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Clifford Chance

Clifford Chance

ESG Insights

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Sharing our knowledge and expertise

Explore our insights on climate change, business & human rights, sustainable finance, inclusion & diversity, energy transition, and more.

ESG highlights

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Do Industry Climate Alliances Violate U.S. Antitrust Law?

After a meteoric rise in corporate, investor, and public attention, ESG faces a backlash from conservative politicians and regulators, especially in the United States. From its beginnings as a term for assessing an enterprise’s control over environmental, social, and governance factors, ESG has become a widely used but poorly-defined umbrella term encompassing a wide variety of environmental and social issues. As a result, ESG is now a target for those opposing “leftist politics” and the “woke agenda.” One argument has been that industry climate alliances violate US antitrust law.

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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 implementation. This year's Conference is lower key and more procedural. Against a backdrop of the Russian invasion of Ukraine, increasing geopolitical tensions, food, and energy security issues, rising inflation and an uncertain economic outlook, Clifford Chance experts take a look at the themes of this year's conference and what is likely to be achieved.

 Find out more about COP27 – What can we expect?

E-fuels and green ammonia – The solution for decarbonising shipping and heavy transport?

Electro-fuels, or e-fuels, have a carbon footprint of almost zero compared with hydrocarbons and are likely to play a key role in supporting the global energy transition. They are a promising alternative to fossil fuels in the transport sector, particularly shipping and aviation, and are attracting growing interest from stakeholders looking to limit CO2 emissions and meet decarbonisation targets.

 Find out more about E-fuels and green ammonia – The solution for decarbonising shipping and heavy transport?

Energy Transition TV

Our Worldwide Projects Group came together in Copenhagen to dive deep into the issues businesses face globally in the ambition to becoming Net Zero. Take a look at some of their predictions for what lies ahead around the world.

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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 and climate. However, the Russian invasion of Ukraine has made that transition much harder as energy security becomes a major problem for many countries. David Evans, Senior Counsel and co-head of the Americas Energy and Projects Group at Clifford Chance in Washington D.C explores the legal and practical challenges that need to be considered.

 Find out more about Energy transition: Energy security, affordability and the impact on climate change

PODCAST: The Climate Lawyer: What Can In-House Counsel Do?

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 organisation. 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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Insights

  • Oil & gasPower & energy networksRenewablesClimate changeEnergy & the environmentEnvironmental litigation & dispute resolution & claim managementBusiness & human rightsUnited Kingdom 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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  • Climate changeGermanyUnited KingdomNorth America 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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  • Climate changeGermanyUnited KingdomNorth America 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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  • United KingdomTradeWTO LawClimate changeEnvironmental auditing & due diligenceLegislative, regulatory advice & compliance 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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  • United KingdomEquity capital markets & equity linked productsClimate changeEnergy & the environmentPrivate equity [Investment management]Corporate governance & directors' responsibilitiesEquity capital marketsFinancial institutions M&ASecurities regulation & compliancePrivate equityFunds & investment managementPrivate equity 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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  • TechnologyTrade 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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  • International 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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  • InternationalItalyUnited KingdomClimate change 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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  • United KingdomEuropean Union (EU)United States 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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  • United KingdomAmericas 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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  • Mining & metalsOil & gasPower & energy networksRenewablesEnvironmentClimate changeEnvironmental litigation & dispute resolution & claim managementUnited StatesUnited KingdomNetherlands 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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  • Climate changeGermanyUnited Kingdom The Climate Lawyer: COP26 Up Close and Personal (with Rich Kim, Clare Burgess and David Alfrey)

    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.

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  • Oil & gasPower & energy networksRenewablesReal estateAviationShippingTransportation infrastructureDerivativesFinancial services & marketsTrade, Commodities & Export financeClimate changeEmissions tradingEnergy & the environmentInternational 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 Agre...

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  • BanksHedge fundsPrivate fundsPublic funds exchange traded fundsWealth management & private bankingAsset financeDebt capital marketsEquity capital markets & equity linked productsClimate changeEmissions tradingEnvironmental operational permitting & reportingPlanning & zoning land useHedge fundsPrivate equity [Investment management]ChinaHong Kong SAR 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 exam...

