Clifford Chance

• PODCAST: The Climate Lawyer: COP26 Up Close and Personal

  You've seen the news on COP26, but not like this. For the first episode of our new podcast series, The Climate Lawyer, host Rich Kim (Counsel, Dusseldorf) is joined by Clare Burgess (Partner, London) and David Alfrey (Lawyer, London) for a lively and insightful discussion of the conference and its major takeaways.

• THOUGHT LEADERSHIP PUBLICATION: COP26: Article 6 Rulebook for the new Global Carbon Market Mechanism agreed

  Some 6 years after the Paris Agreement, COP26 has resulted in agreement on a global carbon market mechanism (GCMM) largely completing the so-called 'Paris Agreement Article 6 Rulebook'. Key decisions (the Rules) have been made on the eligibility of projects and activities to be included in the GCMM, the approval process and issuance of credits, the making of corresponding adjustments to host state's emission accounts, and how to deal with legacy projects and credits under the Kyoto Protocol's Clean Development Mechanism (CDM). In this briefing, we discuss the key elements along with the likely impacts on the compliance markets and voluntary carbon markets.

• CLIENT BRIEFING: 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 large UK businesses in a response to its March 2021 Consultation. This briefing sets out a brief rundown on BEIS' decision and its implementation.

• CLIENT BRIEFING: 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-cutting themes. This briefing explores major new elements of policy, some of the major uncertainties, and key challenges faced by business in planning and implementing a path to Net Zero by 2050.

• THOUGHT LEADERSHIP PUBLICATION: COP26: China's Green Finance Agenda

  China has pledged to be carbon neutral by 2060. It's a huge ambition and will require a vast amount of domestic and international investment. Our experts examine China's green agenda, the opening up of its financial markets and what this means for international businesses and opportunities.

• THOUGHT LEADERSHIP PUBLICATION: 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 role in the transition to net zero. But for businesses to reach their emissions targets, the global trading system has to adapt, say business leaders in a report from Clifford Chance and the World Economic Forum (WEF).

• CLIENT BRIEFING: Investor Protection to Societal Protection? With Proposed Amendments and Recent Probe, SEC Takes Concrete Steps to Increase ESG-Related Disclosures by Public Companies and Investment Managers

  On September 29, 2021, the U.S. Securities and Exchange Commission proposed amendments to Form N-PX under the Investment Company Act of 1940, as amended, to increase the amount of information that mutual funds, exchange-traded funds, closed-end funds and certain other registered investment companies must report about their proxy voting practices. The proposed rules also require certain investment managers to annually report how they voted proxies regarding executive compensation and other matters on Form N-PX. Managers would be required to categorize each proxy voting matter from a specified list of categories and subcategories, including compensation, corporate governance, the environment, diversity, and human rights or human capital.

• CLIENT BRIEFING: Diversity and inclusion on listed company boards and executive committees: FCA consultation on new reporting requirements

  The proposals address the lack of standardised and mandatory transparency in this area by establishing better, comparable information on the diversity of boards and executive management against the background of a growing interest in ESG matters in investment decision-making, as well as wider social concerns.

• THOUGHT LEADERSHIP PUBLICATION: Delivering a Climate Trade Agenda: Summary of recommendations

  The urgency of the climate crisis requires greater focus on how international trade and investment policy can support climate action. International trade is estimated to account for 20-38% of global emissions but, until recently, there have been limited efforts to harness trade policy to achieve climate objectives. As businesses increasingly pursue their own net zero targets, the upcoming COP26 meeting in November 2021 and WTO Ministerial in December 2021 provide opportunities for governments to accelerate these efforts through mutually supportive trade and climate policies.

• THOUGHT LEADERSHIP PUBLICATION: Latest trends in economic sanctions and trade controls

  In this extract from a recent Clifford Chance webinar, we explore the latest trends in US, EU and UK policy on economic sanctions and trade controls, including compliance and enforcement risks and potential changes under the Biden Administration.

• CLIENT BRIEFING: And the survey says... DFS wants your diversity and inclusion details

  Diversity and inclusion continues to be a hot topic within corporate America, with more and more regulators—including the New York State Department of Financial Services—chiming in.

• CLIENT BRIEFING: FCA consults on extending climate related disclosure requirements and certain ESG matters

  On 22 June the FCA published CP21/18 consulting on proposals to extend the application of their climate-related disclosures listing rule to standard listed companies and also seeking views on broader environmental, social and governance (ESG) topics in capital markets. This consultation has two limbs. The first, is focused on the extension of the FCA's TCFD aligned 'comply or explain' listing rule and the second, is a more discursive fact finding request seeking views on ESG prospectus disclosure for debt securities and possible regulatory oversight of third party ESG verifiers and ESG rating agencies. The consultation is open until 10 September 2021. We have prepared another briefing considering the FCA's other consultation paper, Enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers.

