On November 8, 2024, the American Chamber of Commerce in Bulgaria (AmCham) and the German Bulgarian Chamber of Industry and Commerce (GBCIC) organized a milestone conference, titled “ESG in Practice: Governance for Sustainable Growth”. The event welcomed over 130 attendees at the Hilton Sofia, as well as some of the leading voices across industries discussing how to navigate the rapidly evolving landscape of corporate sustainability. The event welcomed insights from experts and executives deeply involved in environmental, social, and governance (ESG) practices. The conference was supported by Aurubis Bulgaria, EY denkstatt, and ING Bank Bulgaria. EY denkstatt was the content partner too. SeeNews as media partner.

The conference opened with remarks from Ivan Mihaylov, CEO of AmCham Bulgaria, and Sonja Miekley, General Manager of GBCIC, thus making another of series joint initiatives on topics such as rule of law, eurozone and Schengen accession of Bulgaria, and now pointing out the critical role of ESG practices in driving Bulgaria’s sustainable business future.

Fireside Chat – What Makes Companies Truly Sustainable?

In the first session, titled “Fireside Chat: What Makes Companies Truly Sustainable?”, key insights were shared by two different but still similar leaders of organizations that help businesses to effectively embed ESG within business strategies to foster resilience, competitiveness, and regulatory compliance. Willibald Kaltenbrunner, Partner, EY denkstatt, Europe West and Teodor Radonov, Head of European Investment Bank Group Office, Bulgaria engaged in a profound conversation on how that agenda is achievable. Their discussion was moderated by Ivan Paspaldzhiev, Senior Manager, EY denkstatt who framed the conversation around the challenges companies face in adapting to the complex regulatory environment. He underscored the need for clear, business-relevant strategies to translate ESG requirements into achievable goals, particularly as Bulgarian businesses navigate EU and OECD regulations.

Willibald Kaltenbrunner emphasized that true sustainability goes beyond surface-level initiatives, arguing that it should be embedded within core business processes. He advocated for a mindset shift where sustainability is no longer a separate department but integrated throughout the organization’s culture. Kaltenbrunner highlighted the importance of balancing ESG compliance with innovation to ensure companies stay competitive while aligning with regulatory standards.

Teodor Radonov presented the European Investment Bank’s (EIB) role as a financial enabler for sustainable projects across Bulgaria. He detailed the bank’s efforts to support small and medium enterprises through various instruments, including loans and guarantees, that ease the path toward sustainable growth. Radonov highlighted the EIB’s commitment to advancing Bulgaria’s green transition by providing accessible funding and practical tools to simplify ESG compliance for businesses. The discussion underscored the essential role of embedding sustainability within corporate frameworks, not only to follow simply the regulations but to drive long-term value. It highlighted the critical need for financing solutions and accessible financial tools that help companies, particularly SMEs, implement meaningful and sustainable changes. The takeaway: ESG is not an optional initiative but a strategic pathway for businesses to future-proof themselves in a competitive, sustainability-driven market.

Panel 1: Transformation – How Have We Changed in Two Years, and Where is the Business Case?

The conference entered in its thorough agenda with this panel focused on the transformative journey companies have taken towards sustainability, especially within the energy and heavy industries. It welcomed five panelists Miriam Robbe, Sustainability Lead, Corporate Sector Coverage, ING EMEA, Jesus Caballero Pinto, CEO, SOF Connect, Todor Nikolov, Energy Transition Projects Director, Solvay Sodi, Ivan Tzankov, Managing Director, AES Bulgaria and Konstantin Stamenov, Chairman, BFIEC who shared first-hand experiences on aligning business operations with ESG goals, discussing both the progress and challenges in making their sectors more sustainable. The conversation was moderated by Boyan Rashev, Partner, EY denkstatt

Miriam Robbe shared insights from ING’s approach to fostering sustainability among its clients. She discussed the use of sustainability-linked loans as a tool for incentivizing clients to meet key ESG benchmarks, particularly in renewable energy investments. Robbe emphasized the bank’s role in supporting the business case for sustainability through innovative financing models that encourage long-term resilience.

Jesus Caballero Pinto – the fresh winner of Manager of the Year Award by the Manager Magazine (Bulgaria) – provided an update on Sofia Airport’s sustainability initiatives, sharing achievements in reducing CO2 emissions, diesel, and water consumption since the start of its concession period. He highlighted the airport’s commitment to becoming carbon-neutral by 2036 and discussed the technical and financial challenges of meeting sustainability targets while managing increased passenger traffic.