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  • InternationalInternational OrganisationsNature conservationEmissions tradingBanks 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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  • AmericasLitigation, dispute resolution & risk management 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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  • Consumer goodsRetailChemicalsMedical devices healthcare equipmentPharmaceuticalsPrivate equityClimate changeLegislative, regulatory advice & complianceIntellectual property adviceIslamic derivativesAdministrative & public lawIPOsPrivate equityLegislative process & legislative draftingPolitical advocacy strategyPublic consultationsHospitalityReal estate fundsReal estate litigationReal estate taxAustriaBelgiumBulgariaCroatiaCzech RepublicCyprusDenmarkFinlandFranceGermanyGreeceEstoniaEuropean Union (EU)HungaryIrelandItalyLatviaLithuaniaPolandRomaniaSlovakiaSloveniaLuxembourg (Grand Duchy of)MaltaNetherlandsPortugalSpainSweden 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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  • United Kingdom 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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  • Americas Americas ESG Practice

    Our Americas ESG practice focuses on public and private transactions and compliance and risk management. We are closely integrated with our global ESG team and...

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  • AmericasLitigation, dispute resolution & risk management 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...

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  • Capital markets European Green Bond Regulation

    Since the European Commission published its proposal for a Regulation on European green bonds ("EU GBS") in July 2021 as part of its agenda on sustai...

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  • United StatesAutomotiveLife insuranceHedge fundsSovereign debtUnited KingdomBanksPrivate equityPrivate equityEuropean Union (EU)Corporate finance trustsGroup insurancePrivate equity [Investment management]Luxembourg (Grand Duchy of)Structured debt & securitisationNon-life insurance ESG Securitisation: accelerating after a slow start

    This is a reprint of an article originally published on 16 March 2022 as part of our publication "Structured Debt in a New World", accessible he...

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  • BanksHedge fundsPrivate equityPrivate fundsPublic funds exchange traded fundsWealth management & private bankingPrivate equityInfrastructure investorsLegislative, regulatory advice & complianceNature conservationPublic consultationsReal estate litigation Consultation on nature-related financial disclosure framework – Adopting the TCFD model

    Building on the progress made by the Task Force on Climate-related Financial Disclosures (the "TCFD"), companies are now likely to come under pressur...

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  • Japan Insights into ESG in Japan

    Environmental, Social and Governance (ESG) considerations are essential to businesses for the opportunities they bring, and for the reputational and economic r...

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  • RetailEnergy & resourcesPrivate fundsCapital goodsMaterialsNon-life insurancePrivate equityReal estateTechnologyTelecommunicationsEURegulated industriesTradeClimate changeCorporate transactionsEmissions tradingEnergy & the environmentEnvironmental auditing & due diligenceEnvironmental liability review, structuring & insuranceEnvironmental litigation & dispute resolution & claim managementLegislative, regulatory advice & complianceNature conservationWaste managementInternationalTransport & logistics ESG: Trends to watch in 2022

    Environmental, social and governance considerations are now mainstream and have an impact on all businesses, globally. We explore the ESG trends that we think ...

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  • Funds & investment managementUnited KingdomSpainNetherlandsGermanyAustraliaUnited StatesBrazilUnited Arab Emirates ESG trends that could impact financial investors in 2022

    ESG investment is booming – according to research from Bloomberg, ESG assets are forecast to hit US$53 trillion by 2025 (a third of global assets under managem...

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  • AmericasLitigation, dispute resolution & risk management 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 in...

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  • Capital marketsUnited Kingdom 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 com...

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  • Climate changeEnvironmental litigation & dispute resolution & claim managementAdministrative & public lawBanking & finance litigationBusiness & human rightsClass actionsCommercial & corporate litigationInternational lawRisk management & compliancePublic consultationsReal estate litigationRegulatory investigations & enforcementUnited StatesAustraliaFranceFrance (Mainland)GermanyNetherlandsUnited KingdomEngland & WalesIsle of ManNorthern IrelandScotlandInternational 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....

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  • Netherlands ESG: Dutch Court's Landmark Decision on Climate Change, Human Rights and Corporate Duties

    In a landmark judgement, Royal Dutch Shell (RDS) has been ordered by the District Court of The Hague to reduce it CO2 emissions by 45% by 2030, as compared wit...

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  • BanksDebt capital marketsEnergy & the environmentSaudi ArabiaUnited Arab EmiratesAbu DhabiDubai 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...

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  • BanksPublic funds exchange traded fundsPrivate equityInfrastructure investorsMonitoring & advice on EU developmentsPublic procurementState aid controlAviationElectricityGasPortsRailShippingTelecommunicationsWaterAsset financeLeveraged & acquisition financeProject financeDebt capital marketsEquity capital markets & equity linked productsClimate changeContaminated landEmissions tradingEnergy & the environmentEnvironmental auditing & due diligenceEuropean Union (EU) 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...

