Clifford Chance
Sharing our knowledge and expertise
Explore our insights on climate change, business & human rights, sustainable finance, inclusion & diversity, energy transition, and more.
ESG highlights
Australia: Directors' Duties and Nature Related Risks
In this article, we explore nature-related risks and the practical steps which can be taken by directors (including representatives of financial investors) to assist with their assessment and mitigation of these risks to avoid consequences such as penalties from regulators and the risk of litigation.
Find out more about Australia: Directors' Duties and Nature Related Risks
Sustainability & ESG Trends 2024
Environmental, social and governance (ESG) issues are having a significant impact on businesses globally. We look ahead and assess the challenges and opportunities on a range of strategic issues, from regulations on corporate sustainability reporting and transition planning, the evolution of sustainable finance and the role of carbon markets in funding net zero, to the increase in ESG-related litigation.
Find out more about Sustainability & ESG Trends 2024
Energy Transition Trends 2024
The energy transition requires a massive and increased rate of investment from both the public and the private sectors. Here we explore some trends which will shape the year ahead, focusing on the innovations and legal developments that we are seeing in clean hydrogen, carbon capture and storage, green fuels, carbon pricing, digital transformation, innovative finance and incentives to mobilise capital.
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COP28
COP28 – the 28th UN Climate Change Conference of the Parties, which took place in Dubai from November 30 to December 12 – provided the first Global Stocktake (GST) examining progress on climate action under the Paris Agreement. It also focused on climate finance, energy transition and loss and damage. These issues present a range of challenges for our clients and we are helping them to future-proof their businesses as they assess the impact of COP28.
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Global Antitrust Challenges for Industry Climate Alliances and Cooperation on Environmental Sustainability
As businesses seek new ways to work together to improve environmental sustainability, navigating diverging approaches to competition law in different jurisdictions is becoming increasingly complex.
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Funding the energy transition: Mobilizing private finance for net zero
As world leaders gather at COP28 in Dubai, there is widespread acknowledgment of the scale of action required to address climate change by accelerating the development of low-carbon energy sources, while also decarbonizing industry and transportation.
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Insights
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Betting on batteries: Powering the clean energy transition
With increasing global demand for batteries to power the clean energy transition, the opportunities and risks are multiplying. New technology, new markets and ...
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Forced labour: New regulations are changing contractual obligations across the world
An international framework aimed at the eradication of forced labour across the world has long been in place, set out in ILO Conventions and embraced within UN...
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Australia: Directors' Duties and Nature Related Risks
Australian companies are increasingly vulnerable to risks associated with the natural environment. Although climate-related regulation is increasing, the strat...
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US SEC Adopts New Climate-Related Disclosure Requirements (Detailed)
On March 6, 2024, the Securities and Exchange Commission ("SEC") adopted long-awaited disclosure requirements to enhance and standardize the climate-...
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Taskforce on Nature-related Financial Disclosures (TNFD) recommendations published
The finalised Taskforce on Nature-related Financial Disclosures (TNFD) framework has been published and establishes a new standard for disclosure on nature and...
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Global Antitrust Challenges for Industry Climate Alliances and Cooperation on Environmental Sustainability
As businesses seek new ways to work together to improve environmental sustainability, navigating diverging approaches to competition law in different juri...
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Going beyond carbon reductions: The proposed EU carbon removals certification regulation
On 30 November 2022, the European Commission adopted a proposal for a Regulation to create a first EU-wide voluntary framework that would certify high-qua...
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Energy Transition Trends 2023
Energy security and affordability have become a major issue for many countries. Rising inflation, increasingly frequent and significant climate events, and an ...
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Enabling the Voluntary Carbon Market in the Context of the Paris Agreement
Clifford Chance, in cooperation with the UK Voluntary Carbon Market Forum and the City of London Corporation, is pleased to announce the launch of its report 'Enabling the Voluntary Carbon Market in the Context of the Paris Agreement'.
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UK Net Zero Strategy ruled unlawful leaving uncertainty over UK climate policy
On 18 July 2022, the High Court declared that the UK's Net Zero Strategy is, in part, unlawful and ordered the Secretary of State to revise it by March 2023. I...
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The Climate Lawyer: What Can In-House Counsel Do? (with Rich Kim & Adam Woodhall)
There's a new hope in the battle against climate change from somewhere you might not expect. In-house counsel are stepping up to become agents for change in their organization. In this fifth episode of the Clifford Chance podcast series 'The Climate Lawyer', host Richard Kim (counsel, Düsseldorf) is joined by Adam Woodhall, founder and CEO of Lawyers for Net Zero, a non-profit that helps guide in-house counsel on their climate journeys.