Todor Nikolov presented Solvay Sodi’s efforts to transition its operations towards sustainable practices, especially within heavy industry sectors such as chemical production. He noted the difficulties in accessing government support and emphasized the need for a stable regulatory framework to facilitate long-term investments in clean technology.

Ivan Tzankov explained AES Bulgaria’s innovations in the energy sector, including initiatives to store renewable energy for better grid stability. He stressed the importance of responsible energy transition strategies that balance environmental goals with the need for energy security and affordability for Bulgaria’s national grid.

Konstantin Stamenov spoke on behalf of the Bulgarian Federation of Industrial Energy Consumers (BFIEC), emphasizing the unique challenges facing energy-intensive industries. He called for policies that support sustainable energy use while maintaining the competitiveness of Bulgaria’s industrial base.

The panel illuminated the critical role of strategic transformations in achieving sustainability, especially within sectors traditionally reliant on high energy consumption. The speakers collectively underscored the business case for ESG, emphasizing that sustainable practices are essential for long-term resilience, regulatory compliance, and competitiveness. The discussion concluded with a call for supportive policies and financing structures that can enable Bulgarian companies to pursue ambitious environmental goals while sustaining growth.

Panel 2: ESG on the Ground – The Market Reality

The second panel provided a pragmatic look at how companies are implementing ESG practices in Bulgaria’s evolving market environment. Panelists included Dobrin Dalov, CFO, Kaolin, Petar Nikolov, Field Services Sales Director for Bulgaria, Albania, N. Macedonia, and Kosovo, Schneider Electric, Kremena Georgieva, Head of Corporate Communication and CSR, Kaufland Bulgaria, Radoslava Radeva, Country Sales Manager, ABB Bulgaria, Refie Sadulova, Expert in Ecology, Environment, and ESG, Arexim Engineering, shared their organizations’ real-world approaches to ESG, including compliance with legal requirements, supply chain sustainability, environmental impact, and addressing global ESG standards. The conversation was moderate by Denislav Borisov, Brand, Marketing & Communications, EY Bulgaria, North Macedonia, Albania & Kosovo

Dobrin Dalov emphasized Kaolin’s enduring commitment to sustainability, noting that the company began integrating ESG principles into its operations well before formal policies became common. While Kaolin has yet to set up a fully comprehensive ESG action plan, it currently generates a good-part of its own energy from photovoltaic plant, a practice aligned with its 100-year history in Bulgaria. Dalov also addressed regulatory challenges impacting businesses in both Bulgaria and Germany, urging policymakers to minimize bureaucratic obstacles and provide sufficient time for companies to adapt to new standards.

Petar Nikolov from Schneider Electric discussed the role of advanced technology in achieving sustainability goals. He shared insights into Schneider Electric’s geothermal system at its Bulgarian facility, which significantly reduces energy consumption by eliminating the need for gas. Nikolov highlighted that Schneider Electric’s global and local ESG strategies focus on internal improvements and collaborations with clients to achieve lasting impact.

Kremena Georgieva from Kaufland Bulgaria emphasized that data collection is a significant challenge due to the complex network of partners and suppliers. She called for extended adaptation periods from state institutions to help businesses comply with new regulations. Georgieva also discussed Kaufland’s commitment to sustainability within its supply chain, notably the restoration of Central Supermarket in Sofia as a key community initiative.

Radoslava Radeva from ABB Bulgaria outlined ABB’s efforts to reduce its carbon footprint, targeting an 80% reduction in emissions by 2030 and carbon neutrality by 2050. She announced ABB’s upcoming agreement with a photovoltaic park to supply renewable energy to its plants, underscoring ABB’s commitment to energy-efficient solutions for Bulgaria’s green transition.

Refie Sadulova from Arexim Engineering highlighted the team-driven nature of ESG at Arexim. She emphasized that ESG requires collaboration across departments and stressed the importance of making structured ESG information accessible to clients for improved outcomes.

The panel provided a realistic perspective on the implementation of ESG practices in Bulgaria, revealing that legal regulations are the primary driver behind companies’ adoption of ESG. A study presented at the conference showed that 44% of businesses cite regulatory requirements as the main reason for implementing ESG, followed by customer expectations and company traditions. The panel also concluded that data collection remains one of the biggest challenges, essential for tracking ESG impact and compliance effectively. With varied levels of ESG integration, panelists called for supportive policies that balance environmental and economic goals.