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  • Group insuranceIntermediaries brokersNon-life insuranceHedge fundsPrivate fundsPublic funds exchange traded fundsWealth management & private banking 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 Uni...

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  • BanksMining & metalsOil & gasPower & energy networksRenewablesPrivate fundsPublic funds exchange traded fundsGroup insurancePrivate equityInfrastructure investorsReal estateCorporate & Investment Grade lendingDebt capital marketsEquity capital markets & equity linked productsClimate changeEnergy & the environmentEnvironmental auditing & due diligenceInsurance regulatoryBusiness & human rightsCorporate governance & directors' responsibilitiesEuropeEuropean Union (EU) 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 ca...

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  • United States 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 landma...

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  • BanksOil & gasPower & energy networksRenewablesHedge fundsPrivate equityPrivate fundsPublic funds exchange traded fundsWealth management & private bankingPrivate equityInfrastructure investorsReal estateTransportation infrastructureAntitrustProject financeSyndicated loansDebt capital marketsEquity capital markets & equity linked productsConstructionPensionsClimate changeEmissions tradingEnergy & the environmentEnvironmental auditing & due diligenceEnvironmental litigation & dispute resolution & claim managementEnvironmental operational permitting & reportingLegislative, regulatory advice & compliancePrivate equity [Investment management]Islamic derivativesCorporate adviceCorporate governance & directors' responsibilitiesCyber security and information protectionEquity capital marketsFinancial institutions M&AIPOsJoint ventures & strategic alliancesM&APrivate acquisitions & disposalsPrivate equityPrivatisationsPublic takeovers & mergersSecurities regulation & complianceCorruption & standards of public conduct lawPolitical intelligence & monitoringReal estate fundsCorporate complianceFinancial & economic crimeBribery, corruption & fraudInsider trading market abuseData privacyAustralia 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 r...

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  • Europe 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 num...

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  • United StatesCorporate transactions 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 urgin...

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  • BanksConsumer goodsConsumer business servicesRetailMining & metalsOil & gasPower & energy networksRenewablesHedge fundsChemicalsMedical devices healthcare equipmentPharmaceuticalsAerospace & defenceAutomotiveCapital goodsMaterialsPrivate equityInfrastructure investorsEUEU Public policyFree movement issues (goods, services, capital & persons)Litigation in the EU courtsRegulated industriesTradeClimate changeEnergy & the environmentEnvironmental auditing & due diligenceEnvironmental liability review, structuring & insuranceEnvironmental litigation & dispute resolution & claim managementLegislative, regulatory advice & complianceAdministrative & public lawBusiness & human rightsCommercial & corporate litigationEmployment litigationInsurance litigationRisk management & complianceCorporate governance & directors' responsibilitiesInternational tradeInsurance regulatory [M&A corporate]IPOsPrivate equityLegislative process & legislative draftingPublic consultationsReal estate litigationCorporate complianceCriminal investigations & prosecutionAustriaBelgiumCyprusDenmarkFinlandFranceGermanyGreeceIrelandItalyLuxembourg (Grand Duchy of)MaltaNetherlandsPortugalSpainSwedenUnited KingdomEuropean Union (EU)BulgariaCzech RepublicCroatiaEstoniaHungaryLatviaLithuaniaPolandRomaniaSlovakiaSlovenia 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 Cliffo...

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COP27 Perspectives Series

  • COP27: The future of carbon credits – we’ll always have Paris (November 2022)

    Carbon credits are increasingly playing a significant part in decarbonisation strategies for governments and companies, but there are still unanswered questions around their legal characterisation and regulatory status. In this session, Belinda Ellington from Citigroup Global Markets along with Clifford Chance partners looked at recent developments in the voluntary carbon markets, the ongoing initiatives to promote trading activity and confidence using derivatives and structured products, and some of the key issues for regulated firms trading these products.

     

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  • Looking ahead to COP27 (November 2022)

    In the lead-up to COP27 – which is taking place amidst significant geopolitical turmoil – Clifford Chance experts Clare Burgess, Nigel Howorth, Greg Jehle, Roger Leese and Olamide Oladosu discussed energy transition, carbon trading, finance, international sovereign debt, and looked at Africa and the US, and contextualised what is on the conference agenda. 

     

    Read our briefing on what we can expect from COP27.

     

     

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Reports

united26

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.

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esg-delivery-a-trade

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.

 Read the report
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