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The Climate Lawyer: Climate Meets Venture Capital (with Rich Kim & Mona Alsubaei)
There's no path to net zero without innovation, and nobody knows innovation like venture capital. What does it mean to be a climate VC investor? Find out in the fourth episode of The Clifford Chance Podcast series, 'The Climate Lawyer', where host Richard Kim (counsel, Düsseldorf) is joined by Mona Alsubaei, a member of the investment team at Union Square Ventures (USV) and specialist in climate tech investing.
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UK Deforestation Due Diligence Framework Implementation: Further Detail Published
The UK Department for Environment Food and Rural Affairs has published a second consultation on the proposed UK mandatory forest-risk commodities due diligence...
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UK Government Imposes Mandatory Climate-Related Financial Disclosure on Large UK Businesses
The Department for Business, Energy and Industrial Strategy (BEIS) has announced that it will impose mandatory climate-related financial disclosure duties on l...
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The role of tech in trade policy and climate change
A broad range of services – from digital and telecommunications services to engineering, cloud storage and artificial intelligence (AI) – will play an integral...
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Delivering a Trade and Climate Agenda
Clifford Chance has collaborated with the World Economic Forum on the publication, Delivering a Trade and Climate Agenda. The report finds that while businesses are actively pursuing emissions reductions, action on trade policy can help accelerate this shift. The report outlines eight ways in which trade policy can help businesses accelerate the transition to net-zero.
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Climate change litigation in Italy: The dawn of a new era?
Italy had seemed to be one step behind other countries where climate change litigation is concerned, with no climate-related litigation having been commenced i...
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COP28: What it means for businesses
In this extract from our recent Perspectives webinar, we explore some of the major themes that came out of COP28, including renewable energy, financing and wha...
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Funding the energy transition: Mobilizing private finance for net zero
As world leaders gather at COP28 in Dubai, there is widespread acknowledgment of the scale of action required to address climate change by accelerating the dev...
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Looking ahead to COP28: What can we expect?
COP28 – the 28th annual United Nations climate meeting – takes place in Dubai from 30 November, but what can realistically be achieved against a backdrop of in...
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Debt-for-Nature Swaps: A New Generation
Ahead of COP28, we set out our thoughts on the new generation of debt-for-nature swaps which have recently come to market and look forward to their full potent...
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MENA Region: Three emerging ESG finance trends
The MENA region is experiencing rapid growth in green loans and sustainability-linked loans with issuers/borrowers ranging from sovereign wealth funds and GREs...
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10 questions on the EU Carbon Border Adjustment Mechanism
The EU has adopted a Regulation establishing a Carbon Border Adjustment Mechanism (CBAM) to deal with the long-standing problem of ‘carbon leakage’ that impede...
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Going beyond carbon reductions: The proposed EU carbon removals certification regulation
On 30 November 2022, the European Commission adopted a proposal for a Regulation to create a first EU-wide voluntary framework that would certify high-qua...
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Focus on hydrogen: The impact of the US Inflation Reduction Act's hydrogen incentives on trade
A key hydrogen trend to focus on for 2023 is "trade". The industry has gone from concentrating on the "colour" (i.e., grey, blue and green...
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Nature's Paris? Key outcomes and measures of the Kunming-Montreal Global Biodiversity Framework (COP15)
Agreement was reached by 190 countries on the Kunming-Montreal Global Biodiversity Framework (GBF) on 19 December 2022, after two weeks of negotiations at COP1...
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COP27 – What can we expect?
COP27 – the UN Climate Change Conference of the Parties – is intended to build on the work that took place at COP26 last year and move on from pledges to imple...
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Advancing the conversation on climate change – looking back at COP26
COP-26 was an opportunity for states, NGOs, the business community and the public to come together to discuss, debate and develop solutions to the climate crisis.
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COP26: Did it deliver?
COP26, has been described as the 'last best hope" to avert climate disaster. In this extract from a recent Clifford Chance event, moderated by Partner an...
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UK Government consultation on the design of the UK Carbon Border Adjustment Mechanism
The UK Government has published proposals for a UK Carbon Border Adjustment Mechanism (CBAM) to deal with carbon leakage while the UK decarbonises. The proposa...
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Focus on Hydrogen: Navigating Morocco's New Policy
The Morocco Offer (l'Offre Maroc) is the most significant step forward to date for the green hydrogen sector in Morocco and covers the entire green hydrog...