Panel 3: Financing the Sustainable Transition

The final panel focused on the critical role financial institutions play in supporting businesses as they transition toward sustainable practices. The panel explored how financial institutions are advancing sustainable financing and guiding companies in adopting ESG principles. It engaged Manuela Naessl, Head for Bulgaria, European Bank for Reconstruction and Development (EBRD) and Stefan Ivanov, Strategic, Credit & Integrated Risks Manager, UniCredit Bulbank Bulgaria into a conversation moderated by Federico Lazzari, Head of Glavbolgarstroy Holding Representative Office in Brussels and Secretary General of Build Europe. The moderator framed the discussion around the growing responsibility of financial institutions, which are increasingly expected to assess and advise on ESG standards. He highlighted that banks now play an active role in shaping the ESG landscape by providing financing and guidance, enabling companies to navigate sustainability and compliance requirements effectively.

Manuela Naessl from EBRD highlighted the bank’s role as both a financial backer and a consulting entity for companies pursuing ESG. Naessl explained that the EBRD works closely with businesses, helping them manage risks and plan for sustainable growth. She shared examples, such as the bank’s collaboration with an international steel company on a thorough sustainability assessment and emphasized the EBRD’s commitment to supporting renewable energy projects. However, she noted that the EBRD faces challenges in meeting ambitious green goals, as certain transitions may not be fully financeable within their guidelines.

Stefan Ivanov from UniCredit Bulbank discussed the EU’s growing regulatory pressure on banks to adopt sustainable practices. He explained that while UniCredit’s assets and clients have not changed substantially, the emphasis on sustainability continues to strengthen. Ivanov discussed the importance of supply chain awareness and future decision-making based on ESG considerations. He noted that the bank is committed to supporting companies that meet high environmental standards and is dedicated to helping them achieve zero emissions in the coming years.

The panel underlined that sustainable financing is a crucial driver for Bulgaria’s ESG adoption. Financial institutions not only provide the necessary funds but also act as advisors, helping businesses meet ESG criteria. The speakers agreed that sustainable financing is essential for long-term stability and that balancing profitability with responsible lending practices is key. The session concluded with a shared sentiment: that financial institutions play a pivotal role in facilitating Bulgaria’s transition to a sustainable economy by offering both funding and expertise in navigating an increasingly complex ESG landscape.

Conclusion of the ESG Conference

The organizers thanked the guests, the speakers, and the sponsors for making this first – hopefully of series – conference. “We admire your commitment to driving Bulgaria’s sustainability agenda forward. Our chambers and our bilateral business community can serve as the platform for collaboration and knowledge-sharing, as well as addressing the issues of the practical implementation of the ESG policies and help legislators to listen more to the needs of the businesses. The path to a more sustainable future requires collective action and a shared commitment from both the private and public sectors,” – the organizers said.

Im Jahr 2023 wurde die Deutsch-Bulgarische Industrie- und Handelskammer (AHK Bulgarien) Partner des Projekts „Cooperative Transition of Polish and Bulgarian coal regions“ (Gemeinsamer Übergang für die Kohleregionen in Polen und Bulgarien). Der Erfahrungsaustausch, der durch den innereuropäischen Dialog unterstützt wurde, stellte einen Schlüsselmoment bei der Umsetzung des Projekts dar, das gleichzeitig in Bulgarien und Polen durchgeführt wurde. Seit dem Projektstart wurden Arbeitsbesprechungen und Expertenseminare im Land abgehalten, und es wird an strategischen Dokumenten gearbeitet, die den Interessengruppen als Grundlage für Anträge auf EU-Finanzierung dienen können.

Die Abschlussveranstaltung wurde von Sonja Miеkley, Hauptgeschäftsführerin der AHK Bulgarien, und Moritz Seiler, Leiter der Wirtschaftsabteilung der Deutschen Botschaft in Sofia, eröffnet.