• THOUGHT LEADERSHIP PUBLICATION: 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 'carbon leakage' that impedes the EU's decarbonisation plans. It is part of the Commission's 'Fit for 55' initiative published today that will help it achieve the EU's new target for a 55% reduction in greenhouse gas emissions by 2030 (against 1990 levels). In this briefing we answer 10 key questions about the proposal.

• THOUGHT LEADERSHIP PUBLICATION: ESG Trends: The rise of climate litigation and the challenges for business

  Activist shareholders and NGOs targeting governments and businesses in relation to climate change are increasingly turning to litigation.

• CLIENT BRIEFING: 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 in Italy in the past years. However, things may be about to change.

• THOUGHT LEADERSHIP PUBLICATION: Climate change, human rights and corporate duties – Dutch Court issues landmark decision

  In a landmark judgment, Royal Dutch Shell (RDS) has been ordered by the District Court of The Hague to reduce its CO2 emissions by 45% by 2030, as compared with 2019 levels.

• THOUGHT LEADERSHIP PUBLICATION: Green Shoots: Sustainable Capital Markets in the Middle East

  The development of sustainable finance continues to evolve across the Middle East – a region more readily associated with conventional energy resources such as oil and gas.

• THOUGHT LEADERSHIP PUBLICATION: ESG: European Commission finalises taxonomy 'Technical Screening Criteria' for climate mitigation and adaptation

  The European Commission has finalised legislation containing the Technical Screening Criteria (TSC) 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 looks at the finalised position.

• CLIENT BRIEFING: European Commission adopts long-awaited amendments for asset managers, insurers and insurance distributors on ESG integration

  On 21 April 2021 the European Commission adopted a package of measures to help improve the flow of money towards sustainable activities across the European Union. This briefing provides an overview of what the Delegated Acts entail, and their impact on UK-based asset managers, insurers and insurance distributors.

• THOUGHT LEADERSHIP PUBLICATION: ESG: European Commission proposes Corporate Sustainability Reporting Directive

  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.

• THOUGHT LEADERSHIP PUBLICATION: ESG Trends: What the latest Paris Agreement commitments mean for U.S. climate policy

  With COP26 (the United Nations climate change talks) fast approaching, the U.S. has announced its new Nationally Determined Contribution (NDC) under the landmark 2015 Paris Agreement, pledging to reduce greenhouse gas emissions by 50-52% below 2005 levels by 2030. The announcement was made at President Biden's Leaders Summit on Climate, a virtual gathering of world leaders and representatives of civil society and the private sector, aimed at raising global ambition on climate action.

• CLIENT BRIEFING: 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 of a net zero economy by 2050. This is the first strategy of its kind and sets out a series of actions across the next three decades, which will deeply decarbonise the UK economy, whilst still placing an emphasis on remaining competitive, creating jobs and avoiding pushing emissions abroad (carbon leakage).

• THOUGHT LEADERSHIP PUBLICATION: APAC ESG Perspectives: Australian key considerations

  Environmental, Social and Governance (ESG) considerations are important to businesses for the opportunities they bring, and for the reputational and economic risks that come with making the wrong decisions. This briefing identifies a number of ESG considerations that may be relevant when doing business in Australia.

• THOUGHT LEADERSHIP PUBLICATION: ESG: Staying ahead of the regulatory curve in Europe

  Central banks, financial regulators and governments around the world are focusing on the risks that climate change poses to the global economy. There are a number of factors in managing those risks, including the need for a robust categorisation system for "green" or "sustainable" investments, as well as reliable data on how companies and assets are performing against that categorisation. In this extract from a recent webinar, Clifford Chance experts discuss the latest developments in green and sustainable financial products and the impact of upcoming European legislation.

• THOUGHT LEADERSHIP PUBLICATION: ESG initiatives: From politics to the lending market

  Environmental, Social and Governance ("ESG") initiatives are at the forefront of today's market economy as government and corporate leaders are urging advancements in sustainable investing. These broad-sounding terms have specific implications for the economy and corporate world, influencing the public and private sector, corporate behavior, new regulations, disclosure mandates and the lending market. In our series of articles covering the evolving ESG landscape we explore the changing discourse of leadership (both political and corporate), how such discourse presents opportunities in finance, and how legislative action may force the hand of holdouts in industry, all with a view of producing tangible milestones to measure progress of ESG initiatives.

• THOUGHT LEADERSHIP PUBLICATION: ESG: Sustainable Corporate Governance and New Due Diligence Duties in Europe

  The European Union is currently consulting on sustainable corporate governance in the context of the European Green Deal. In this extract from a recent Clifford Chance webinar our experts explore the scope of the proposed legislation, including new requirements on mandatory human rights and environmental due diligence, and its impact on directors and their duty of care.We will also discuss how to influence the consultation process and how best to prepare for the next stage.

• CLIENT BRIEFING: Statutory quotas and targets to improve gender balance within Dutch large company boards

  On 11 February 2021, the Dutch House of Representatives adopted the bill providing for a statutory diversity quota for companies with a stock-listing in the Netherlands.

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