Italy

Bonellierede, one of the largest independent Italian law firms, often assists clients with transactions that fund green projects in the country, including in the areas of solar and wind energy. Its multidisciplinary ESG group also advises clients across environmental law and sustainable finance, among other matters. The firm additionally established an infrastructure, energy and ecological transition team, led by Catia Tomasetti, and an environmental sustainability focus team, led by Luca Perfetti.

Notably, the firm provided assistance to UniCredit and SACE in a green loan project financing worth €560m for the development of TANGO, a manufacturing plant for solar panels located in Catania, Italy. In another recent matter, the firm advised a pool of banks consisting of Banco BPM, BPER Banca and Intesa Sanpaolo in relation to the €54m financing to E FRANZESE, which will fund the construction and operation of a 37.8MW wind farm located in the Campania region.

Demonstrating its commitment to sustainability and climate change mitigation beyond client work, the firm conducted reforestation activities in Paneveggio Natural Park, which was heavily damaged by a storm in 2018. It also planted 400 trees in Cormano.

BonelliErede’s ESG Group is a multidisciplinary group that supports clients on the path to sustainability and helps them navigate the legal framework across the value chain. The Group is headed by 8 partners and 2 of counsel – who are also members of different focus teams across the firm – and is supported by associates.

Each group member brings in-depth experience and knowledge from his/her practice area. This diverse expertise enables the ESG Group to take a cross-cutting approach, by drawing on specialised insights from the following practice areas (among others):

• Corporate Governance: The group assists corporate bodies with each step of the analysis, evaluation and study of the most suitable solutions, ensuring that all business needs are covered and the applicable rules are complied with.
• Debt Capital Markets: The group analyses sustainable bonds and derivatives and their application as part of the transition towards a sustainable economy.
• Digital Innovation: The group helps clients guarantee the inclusion ruled by the ESG principles regarding the digital world (websites, apps, products and digital services).
• Environmental Sustainability: The group assists clients with civil, criminal, administrative, contractual and EU law at any stage of a matter, from investment viability analyses to environmental conservation agreements.
• Infrastructure, Energy & Ecological Transition: The group assists clients with all aspects of the green revolution and ecological transition, from renewable energy to waste and water management.
• Shipping, Transport & Logistics: The group assists clients with environmental laws, restrictions on emissions and the related guidelines.

The group takes a holistic and multidisciplinary approach that addresses all legal and tax matters across the life cycle of a given project, from the development of ESG policies to their approval and implementation.

The group’s diverse, complementary skills enable it to offer multidisciplinary advice across all ESG matters, including environmental issues, social responsibility, governance, sustainable finance, reporting and litigation.

As Italy’s leading law firm, BonelliErede is conscious of its responsibility to positively impact society, the environment and the economy everywhere it operates.

As a full-service law firm, BonelliErede has incorporated ESG principles into all practice areas, covering everything from environmental issues, human capital management and corporate governance to sustainable finance, litigation, and beyond.

Across EMEA, the firm is unparalleled in its work concerning sustainable finance, with BonelliErede lawyers and tax advisors facilitating some of the biggest financing projects for green energy technologies.

The firm has an environmental policy that clearly states the firm’s commitment to sustainability as a key aspect of its business strategy. The policy also pledges the BonelliErede’s commitment to international initiatives, including the UN’s Sustainable Development Goals. It includes internal objectives – e.g., in terms of procurement and office life – and an awareness of the firm’s indirect impact on (and through) suppliers, clients and the community.

BonelliErede has a dedicated Corporate Social Responsibility committee responsible for the firm’s compliance with the policy and for further developing ESG policies and programmes.

Has your firm established a dedicated ESG/climate change/sustainability practice, team or task force?

Given the complex and continuously evolving nature of ESG, in 2021 BonelliErede launched its multidisciplinary ESG group. The group offers multidisciplinary, cohesive and comprehensive advice to clients on all ESG matters, including sustainable finance, monitoring, reporting and litigation. The group members’ expertise spans a range of complementary practice areas, which enables the group to identify and thoroughly assess legal implications, risks and issues. On top of that, BonelliErede has several dedicated groups and teams that focus on different ESG-related aspects.