Am ersten Panel nahmen Stefan Krustev, stellvertretender Bürgermeister von Pernik, Nikolai Dochev, stellvertretender Bürgermeister für „Integrierte Planung und regionale Entwicklung“ von Kyustendil, sowie Paulina Nowak, Projektleiterin im Bereich gerechter Übergang und Expertin für soziale Innovationen, Europe, a Patient Association, teil. In der Diskussion wurde hervorgehoben, dass alle Kohleregionen Ähnlichkeiten aufweisen, jedoch auch eigene Besonderheiten haben, die berücksichtigt werden müssen. Einerseits wurde darauf hingewiesen, dass die Schließung der Industrie unweigerlich auch andere Bereiche beeinflussen werde.Andererseits muss jedoch auch über die daraus entstehenden neuen Möglichkeiten gesprochen werden. Als Weg zur Abmilderung der Folgen wurden die maximale Einbindung aller Interessengruppen, einschließlich Jugendorganisationen, sowie die Förderung der Bedingungen für die Entwicklung der lokalen Wirtschaft betont.

Im zweiten Panel schlossen sich Paulina Nowak Jerzy Hubka, stellvertretender Vorsitzender der Gewerkschaft der Bergleute der Mine Makoszowy, Jordan Belovodski, Hauptsekretär der Handelskammer Kyustendil, und Martin Vladimirov, Programmleiter für „Energie und Klima“ am Zentrum für das Studium der Demokratie, an. Herr Hubka wies darauf hin, dass von den insgesamt 400.000 Menschen, die im Kohlesektor beschäftigt waren, derzeit etwa 70.000 Personen tätig sind. Es wurde diskutiert, dass die im Sektor Beschäftigten gut vorbereitet sind, in anderen Industrien zu arbeiten, jedoch ist eine richtige Kommunikation und Analyse wichtig, wo sie sich verwirklichen können. Um Perspektiven anzubieten, sind Investitionen in kleine und mittlere Unternehmen wichtig.

Die Konferenzgäste hatten die Möglichkeit, ihre Fragen zu stellen und das Thema mit den Vortragenden zu diskutieren.

Das Projekt ist Teil der Europäischen Klimaschutzinitiative (EUKI) des Bundesministeriums für Wirtschaft und Klimaschutz der Bundesrepublik Deutschland, die als Ergebnis des Pariser Klimaabkommens von 2015 ins Leben gerufen wurde.

Im Rahmen eines gemeinsamen Projekts zwischen der AHK Bulgarien und BASF EOOD fand am 3. Oktober 2024 im Fremdsprachengymnasium „Dr. Petar Beron“ in Kjustendil ein Treffen statt, das führende Experten und junge Talente zusammenbrachte.

Letztes Jahr gewann ein Schülerteam des Gymnasiums den ersten Platz im Wettbewerb „Die grüne Politik von MORGEN – wie sie HEUTE verstanden wird“ und begann mit der Arbeit an einem eigenen Umweltprojekt.

Bei dem Treffen stellten sie die Umsetzung dieses Projekts sowie neue Projektideen vor. Außerdem wurde die Unterrichtsstunde „BASF und Chemie als Wissenschaft“ präsentiert.

Unter den Anwesenden waren Frau Vuchkova, Direktorin des Gymnasiums, Ing. Atanasov, Bürgermeister der Gemeinde Kjustendil, Frau Pargova, leitende Expertin beim Regionalen Bildungsamt Kjustendil, Frau Domuschieva, Geschäftsführerin der BASF EOOD, Herr Bozukov, Handels- und Technikvertreter der BASF EOOD und Dr. Ing. Dimitrova von der AHK Bulgarien.

Der Schülerwettbewerb wird zum dritten Mal in Folge Ende 2024 erneut stattfinden. Die Teams werden von Gymnasien aus Nordwestbulgarien stammen.

Die neue Richtlinie über Maßnahmen für ein hohes gemeinsames Maß an Cybersicherheit in der Union und zur Aufhebung der Richtlinie (EU) 2016/1148 („NIS2-Richtlinie“) hat strengere Pflichten im Bereich der Cybersicherheit und der betrieblichen Resilienz von Unternehmen eingeführt, darunter Pflichten zum Risikomanagement, zur Berichterstattung und zum Informationsaustausch. Dies wurde im Rahmen der Veranstaltung deutlich, die am 1. Oktober von der Fachausschuss Compliance organisiert wurde.

