On April 24, 2024, the Loan Market Association (LMA) published its Sustainability Coordinator Letter. The publication of the LMA’s letter follows the LSTA’s February 2023 publication of its own Sustainability Structuring Agent Engagement Agreement Inserts. This Legal Update contains a comparative analysis of the LMA and LSTA’s documents, notes key similarities and differences between the
In a survey carried out by HSBC in 2023, 97% of real estate developers and investors said net zero was important to their business and 59% of the largest real estate companies said net zero was their top priority.
A third of companies in the sector already have Transition Plans and the push for formalising Transition Plans across the sector is increasing.
In April 2024, the Transition Plan Taskforce (“TPT”) published its final set of transition plan resources to help businesses transition to net zero.
In this article, we consider the guidance available to the real estate sector in preparing Transition Plans (“TP”).
Continue Reading Transition Plans & Real Estate
The UK Competition and Markets Authority (“CMA“) has announced that three fashion retailers have signed voluntary undertakings to ensure that consumers have a clearer idea of how green their clothes really are. At the end of March 2024, ASOS, Boohoo and George at Asda committed to only make green claims about their products
On 23 April 2024, the UK’s Financial Conduct Authority (“FCA“) published its “Finalised non‑handbook guidance on the Anti‑Greenwashing Rule (FG/24/3)” (the “Guidance“). The FCA has published the Guidance to help in-scope firms understand and comply with the anti-greenwashing rule, which will come into effect on 31 May 2024.
Continue Reading UK Financial Conduct Authority publishes finalised guidance on its Anti-Greenwashing rule
On March 25, 2024, the Brazilian federal government published Decree No. 11.961/2024, establishing an advisory and deliberative group, the Brazilian Sustainable Taxonomy Interinstitutional Committee (“CITSB”), which will coordinate the development and implementation of the Brazilian Sustainable Taxonomy (“TSB”). The TSB will establish a classification system for sustainable projects and activities, providing standardized terminology for companies
On 9 June 2023, the European Union published Regulation (EU) 2023/1115 on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation (the “Deforestation Regulation” or the “EUDR”). The EUDR entered into force on 29 June 2023, although the main prohibitions
Climate disclosure regulations are among the most significant and complex challenges faced by companies and boards, with a variety of requirements emanating from numerous governmental authorities and non-governmental organizations (NGOs) in recent years. Mayer Brown lawyers from around the world produced a White Paper on Global Climate Change Disclosure Initiatives and Board Corporate Governance Considerations
The recent decision (20 February 2024) of the High Court in R (Rights Community Action) v Secretary of State is a rare example of an NGO succeeding in a climate change legal action under English law. In the case, Rights Community Action persuaded the High Court to overturn a finding by the Secretary of State’s Planning Inspectors that a local authority’s “net zero” policy was unlawful.
Continue Reading NGO successfully challenges planning inspectors’ report on energy performance standards
Our mini Q&A series followed COP28, providing you with a quick and easy way to see how the discussions evolved. Our coverage highlighted significant and recent developments from a legal perspective, allowing you to assess the impact of these on your business.
View the mini Q&A series at Mayerbrown.com.
On 20 December 2023, the Council of the EU reached an agreement on its negotiating mandate on a proposal for a regulation on ESG ratings (the “Proposed EU Regulation“). This builds on the European Commission’s proposal, which was published on 13 June 2023.
The EU’s desire to regulate ESG rating agencies is a response to increasing concerns from a variety of stakeholders about the reliability, comparability and transparency of ESG ratings and the data behind these ratings.
Continue Reading Council of the EU agrees on proposal to regulate ESG ratings providers