Mining companies are closely linked to the energy transition, both as businesses for which new requirements apply and as suppliers of critical minerals used to produce electric vehicles batteries, solar panels and wind turbines, among other products. In this Legal Update, we discuss emerging climate change-related guidelines and requirements, give examples of how mining companies
The Way Forward in Green and Sustainable Financing in Hong Kong – A Reflection from the 2023-24 Budget
Hong Kong’s Financial Secretary, Paul Chan, delivered the 2023-24 budget on 22 February 2023 with the promotion of a green economy, sustainable development and China’s “3060 Dual Carbon Targets” at the forefront.
He laid out his vision to establish Hong Kong as a leading global green technology and financing hub.
Continue reading at Mayerbrown.com.
COP27 Postscript – much ado about nothing?
COP27 has now come to a close. Against the global backdrop of political and economic turbulence, many questions were asked as to what could realistically be expected as outcomes of COP27. We now have the answers to those questions.…
Observations from the COP27 Halfway Point
We are half way through COP27, so (disregarding the intersessionals that will take place during 2023), the negotiations will “soon” start to focus on Dubai, the venue for next year’s COP28 summit. Who knows how much progress will be made before then. One point to note is that COP27 is more of an “implementation” COP, rather than one with a more grandiose task, such as ramping up climate ambition.…
Singapore Publishes Second Version of Green Taxonomy for Financial Institutions
On May 12, 2022, Singapore’s Green Finance Industry Taskforce (GFIT) published a second consultation paper on its proposed taxonomy for Singapore-based financial institutions (“Singapore Taxonomy”), which aims to provide a common framework for classification of economic activities upon which financial products and services can be built and combat greenwashing by setting…
Ready, Set, Disclose? ESG Lending and The Middle Market
The European Union’s recent passage of its Sustainability Financial Disclosure Regulation marks yet another milestone in the progression of ESG matters. In a new article in The Secured Lender, we review this regulation and related ESG disclosure requirements, together with other notable ESG developments out of Japan and the United States, and discuss their…
Hong Kong Proposes Climate Risk Management Guidelines for Banks
On 20 July 2021, the Hong Kong Monetary Authority (HKMA) issued draft guidelines (the Draft Guidelines) on the management of climate-related risks by authorised institutions (AIs). The Draft Guidelines further develop the HKMA’s approach to climate risk, initially outlined in its June 2020 White Paper on Green and Sustainable Banking, and incorporate leading international standards and practices to provide comprehensive climate risk management guidance for banks in the areas of governance, strategy, risk management and disclosure.
In this Blog Post, we highlight key aspects of the Draft Guidelines and takeaways for AIs considering how to approach these new proposals in Hong Kong. For more information about evolving regulatory approaches to climate disclosure and risk management around the world, please see our comprehensive analysis, Climate Disclosure and Risk Management: Global Approaches.…
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Hong Kong’s New Green And Sustainable Finance Grant Scheme Begins May 10
On May 4, 2021, the Hong Kong Monetary Authority (HKMA) released the details of its Green and Sustainable Finance Grant Scheme (GSF Grant Scheme), which will consolidate Hong Kong’s existing Pilot Bond Grant Scheme and Green Bond Grant Scheme into one new program. According to the Chief Executive of the HKMA, Mr. Eddie Yue:
“The global green bond market has grown from practically non-existent ten years ago to US$270 billion in 2020. In Hong Kong, we have taken early and proactive steps to strengthen Hong Kong’s position as a regional green and sustainable finance hub, including the issuance of two rounds of Government green bonds since 2019 and the establishment of the Green and Sustainable Finance Cross-Agency Steering Group to coordinate cross-agency market development efforts. The launch of a new [GSF] Grant Scheme to support green and sustainable bond issuance and lending will further enrich the green and sustainable finance ecosystem in Hong Kong.”
Continue reading for more details on the GSF Grant Scheme.…
Continue Reading Hong Kong’s New Green And Sustainable Finance Grant Scheme Begins May 10
Looking Ahead: How ESG May Affect Refinancings and Restructurings of COVID-Era Debt
As businesses emerge from COVID with a significant amount of corporate debt, the landscape in the financial markets has also evolved: The focus on ESG issues has intensified. We have seen institutional investors demand more in these areas, in terms of both disclosures and concrete targets, from banks and funds.
Meanwhile, emerging regulations and reforms…
International Loan Markets Go Green(er?) and Issue Updated Green Loan Principles and Guidance
On February 10, 2021, the primary global loan market trade associations—the Loan Syndication and Trading Association (LSTA), the Loan Market Association and the Asia Pacific Loan Market Association—released updated Green Loan Principles (GLP) and related Guidance.
The changes include a requirement that borrowers identify and manage potentially material social risks…