Die neuen Anforderungen umfassen Maßnahmen bei Vorfällen (Prävention, Erkennung und Reaktion auf Vorfälle), Sicherheit der Lieferkette, Verschlüsselung, Offenlegung von Schwachstellen und vieles mehr. Rechtsanwältin Irina Janeva hielt eine Präsentation, die darauf abzielte, Unternehmen aus den betroffenen Sektoren mit den wesentlichen Aspekten und Anforderungen der NIS2-Richtlinie sowie deren Umsetzung in nationales Recht durch den Entwurf des Gesetzes zur Änderung des Cybersicherheitsgesetzes vertraut zu machen.

Ein Schwerpunkt lag auf dem erweiterten Kreis der Verpflichteten, den Anforderungen an den Risikomanagementrahmen, einschließlich des Risikos im Zusammenhang mit Drittanbietern, den Fristen für die Meldung von Vorfällen und den nächsten Schritten auf nationaler Ebene im Hinblick auf die Gestaltung des gesamten rechtlichen Rahmens im Bereich der Cybersicherheit. Während der Präsentation wurden auch praktische Beispiele in verschiedenen Bereichen besprochen, die sowohl das Risikomanagement als auch die Reaktion auf Vorfälle betreffen.

We, the bilateral business chambers in Bulgaria, are against the so-called Foreign Agents Registration Act, that was recently presented for voting at the National Assembly.

We are against the principles of such draft laws, including those introduced in the past and any potential new legislation that could introduce repressive, anti-democratic, anti-human rights measures. Such draft laws could restrict established, transparent, and legitimate financial sources for business, organizations, and interpersonal relationships. With this, we contribute to improving the investment climate and the business environment in Bulgaria, strengthening the democratic foundations of society, supporting the education system, and connecting it to modern academic and global standards.

Business-associations like ours are relevant parts of the civil society and have been partnering with various national and international stakeholders in the fields of rule of law, investment promotion, education, healthcare, energy and climate change, to just name a few based on open and transparent dialogue.

We promote entrepreneurial culture, access to reliable information and help positioning Bulgaria positively on the international stage through transparent dialogue concerning membership in relevant international organizations like OECD, NATO, EU as well as the planned complete Schengen and Eurozone-accessions.

Our business associations represent 2,000 member companies – local and international, large corporations and SMEs that are strongly contributing to the sustainable growth of the national GDP. Logically, their taxes directly or indirectly contribute to the implementation of the social role of any government (regular one or caretaker). Moreover, for years now the private capital has supported public driven or has developed its own social, cultural, educational, and sports programs of various scales. This support often comes in addition to governmental or municipal ones, or even when they are totally missing for Bulgaria to play a role in the fields of science,  and many other. For example companies heavily invest in the regions where they are, in order to sustain citizens in the regions where they operate, creating proper vocational education programs- this would not be possible with such act.

Such a draft law or any similar approaches that might follow damage the international reputation of Bulgaria, not only for businesses, who are providing for jobs in Bulgaria, it can also lead to the withdrawal of healthy and needed capital.

Letzte Woche (10.06. - 14.06.2024) reiste im Rahmen des Programms „Bayern - Fit for Partnership“ eine bulgarische Delegation aus der Elektronikindustrie nach Bayern, Deutschland

Durch die Kombination aus Unternehmens- und Messebesuchen konnten die Teilnehmenden interessante Einblicke erhalten und Kontakte für künftige Kooperationen knüpfen.

Vielen Dank auch allen bulgarischen Teilnehmenden sowie allen beteiligten bayerischen Unternehmen, Verbänden und Clustern, die ihre Türen für uns geöffnet haben.

EOS GmbH Electro Optical Systems, vbw – Vereinigung der Bayerischen Wirtschaft e. V., ZVEI e. V., die Gemeinschaftsstände der Strategische Partnerschaft Sensorik e.V. und der Cluster Leistungselektronik bei der Messen SENSOR+TEST und PCIM in Nürnberg, Siemens AG, FIT Additive Manufacturing Group und Nano Dimension.

Vielen Dank an Herrn Dr. Ulrich Wild, em&s GmbH für die Zusammenstellung dieses interessanten Programms sowie an Herrn Tzanko Tzankov für die Organisation auf bulgarischer Seite.

Besonders möchten wir uns bedanken beim Bayerisches Staatsministerium für Wirtschaft, Landesentwicklung und Energie und Bayern International für das langjährige Zusammenarbeit und für das entgegengebrachte Vertrauen in die AHK Bulgarien.