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Carbon Trading in China Relaunch of the Certified Emission Reduction Scheme
On 22 January 2024, China officially relaunched the China Certified Emission Reduction (CCER) scheme, which is a milestone step in establishing the voluntary c...
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Carbon Capture and Storage in Germany – New opportunities for project developers and investors
The German Government has announced that it will enable Carbon Capture and Storage (CCS) and facilitate Carbon Capture and Utilisation (CCU) on an industrial s...
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Energy Transition – Opportunities and Challenges for Offshore Wind
With increasing global demand for offshore wind to power the clean energy transition, the opportunities and risks are multiplying. Offshore wind has long been ...
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Low-carbon fuels: Decoding EU legislation for the transport sector
The EU has recently adopted new legislation on the use of renewable and low-carbon fuels in the transport sector. The new rules include important technical cri...
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Energy Transition Trends 2024
Explore our 2024 Energy Transition Trends amid global uncertainty, elections, climate pledge post-COP28, green tech advancements, carbon pricing, CCUS growth, green fuels, digital transformation, finance innovations & capital incentives..
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Clean Hydrogen Tax Credit Proposed Regulations: A Focus on the "Three Pillars"
On December 22, 2023, the U.S. Department of the Treasury and the Internal Revenue Service announced Proposed Treasury Regulations (the "Proposed Rules&qu...
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Energy Transition: What role can geothermal power play?
Geothermal energy is among the oldest types of power harnessed by humans. It holds a unique place in the energy mix, thanks to being entirely independent of we...
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Funding the energy transition: Mobilizing private finance for net zero
As world leaders gather at COP28 in Dubai, there is widespread acknowledgment of the scale of action required to address climate change by accelerating the dev...
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Energy Transition – How to mitigate the risk of disputes in decommissioning
The global rise in renewable energy projects has brought into focus the need to decommission ageing fossil fuel assets effectively and sustainably. Decommissio...
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Focus on hydrogen: European Hydrogen Bank: First pilot auction
On 29 August 2023, the European Commission (the Commission) published the terms and conditions of the EU Hydrogen Bank's (EHB) first pilot auction with an Inno...
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Energy in transition – The role of decommissioning
Decommissioning is an integral part of the energy transition. The move by oil & gas companies to decarbonise their operations often leads to a transfer of ...
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Belgian offshore wind - Upcoming tendering of the Princess Elisabeth zone
The tender principles for the Princess Elisabeth Zone are gradually taking shape following a recent stakeholder dialogue. This briefing provides an overview o...
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Focus on hydrogen: Romania's hydrogen strategy – A key component of the energy transition roadmap
The Ministry of Energy of Romania has published the first draft of its long-awaited Hydrogen Strategy and Action Plan for 2023-2030. This is a positive step fo...
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Betting on Batteries: Powering the clean energy transition
With increasing global demand for batteries to power the clean energy transition, the opportunities and risks are multiplying. New technology, new markets and new deals, including those associated with mineral extraction, human rights and the supply chain, regulatory changes and the race to find funding are giving rise to a number of issues for businesses to grapple with.
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Energy Transition: Balancing the interests of investors and States on the path to clean energy
197 Governments (and the European Union) have ratified or acceded to the Paris Agreement, pledging to pursue efforts to limit the global temperature rise to 1....
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Offshore Decommissioning Contracts – Operation of the Knock for Knock Regime
Decommissioning is an integral part of the international energy transition, and of the global push to achieve net zero greenhouse gas emissions and a carbon ne...
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Focus on hydrogen: the European Hydrogen Bank
One of the first measures announced by the European Commission President von der Leyen, in her September 2022 State of the Union speech, was the creation of a ...
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The European Net Zero Industry Act
The European Commission (the Commission) has issued proposals aiming to broadly equalise Europe's net zero industry with the US Inflation Reduction Act (IRA) a...
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Renewable energy sector reform in Morocco - how will it impact the market?
The Moroccan Government has undertaken a wide-ranging reform of the legal framework governing the renewable energy sector, including a new regime for self-gene...
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Focus on hydrogen: Achieving Africa's clean hydrogen potential with European initiatives
A number of countries in Africa have been identified as future sources of supply of clean hydrogen due to an abundance of land suitable for the production of w...
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Focus on Hydrogen: Regulatory developments in the Netherlands
Three years after the Cabinet presented its Cabinet Vision on Hydrogen (Kabinetsvisie waterstof), the Dutch Government has taken significant steps in developin...
