Environmental issues

This Overview is a guide to the Banking & Finance content within the Environmental issues in sustainable finance transactions subtopic, with links to appropriate materials.

Sustainable business toolkit

The Sustainable business toolkit aims to help practitioners advising businesses on sustainability, bringing together content from a number of Lexis®PSL Practice Areas (subject to subscription), including Banking & Finance, Financial Services and Environment.

The Equator Principles

The Equator Principles (the EPs) are a set of guidelines that have been adopted by over 100 banks and financial institutions in connection with project finance deals. The EPs provide a framework for assessing and managing the environmental and social risks associated with a project. Their aim is to eradicate the negative impact of projects on the environment and local communities or, where that is not possible, to ensure that such impacts are reduced, mitigated and/or compensated for appropriately.

Lawyers advising on certain project finance transactions have to understand the guidelines in the EPs, not least because where the EPs apply to a project, certain terms must be included in the finance documents to reflect them.

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Latest Banking & Finance News

AFME releases ESG finance market report for Q4 2024

The Association for Financial Markets in Europe (AFME) has released its Q4 2024 European environmental, social and governance (ESG) finance report, revealing significant growth despite a mixed market performance. Key findings include: ESG bond and loan issuance increased 12.6% year-on-year to €689bn; green bonds reached a record high of €300bn; sustainable, social and sustainability-linked bonds maintained their decline; ESG securitisation market reached €5.5bn; while the proportion of ESG bonds in total European issuance has continued to decline from 2022, with 14% in 2024.

ICMA publishes FSB's consultation on NBFI leverage regulation

The International Capital Market Association (ICMA) has published its response to the Financial Stability Board's (FSB's) consultation report on leverage in non-bank financial intermediation (NBFI), emphasising the need for a more nuanced regulatory approach. ICMA emphasises the need for policymakers to recognise the diversity within the NBFI sector and avoid broad banking-style regulations.

Retention of title clauses, section 49(2) SGA 1979 and contractual estoppel in guarantee claims (CE Energy v Bashar & another)

Commercial analysis: This is an important decision as to a seller’s ability to claim in debt for the price of unpaid goods notwithstanding a retention of title provision in the contract of sale. The judgment contains a useful analysis as to the requirement, in section 49(2) of the Sale of Goods Act 1979 (SGA 1979), for a price to be payable on ‘a day certain irrespective of delivery’, confirming that a wide interpretation should be adopted. The case also contains guidance as to construing guarantees and the operation and effect of the doctrine of contractual estoppel. Written by Nicola Allsop, barrister at Quadrant Chambers.

FCA amends sustainability labelling and disclosure requirements and publishes related Handbook Notice 127

The Financial Conduct Authority (FCA) has made amendments to its Handbook, effective from 28 February 2025, modifying sustainability labelling and disclosure requirements. The changes include anti-greenwashing provisions across multiple conduct of business sourcebooks, updates to sustainability labelling requirements, and revisions to on-demand sustainability information rules. The instrument extends the deadline for firms to comply with on-demand sustainability information requests from 2 December 2025 to 2 April 2026. Handbook Notice 127 describes these changes (as well as certain other changes introduced by previous instruments to other parts of the Handbook).

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