Technical Expert Group recommends minimum requirements for two new benchmarks. By Paul A. Davies and Michael D. Green On 30 September 2019, the EU Technical Expert Group on Sustainable Finance (TEG) published its final report on climate benchmarks and environmental, social, and governance (ESG) disclosures (the Report), as well as a summary of the Report. The Report makes recommendations regarding the minimum technical requirements for the methodology that pertains to two new climate benchmarks. The…

The Programme includes a new CO2 pricing regime aimed at emissions caused by the building sector and by traffic and transport. By Jörn Kassow On 20 September 2019, the German government adopted the Climate Action Programme 2030, a plan to ensure that Germany achieves its climate protection goals for 2030, including a reduction of greenhouse gas emissions by 55% (compared to 1990). The Programme comprises a number of measures for all relevant sectors. Significant measures…

To aid potential investors, ELFA has called for a coordinated approach to ESG disclosure and analysis amongst leveraged finance borrowers. By Paul A. Davies and Michael D. Green Environmental, social, and governance (ESG) issues are playing an increasing role in the global leveraged finance market. As a result, borrowers who wish to access this market should consider paying closer attention to their ESG performance. The European Leveraged Finance Association (ELFA) has called for a coordinated…

Launched ahead of the UN Climate Action Summit in New York, the PRB provides a global framework for a sustainable banking system. By Paul A. Davies and Michael D. Green On 22 September 2019, the United Nations and a group of 130 banks from 49 countries launched the UN Principles for Responsible Banking (PRB) to provide an international framework for a sustainable banking system, and allow signatories to demonstrate their commitment to achieving the goals…

CARB’s revised discussion draft removes a previously proposed de minimis exemption for owners of SF6 GIE. By Aron Potash and Christopher C. Antonacci On August 15, 2019, California Air Resources Board (CARB) staff published a revised discussion draft (Revised Draft) of potential changes to the Regulation for Reducing Sulfur Hexafluoride Emissions from Gas Insulated Switchgear (SF6 Regulation). The Revised Draft takes into account comments received from stakeholders in the past several months. Notably, it proposes…