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Energy Arbitration Trends 2023
What are the key trends for global disputes and international arbitration for the energy sector in 2023 and beyond? In our inaugural Energy Arbitration Trends ...
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Focus on hydrogen: Australia's Go Scheme and hydrogen certification
Certification schemes for clean hydrogen are being proposed in many countries to help markets develop, by providing certainty as to where the hydrogen has been...
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Going beyond carbon reductions: The proposed EU carbon removals certification regulation
On 30 November 2022, the European Commission adopted a proposal for a Regulation to create a first EU-wide voluntary framework that would certify high-qua...
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Energy Transition Trends 2023
Energy security and affordability have become a major issue for many countries. Rising inflation, increasingly frequent and significant climate events, and an ...
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Focus on hydrogen: Belgium is leading the way in regulating the hydrogen midstream
Belgium has published its long-awaited H2 midstream regulation. A draft proposal has been endorsed by the federal parliament's energy commission and will ...
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Focus on hydrogen: The impact of the US Inflation Reduction Act's hydrogen incentives on trade
A key hydrogen trend to focus on for 2023 is "trade". The industry has gone from concentrating on the "colour" (i.e., grey, blue and green...
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Focus on hydrogen: current regulatory framework for green hydrogen in Spain
Although green hydrogen production and use is still at an early stage of development and a European package is being put into place for hydrogen regulation (sp...
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Focus on Hydrogen: The regulation of hydrogen transportation in Europe, Belgium and Germany
The development of a clean hydrogen ecosystem in Europe is critical to ensure that the projected increases in hydrogen supply and demand are realised which are...
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Focus on Hydrogen: Japan's energy strategy for hydrogen and ammonia
The Japanese government has set ambitious goals for a carbon-neutral future to enhance its energy security. It plans to establish a full-scale international hy...
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Inflation Reduction Act of 2022
We are pleased to present this briefing regarding the Inflation Reduction Act of 2022 (the "IRA"), which Senator Chuck Schumer (D-NY) described as &q...
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Greenwashing – Australian carbon credit units in the regulatory spotlight
As part of the Federal Government's crackdown on greenwashing, an independent review of the Australian Carbon Credit Units regime will be carried out by former...
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Multi-Purpose Interconnectors: Enabling the transmission of clean energy in the UK
As the UK strives towards its ambitious target of 50GW of offshore wind capacity by 2030, large-scale investment will be required in the offshore wind industry...
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Energy transition: Energy security, affordability and the impact on climate change
The transition from fossil fuels to clean energy to address the climate crisis was never going to be easy and involves expensive trade-offs between economics a...
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Favourable winds for French offshore wind farms
While Northern Europe and the UK started investing in offshore wind more than 20 years ago, France was slow off the mark. Now, that is about to change, as the ...
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Recent government announcements for the energy sector
In a race to ensure it is on track to meet its net zero targets by 2050, the Government has announced the publication of its new British Energy Security Strate...
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Energy Transition Trends 2022
There remains a narrow window of opportunity for timely action to address the climate crisis and still meet the Paris Agreement targets. The necessary transiti...
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REPowerEU: European Commission’s proposed plan for more affordable, secure and sustainable energy
In March 2022, in response to the unprecedented energy price crisis, the European Commission presented REPowerEU, a new set of proposed measures to create...
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UK Net Zero Strategy - A clearer view of the challenges to 2050
Ahead of its Presidency of COP26, the UK Government has published its Net Zero Strategy to 2050. The Strategy covers all business sectors and some cross-cuttin...
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10 Questions on the Proposed Carbon Border Adjustment Mechanism
The European Commission has published a proposal for a Regulation on a Carbon Border Adjustment Mechanism (CBAM) to deal with the long-standing problem of 'car...
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Industrial Decarbonisation Strategy: The path to net zero
The Department for Business, Energy & Industrial Strategy (BEIS) has published its strategy setting out the path to decarbonising industry, aiding the goal...
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Australia: Directors' Duties and Nature Related Risks
Australian companies are increasingly vulnerable to risks associated with the natural environment. Although climate-related regulation is increasing, the strat...
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The FCA publishes finalised guidance on the SDR anti-greenwashing rule
On 23 April 2024, the FCA issued Finalised Guidance (Guidance) on the ‘anti-greenwashing rule’. The Guidance takes into account feedback received by the FCA in...
