ESG is no longer a “nice to have” in Croatia—it’s how capital, regulators and customers decide who’s future-ready. Over the past 18 months, two forces have accelerated adoption: the national ESG Rating program led by the Croatian Chamber of Economy (HGK) and the visibility of Bloomberg ESG Scores for several large Croatian issuers. Together, they’re nudging companies toward clearer disclosures, better governance, and measurable environmental and social performance.
The state of play
On the market side, Bloomberg ESG Scores now track a set of Croatian blue chips using only publicly available company reporting—no analyst “opinion” layers—making peer comparison cleaner for investors. Recent coverage shows leading local names and even lists category strengths and gaps. In one snapshot, Span topped domestic peers with an aggregate score around mid-range on Bloomberg’s 0–10 scale, driven by governance and environmental marks; others such as Valamar, Končar, Podravka, HT, Ericsson NT, Atlantic, HPB, Adris and Atlantska plovidba are in scope as well. The takeaway: visibility is rising, and with it, competitive pressure to improve disclosure quality.
At the national level, HGK’s ESG Rating has become a practical on-ramp for both large enterprises and SMEs. The Ministry of Tourism and Sport confirms the program continued through 2024; more than 400 companies participated in 2023, each receiving an individual report and improvement plan. HGK positions the rating as aligned with regulators, financiers and sector specifics, delivered via a simple web questionnaire—useful for suppliers wanting to stay in big-company value chains. Benefits cited include sharper risk insight, better financing terms, and reputational upside.
Sector patterns are emerging. Bloomberg Adria’s review of results notes that six of the top ten Croatian performers come from manufacturing, where environmental controls and process discipline are already core to operations. Yet capability gaps remain: fewer than 15% of companies have assessed climate risks, and adoption of EU Taxonomy technical criteria sits just above 10%. Governance appears to be improving the fastest, but many firms still struggle to turn strategic intent into measurable outcomes.
The policy clock is ticking (CSRD)
The Corporate Sustainability Reporting Directive (CSRD) is now embedded in Croatia’s Accounting Act. The first wave—about 50 companies—must report on FY2024 in 2025; more large entities follow for FY2025 reports in 2026. HGK points companies to training (ESG Akademija), a practical ESG Guide, and the national ESG Rating as preparation tools. If your organization isn’t in the first wave, the supply-chain effect means expectations will still reach you—often through procurement questionnaires and lending covenants.
Reality check: progress, but not yet a step-change
Independent research suggests momentum with caveats. An AmCham/Kearney pulse check of 36 Croatian firms found only modest year-on-year improvement: strategy is often in place, but 61% lack reportable results, investments dipped slightly amid cost pressures, and S-pillar practice (employee wellbeing, inclusion) lags most. A1 Hrvatska and Atlantic Grupa led that cohort, but overall maturity remains uneven.
What this means for project leaders
This is exactly where project management becomes the engine of ESG delivery. Policies set expectations; projects translate them into assets, processes, data, and culture. If you lead projects in Croatia, here’s a practical sequence you can put to work now:
- Make ESG outcomes explicit in the charter. Add 3–5 outcome-oriented KPIs—e.g., % recycled input, energy intensity per output unit, % suppliers screened against HGK/CSRD-relevant criteria, gender balance in pilot teams. Tie each to a data owner and measurement cadence.
- Map stakeholders beyond the usual suspects. Include community groups, vulnerable users, unions, municipal bodies, financiers and insurers. Note potential impacts and trade-offs; plan engagement artifacts you can attach to disclosures later.
- Build ESG into phase gates. Add climate-risk checks to design reviews; require procurement to verify supplier ESG credentials (e.g., proof points aligned with HGK Rating or equivalent); define governance controls for data traceability so what you report under ESRS can be audited.
- Instrument for data you’ll need under CSRD/ESRS. Don’t wait for year-end. Decide now which metrics your project will generate, how they map to ESRS topics, and where the data will live. For instance, investors looking at Bloomberg Scores reward consistent, comparable, public data.
- Communicate verified outcomes. If you disclose assured, decision-useful metrics—and keep them consistent—you make it easier for stakeholders to understand progress and for public datasets to reflect it accurately.
How ESG4PMChange can help
ESG4PMChange—the EU project bringing ESG competencies into PM education and training—maps the skills project professionals need to do all of the above: from stakeholder inclusion and climate-risk literacy to data governance and benefits realization. It’s designed to bridge academia and industry with competency frameworks, micro-credentials, and digital learning, so teams don’t just comply—they deliver value and resilience. If your organization plans to mature its ESG reporting and rating performance, this competency lens is the fastest route from policy to practice.
Croatia’s edge—if we take it
Croatia has a working combination: public scorecards (Bloomberg), a national rating program (HGK), and a clear regulatory timeline (CSRD). The next step isn’t more policy—it’s consistent project delivery that produces auditable ESG results. The companies that wire ESG into their project life cycle today will be the ones investors, lenders, and customers trust tomorrow.
Further reading
- Bloomberg Adria: “Ovo je top 10 hrvatskih kompanija s najboljom Bloomberg ESG ocjenom” (23 Jan 2024). Bloomberg Adria
- Bloomberg Adria: “ESG rezultati prerađivačke industrije svrstali je u sam vrh održivosti” (10 Dec 2024). Bloomberg Adria
- Energetika: “ESG rejting hrvatskih tvrtki bez većih poboljšanja” (20 Nov 2024). Energetika
- Ministry of Tourism & Sport: “Hrvatska gospodarska komora provodi procjenu ESG performansi poslovanja i u 2024.” (10 Jul 2024). mint.hr
- HGK: “ESG rating – zašto je važan?” (guide, PDF). Hrvatska gospodarska komora
- HGK: “Objavljen popis obveznika izvještavanja o održivosti” (25 Nov 2024; notes first-wave 50 companies). Hrvatska gospodarska komora
- Ministry of Finance (presentation): “Nadolazeće promjene u izvještavanju o održivosti” (20 May 2025; confirms CSRD transposition on 27 Jul 2024 and legal references). mint.hr
Author: Zvonimir Kuliš is an Assistant Professor at the Faculty of Economics, Business and Tourism, University of Split.
