Governance, risk management and reporting
Businesses face an ever-increasing plethora of climate-change and sustainability global rules, expectations and initiatives.
It is therefore crucial to have robust governance and risk management arrangements to deal with these appropriately. Boards need to have a clear understanding and appreciation of sustainable finance risks to their organisation and its customers, with clear roles, responsibilities and oversight arrangements in place.
Risk management processes also need to be properly calibrated in respect of sustainable finance and climate-change risks, with robust risk governance, reporting and escalation practices.
Furthermore, there are also a growing variety of reporting frameworks businesses may need to comply with, including for example the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD. Hundreds of businesses spanning industries globally have already pledged their support. Consideration must therefore be given to business planning going forward, and to the legal and compliance implications of doing so, as well as the risks of failing to do so.
Companies must also be alive to the fact that there is an increasing likelihood of mandatory disclosure frameworks. Most recently, the Securities and Exchange Commission (SEC) announced the opening of a comment period regarding climate change disclosures. The submissions are to be used in developing future guidance and proposals on ESG issues. In a similar vein, the Financial Conduct Authority (FCA) has published final rules and guidance promoting better climate-related financial disclosures, with TCFD-aligned disclosures being applied on a comply or explain basis to UK premium listed commercial companies. The UK government has also announced its intention to make TCFD-aligned disclosures mandatory across the economy.
Our global multi-disciplinary team can support across these important areas – acting as your business advisor for legal, regulatory, risk and compliance matters. We can also help you design and deliver regulatory change programmes – including assessing your current state, conducting gap analyses, and implementing programmes to deliver improvements and enhancements required.
Advice on the United Nations Principles for Responsible Banking
EU scales up green subsidies: How you can benefit from new support for clean investments
The European Commission (EC) published its “Green Deal Industrial Plan for the Net-Zero Age” (the Plan) on February 1, 2023. The Plan may present new opportunities for companies to benefit from State aid and other financial support.
“The Green Mining Value Chain”
The critical role of mineral production in the achievement of a sustainable energy future cannot be understated.
The Regulatory Energy Transition Accelerator: Enabling collaboration among the world’s energy regulators as they facilitate the move to net-zero
The transition to net-zero involves profound changes to how energy is produced and consumed, and requires the combined effort of many players, including government and policy makers, utilities, energy proponents and consumers.
Firm named Environment and Climate Firm of the Year at Who’s Who Legal Awards
The annual awards recognise the world’s leading law firms and lawyers across 35 practice areas and industries according to Who’s Who Legal’s independent research.
Norton Rose Fulbright represents Banco Santander, S.A. on US$22.3M ECA-backed financing for Eletronuclear’s Angra 1
Norton Rose Fulbright represented Banco Santander, S.A. in the closing of a US$22.3 million ECA-backed loan to Brazilian utility company Eletronuclear.
Norton Rose Fulbright expands in Los Angeles and Washington, DC with environmental and government affairs partner
Norton Rose Fulbright today announced that environmental regulation and government affairs lawyer Scott Burton has joined the firm as a partner in its Los Angeles and Washington, DC offices.
Norton Rose Fulbright named MENA Legal Adviser of the Year at IJGlobal Awards 2020
Global law firm Norton Rose Fulbright has advised on 19 “Deals of the Year” across multiple regions, and has been awarded MENA legal adviser of the year at this year’s IJ Global Awards.
Norton Rose Fulbright advises senior lenders led by ING Bank on the first reserves based development finance facility in Mexico for an offshore upstream O&G project
Global law firm Norton Rose Fulbright has advised the senior lenders on the first-ever reserves based development finance facility in Mexico for an offshore O&G project
Energy Transition Services
We are committed to helping our clients evolve and thrive as the world changes and would be delighted to discuss how we can help you.