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Agreement reached on the EU Corporate Sustainability Due Diligence Directive – what financial services firms need to know
After months of political wrangling, EU member states have finally reached agreement on the Corporate Sustainability Due Diligence Directive (CS3D). On 15 Marc...
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US SEC Adopts New Climate-Related Disclosure Requirements (Detailed)
On March 6, 2024, the Securities and Exchange Commission ("SEC") adopted long-awaited disclosure requirements to enhance and standardize the climate-...
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SEC Adopts Climate-related Disclosure Rules
On March 6, 2024, the Securities and Exchange Commission (SEC) voted 3-to-2 to adopt long-awaited disclosure rules and form amendments designed to enhance and ...
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The UK's Sustainability Disclosure Requirements Regime
In November 2023, the UK’s Financial Conduct Authority (FCA) published the final rules for its new Sustainability Disclosure Requirements regime (SDR). Firms a...
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Debt-for-Nature Swaps: A New Generation
Ahead of COP28, we set out our thoughts on the new generation of debt-for-nature swaps which have recently come to market and look forward to their full potent...
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MENA Region: Three emerging ESG finance trends
The MENA region is experiencing rapid growth in green loans and sustainability-linked loans with issuers/borrowers ranging from sovereign wealth funds and GREs...
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Exploring the new ISSB sustainability disclosure standards
The ISSB has published two new sustainability disclosure standards establishing a global baseline that is comprehensive and compatible with existing frameworks...
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The green industrial policy revolution – developments in trade, energy transition, and geopolitics
Driven by the energy transition, national security concerns, and commitments to support domestic production, countries are increasingly taking measures to develop green economies and energy systems at home.
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ESG Trends 2023
Environmental, social and governance (ESG) considerations have an increasing impact on all businesses, globally. Here we take a look at the some of the issues...
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ESG: What to expect from financial regulators in 2023 – Disclosures, Data and 'Greenwashing' in the spotlight
ESG disclosures, data product and ratings providers and 'greenwashing' will be in the regulatory spotlight in 2023, as financial regulators seek to implement m...
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Disagreement on U.S. DEI legislation and initiatives creates uncertainty for companies
Companies are faced with increasing challenges from internal and external forces, meaning that policies and initiatives related to diversity, equity, and inclu...
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Focus on hydrogen: Belgium is leading the way in regulating the hydrogen midstream
Belgium has published its long-awaited H2 midstream regulation. A draft proposal has been endorsed by the federal parliament's energy commission and will ...
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Nature's Paris? Key outcomes and measures of the Kunming-Montreal Global Biodiversity Framework (COP15)
Agreement was reached by 190 countries on the Kunming-Montreal Global Biodiversity Framework (GBF) on 19 December 2022, after two weeks of negotiations at COP1...
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FINRA's First Caution on ESG
On January 10, 2023, the Financial Industry Regulatory Authority ("FINRA") issued its 2023 Report on FINRA’s Examination and Risk Monitoring Program ...
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European Commission proposes ambitious update to packaging rules
The European Commission has proposed a long-awaited legislative update aimed at reducing packaging waste across the EU as part of efforts to create a...
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ESG – The role of the in-house lawyer
Company boards are increasingly seeing ESG as a legal issue and the role of the in-house legal team is changing as it deals with a growing workload to manage r...
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Sustainable is the New Black- ESG in Fashion
The fashion industry is intrinsically evolving as the most coveted patterns and textures ebb with the tide of public opinion. While these shifts occur, the phy...
Sustainability & ESG Trends 2024
ESG issues are having a significant impact on businesses globally. Against the prevailing backdrop of continued political and economic uncertainty and rising geopolitical tensions, we look ahead and assess the challenges and opportunities on a range of strategic issues, from regulations on corporate sustainability reporting and transition planning, the evolution of sustainable finance and the role of carbon markets in funding net zero, to the increase in ESG-related litigation.
Find out more about Sustainability & ESG Trends 2024Reports
Enabling the Voluntary Carbon Market in the Context of the Paris Agreement
This paper considers the state of the Paris mechanisms and the VCM, examines actual and perceived barriers to its scaling and identifies recommendations for the way forward.
Read the report
The Promise of a Positive Legacy
This report draws attention to the human rights strategies developed by all 22 cities across the United Bid, recognizing the important work done by a wide range of contributors and the key commitments and undertakings of the cities. The city submissions, which are publicly available, are voluminous, and this report aims to present the information in ways that will increase the accessibility of the material to a wide variety of stakeholders.
Learn more
