Garrigues Sustainable Newsletter - January 2026
In this newsletter we compile the most relevant legal news on ESG matters in Spain, published by Garrigues and G-advisory.
New Sustainable Mobility Law: this is the regulatory framework for an orderly transition to a new transport system
The law sets out the roadmap for decarbonizing transport in Spain, establishes a new framework for coordinated planning, strengthens the role of public transport, and promotes the modernization of the mobility system. Among its measures, it includes the obligation to approve a new concession map for road passenger transport and to implement sustainable mobility plans for commuting to work.
Sustainability and corporate governance in the family business: from mandatory compliance to competitive advantage
Although many family businesses are not yet legally required to do so, the legal framework in Spain and in the European Union will shape their access to clients, financing, and contracts, making it essential to anticipate these requirements in order to avoid being left out of the market.
Developments in compliance: current situation of whistleblowing channels and new crimes as a result of the European criminal reform
The culture of regulatory compliance is evolving, driven by new legal obligations and the consolidation of stricter control mechanisms. The new developments in internal information systems and the new criminal offences linked to EU restrictive measures require an update of compliance models.
2026: a year of regulatory challenges and opportunities for companies in Spain
In this report, we review the main legal developments expected for 2026 across all areas of business law. In terms of sustainability, the year will be marked by new waste regulations—including European regulations on waste shipments and packaging—the implementation of the deposit return system (DRS) for SUP bottles, increased extended producer responsibility requirements, obligations to combat food waste, and progress in eco-design and sustainability reporting (CSRD).
News
The end of 2025 has been marked by the new National Framework Plan for Waste Management, which redefines the waste management strategy in Spain, while, in parallel, the European Union keeps promoting a first pilot to accelerate the circularity of plastics as a prelude to its future Circular Economy Law.
In a recent note, it specifies its application for business groups based on the location of the ultimate parent company and its subsidiaries.
Regulation (EU) 2025/2643, approved on December 16 and published in the Official Journal on December 29, establishes a European Defence Industry Programme and measures to ensure the availability of strategic products. With a €1.5 billion funding allocation for 2025-2027, it aims to strengthen the European industrial base and support the reconstruction of Ukrainian industry.
The Sustainable Mobility Act promotes transport cards
These cards for the use of public transport may be exempt from personal income tax (IRPF) provided that certain requirements are met.
COP30 ends with progress on adaptation, but without consensus on fossil fuels
The final agreement reached in Belém aims to triple adaptation finance by 2035 and boost climate commitments but avoids including a roadmap for a fossil fuel phase-out despite demands from over 80 countries.
The CNMV launches the process to review the Good Governance Code for Listed Companies
The process will involve a group of corporate governance experts with the aim of approving, in 2027, a new code that strengthens areas such as long-term shareholder engagement, alignment with European regulations on sustainability and due diligence, and the impact of artificial intelligence.
The Spanish National Securities Market Commission (CNMV) and the Institute of Accounting and Auditing (ICAC) have issued a new statement updating their previous statement dated 27 November 2024, given the possibility that the CSRD and other related rules will not be transposed into the Spanish legal system before 31 December 2025.
The European Commission's proposal, included in the Omnibus package, is now entering the final stage of its processing.
Meanwhile, the European Commission is undertaking a broader review of the European Sustainability Reporting Standards (NEIS), with the aim of reducing the number of requirements, clarifying provisions considered unclear and improving their consistency with other pieces of legislation. It is envisaged that the revised ISIS can be implemented from the 2027 financial year.
The European Union simplifies the carbon border adjustment mechanism for small importers of goods
The new ‘de minimis’ exemption substantially reduces administrative burdens for the vast majority of importers, while maintaining environmental and climate objectives.
CNMV Assesses the Impact of ESG Controversies on Ibex 35 Companies
On 30 October 2025, the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV) published a study in its second semi-annual Bulletin of 2025 analysing whether controversies related to environmental, social and governance (ESG) factors influence the stock-market performance of Ibex 35 companies.
Latin America
Chile: Environmental Impact Assessment System Regulations Amended
The Office of the Comptroller General of the Republic took note of Supreme Decree No. 17, of 2025, which updates typologies and thresholds for entry into the Environmental Impact Assessment System (SEIA) in energy, mining, waste and hazardous substances projects, among others, with relevant practical effects for the design and evaluation of projects.
Reform of the National Water Law in Mexico: A new paradigm of water management for industries
The reform of the National Water Law introduces profound changes in the regulation of the use and exploitation of water in Mexico, prioritizing human consumption and sustainability. It also strengthens state control, tightens the concession regime and establishes stricter obligations for all users of water resources.
Experts from ProInversión Garrigues and G-advisory join leaders in the energy sector to analyse the regulatory and financial challenges to drive the energy transition in 2026.
Garrigues Sostenible
ESG in recalibration: Europe, the UK and the road to 2026
Forward Law Review has published an analysis on how ESG regulation is evolving across Europe and the outlook for 2026. Among the voices shaping this conversation is Rosa Zarza, senior partner at Garrigues and head of Garrigues Sustainable, who offers a clear perspective on what lies ahead for Spain and the EU.
For another year running, Garrigues is the top law firm in the Merco Responsibility ESG ranking
The firm has once again been highly placed among the 100 most responsible enterprises in Spain according to this ranking.
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