Financial institutions face growing exposure over greenwashing. Sustainability-related communications range from the publication of nonfinancial statements to the referencing of such terms in financial product names. This guide considers what is greenwashing, the developing legal landscape and how financial institutions may mitigate the risk of reputational damage.

Gathering at a pivotal moment, the 28th Conference of the Parties unfolded against the backdrop of projections that 2023 is poised to be recorded as the warmest year on record. The accelerating impacts of climate change served as a stark reminder of the urgency addressed throughout the conference.
Baker McKenzie’s Global Climate Change practice was on the ground in Dubai, continuing a decade’s long commitment to be actively engaged in understanding how UNFCCC negotiations create opportunities for clients, and drawing from our observations, we’ve compiled a concise report outlining our perspective on the outcomes at COP28.

The FCA has published a consultation paper (CP23/31) setting out detailed proposals for the major listing rules reforms that it proposed in May this year. It describes the reforms as “the most far-reaching reforms of the UK’s listing regime in three decades” and the paper attaches in a lengthy appendix the draft text of many of the proposed new listing rules (the first of two tranches).

Baker McKenzie has a long-standing history of participation and involvement in the UN Climate Change Conference of the Parties (COP), advising governments, companies and other entities on implementing the Paris Agreement and leading on the development of both international and domestic carbon markets.
The team will be on the ground in Dubai for COP28 and look forward to engaging in ground-breaking discussions with all key stakeholders to share insights and continue to offer cutting-edge advice to our clients. In the meantime, we have prepared a series of primers on what we expect to be some of the key themes for COP28.

The FCA has published a consultation paper (CP23/10) proposing major changes to the listing rules. The deadline for responses is Wednesday, 28 June 2023 and the FCA expects to publish a further consultation “in the autumn” which will include the proposed revised listing rules in full (the current consultation discusses the changes proposed but not specific drafting). The proposals relate to the rules as they apply to listings of equity shares in commercial companies, with no material changes currently proposed to the rules as they apply to non-equity securities nor the majority of other standard listed instruments (e.g., depositary receipts).

Following the fifth trilogue on 28 February 2023, the European Council and European Parliament each confirmed that a provisional agreement on the new standard to fight greenwashing in the bonds market, the “European Green Bonds Standard”, has now been reached.
Despite initially divergent views on several contentious points, with the Parliament pushing for substantive amendments to the Council’s proposal of 13 April 2022 intended further to heighten regulation, supervision, transparency and accountability across the entire green bond market, this provisional agreement marks a significant step towards creating the first ‘best in class’ standard for issuing green bonds.

Across sectors and industries, from start-ups to multinationals, companies everywhere are talking about their sustainability credentials — and in particular, their intention to reach net-zero. Businesses have recognized that a net-zero pledge can be a powerful public message, in the face of growing pressure to tackle the climate crisis and an expectation that business be part of the solution. But amidst all the rhetoric, how much progress are we really making? Are we on course to reach net-zero by 2050, or are businesses simply jumping on the bandwagon on the road to net nowhere? We surveyed 1,000 business leaders to find out more.

Baker McKenzie believes diversity unlocks innovation and drives market growth. Our key commitment is to create work environments that embody and embrace the power of differences. Join us for the final session of 2022 on Tuesday 29 November as we explore the initiatives created by our people, for our people and clients, supporting retention, removing barriers and promoting engagement. We will explore the success of some of our initiatives including Return-ity which supports our staff and clients as they return from parental leave; Talent Incubator where we collaborate with clients to build pitching skills for ethnically diverse talent; and our cross border Mentoring Circles supporting our talent across gender, ethnicity and social mobility.

We have created this guide to give an overview of the key issues around secondary capital raising across almost 30 jurisdictions. As one of the world’s largest capital markets practices, with a presence across 77 offices in 46 countries, we can help clients to better understand their options and navigate the challenges that come with raising capital during uncertain times, no matter where in the world they are.

With the annual J.P. Morgan Healthcare Conference pivoting to a virtual format again in 2022, we will be hosting a lineup of virtual events and reports aligned with the industry’s biggest conference.