to financial instruments, and heightened regulatory and operational risk exposure.
