Briefings

In this briefing, Baker McKenzie consider the growing emergence of Transition Finance products, highlighting how these alternative products can aid the transition of hard-to-abate sectors, the risks and opportunities surrounding these product, as well as the imperative that borrowers ensure they have a credible, net zero, transition plan.

In this briefing, Clifford Chance consider the European Commission's proposed Critical Raw Materials Act and how this legislation might protect EU member states' supply chains in the transition to net zero.

In this briefing, Clifford Chance consider the sustainable finance regulatory environment for 2023, where once again improving data and disclosures as well as further scrutiny of "greenwashing" in the financial sector continue to dominate the agenda.

In this briefing, Reorg provide a reflection on the 2022 European leveraged sustainability-linked loan market, highlighting the continued growth in their market share and identifying a number of trend in their documentation.

In this briefing, Clifford Chance consider the rapid growth in the data centre asset class; the common transaction structures used to finance their purchase; and how their carbon footprint is leading to increased interest in utilising sustainable finance alternatives.

In this briefing, Osborne Clarke consider how to minimise legal risks arising from TCFD reporting and net zero plans.

In this briefing, PwC explores the new supply chain due-diligence requirements that come into force in Germany in January 2023 and the implications for companies doing business in Germany.

In this Briefing, Clifford Chance explore the recent judgment by the Court of Justice of the European Union (CJEU) in the SKAS (Case C-250/21), concluding that the supply which a sub-participant makes to the grantor, under a funded sub-participation agreement, falls within the "granting of credit" VAT exemptions.

In this briefing, Clifford Chance explore the implications of the recent High Court judgment which ruled that the UK's Net Zero Strategy, in-part, unlawful and in need of amendments by March 2023. This judgment follows a growing global trend in climate-related litigation, in which governments' and corporations' net zero commitments are being scrutinised in the courts.

In this article, the LMA sets out how parties can ensure that KPIs selected are able to withstand the scrutiny of the syndicate, and indeed the wider market and the press. It comes as the first of a series of articles focusing on protecting the integrity of the sustainability-linked loan product.

In this briefing, Baker McKenzie explores the recently published package of European Green Deal proposals, presented by the European Commission in a bid to make sustainable products the norm in the EU. Also covered in the article are the other aims of the package which are to boost circular business models and empower consumers for the sustainability transition.

This briefing by Clifford Chance explores the evolution of ESG concerns in securitisation from both a regulatory and a market based perspective. It looks at the place of securitisation in the broader range of financing tools seeking to achieve positive ESG outcomes, as well as the challenges and opportunities it is facing.

In this briefing, CMS focuses on Sub-Saharan Africa and discusses legal aspects relating to sustainable finance, as well as trends and developments that are relevant for financing sustainable development in the region, including the South African Green Finance Taxonomy. Also explored are various other sustainable finance initiatives such as the Network for Greening the Financial System and the African Ministerial Conference for the Environment, as well as sustainable finance instruments seen throughout the continent (for example, green loans).

In this briefing, Allen & Overy provide an overview of the UK government's 'Greening Finance: A Roadmap to Sustainable Investing' document which was published on the 18 October 2021 and outlines the support available to the financial services sector in aligning with the UK’s net zero commitment and wider environmental goals.

In this briefing, Bedell Cristin provide an overview of some recent green finance innovations in Guernsey, including the use of Guernsey Green Funds.

The UK's Financial Conduct Authority (FCA) has published proposals for asset managers, life insurers and FCA-regulated pension providers to be required to produce mandatory climate-change related disclosures. This Clifford Chance briefing explores the FCA's consultation published on 22 June 2021.

In this briefing, Matheson discuss the emerging trend of ESG-focused CLOs and some of the opportunities and challenges that may face market participants as they seek to bring their own ESG CLOs to the market.

The Green Finance Institute has launched the Dasgupta Review: A Pathway for Action for the Financial Sector, a set of 12 recommendations developed in partnership with the finance industry in response to the findings of the Dasgupta Review. The report includes case studies and examples of how financial sector firm have turned these recommendations into action.

The European Commission has finalised legislation containing the Technical Screening Criteria for climate mitigation and adaptation activities supporting the Sustainable Finance Taxonomy Regulation. While the Commission has broadly retained the approach taken in its November 2020 draft, in some cases its approach to the details of the criteria has differed. This briefing by Clifford Chance looks at the finalised position.

The growth of climate change-related litigation is becoming a risk which UK businesses of all types cannot afford to ignore. This briefing by Pinsent Masons discusses climate change litigation.

The flexibility of arbitration makes it an ideal forum to achieve swift decisions in disputes related to climate change, when underpinned with the right legislation. Read further in this briefing by Pinsent Masons

The European Commission has published a proposal for a Corporate Sustainability Reporting Directive (CSRD) as part of a package of measures aiming to direct capital flows towards sustainable activities. This briefing by Clifford Chance discusses the key changes to reporting requirements.

This briefing by Reorg examines the current approaches to ESG provisions, discusses the underlying elements of ESG margin ratchets, and considers other ESG-related developments in the broader market.

As the risk and impact of business human rights and other ESG failings become ever more apparent, the EU's plan for a mandatory supply chain due diligence regime gains pace. The proposed regime will have potentially far-reaching implications for businesses and their value chains. In this briefing, Travers Smith analyse the scope and impact of the current EU proposals, as well as key timings and next steps.

On March 1 2021, the European Banking Authority published advice to the European Commission on the disclosure requirement on environmentally sustainable activities in accordance with Article 8 of the Taxonomy Regulation.

This Legal Update by Mayer Brown provides further detail.

On 12 November 2020, we made available a written interview that was conducted with Royal Dutch Shell plc on their December 2019 US$10bn revolving credit facility. The RCF pioneered the use of the rate switch mechanism, containing a switch from US$ LIBOR to compounded SOFR. Kam Mahil, Senior Director - Legal at the LMA spoke to Michael Dawson, Head of Liquidity & FX at Shell about the transaction.

The European Commission (EC) has published six draft delegated acts for consultation, requiring insurers and asset managers to integrate environmental, social and governance (ESG) considerations into their investment, advisory and disclosure processes. The proposed legislation would amend the UCITS, AIFMD, MiFID, IDD and Solvency II frameworks in line with other ESG legislation and the EU Taxonomy. In this briefing, Clifford Chance outlines some of the key requirements under the new proposals.

In this briefing, Linklaters describes the key changes in the scope of green and sustainability linked lending, including updates on: (i) the initiatives that make up the EU Sustainable Finance Package - the new Taxonomy Regulation, the new ESG Disclosure Regulation and the new ESG Benchmarks Regulation; and (ii) how ESG considerations are being embedded into the EU and UK prudential regulatory frameworks.