What type of work do you handle in connection with “green change”?

BonelliErede is a full-service law firm and handles ‘green change’ matters across the board. This includes assistance with all legal matters relating to:

• the ecological transition (i.e., renewable energy and the circular economy, the use of hydrogen in transport and in hard-to-abate sectors, and energy efficiency) in several practice areas (e.g., corporate/M&A, project finance, administrative and public law, EU regulations, competition law, and tax) and other environmental matters;
• sustainable finance (equity and debt, including structuring and approval for sustainable finance projects, sustainable IPOs, green bonds, ESG derivatives, and sustainability-linked loans); and
• litigation (climate change litigation, liability disputes for damages and greenwashing, manufacturing, and environmental liability disputes).

BonelliErede also deals with the social and governance (‘S’ and ‘G’) sides of sustainability by providing assistance with human capital management and corporate governance – just to name a couple of areas.

Would you like to highlight a particular area of strength?

The firm is particularly known for its work in corporate governance (especially in recent years, as companies’ boards have become more and more interested in ESG matters), M&A and environmental litigation.

Has your firm implemented any internal best practises?

Internal best practices include:

• prioritising sustainable procurement and environmentally friendly materials;
• using renewable and efficient energy in all offices; and
• reducing water consumption and encouraging waste recycling in all offices.

Additionally, over the past few years BonelliErede has focused on sustainable paper usage and now uses 100% recycled paper and carbon-offset printers. The firm also encourages the use of public or zero-emission transport and limits business trips to those strictly necessary.

Has your firm joined any external ESG-related projects, networks or initiatives?

BonelliErede has been involved in numerous external ESG initiatives, including the reforestation of the Paneveggio Natural Park (which was heavily damaged by a storm in 2018) and the planting of 400 trees in Cormano (a town north of Milan).

Part of the firm’s social impact can be seen in its response to the Russian invasion of Ukraine: indeed, in 2022 BonelliErede opened a job placement office for Ukrainian refugees in Milan, in partnership with ITA2030 and Cometa Formazione. This initiative has helped hundreds of refugees upskill and find work. It has since expanded to Rome and Parma and is now open to all refugees who arrive in Italy.

What are your firm’s ESG-related goals?

BonelliErede’s environmental policy states the firm’s commitment to environmental sustainability as a key, cross-cutting aspect of its business strategy. The policy also pledges commitment to international initiatives, including the UN’s Sustainable Development Goals. It is based on the following principles:

• avoid all kinds of waste;
• improve energy efficiency; and
• consider how the firm’s operations impact people and legal entities.

When did ESG, climate change and/or sustainability become an area of focus at your firm?

BonelliErede officially launched its multidisciplinary ESG group in November 2021 to address the ever-growing environmental, social and governance challenges faced by the corporate world. The group brought together the abilities and knowledge of partners with years of experience in the field – long before the focus on ESG aspects became a must-have – and took advantage of in-depth analyses and studies carried out as part of a continuous dialogue with the business community initiated by the firm. As a result, the firm is abreast of – and often anticipates – market trends.

What has driven your firm’s involvement in a green transition? (Client demand? Business case? Personal attitudes/beliefs/initiatives?)

As Italy’s leading law firm, BonelliErede is conscious of its responsibility to positively impact society, the environment, and the economy everywhere it operates.

The firm has long been paying attention to ESG aspects and recognises it will be a pivotal part of everything it does going forward.

Do you have any strategic plans to expand your work or your initiatives in this area in the future?

The firm – through the ESG group’s work – is committed to analysing market trends and regularly conducts surveys on ESG practices in Italy; it then shares its learnings with the community through newsletters, podcasts and client events that help the community gain further insights and promote best practices.

This continuous learning is fundamental to launch and implement new initiatives and services that are in line with the firm’s overall strategy and stakeholders’ needs.