Climate Risk & Sustainability

Dealing with new or changing climate legislation is a significant challenge for all sorts of businesses.

Whether you have questions about liability issues, funding, competition cases, new business models or other aspects of sustainable development, dealing with the impact of new national and international environmental laws requires extensive knowledge and expertise.

Whatever your sector, we have the specialists to interpret those laws, reduce risks and explore opportunities.

Please don’t hesitate to contact one of our Climate Risk & Sustainability experts.

RECENT UPDATE

The Hague Court rules that Shell must reduce its CO2 emissions with 45% by 2030
In a landmark judgment, the Hague District Court ("the Court") ruled that Royal Dutch Shell (''RDS'') has an obligation to reduce the Shell group's (RDS and the other Shell companies) Scope 1 through 3 CO2 emissions with 45% by 2030 compared to its emissions in 2019. This is the first time that a court order has been granted against a private company obliging the company to reduce its overall CO2 emissions by a fixed percentage within a fixed timeframe.

In this News Update, we present a list of key takeaways from this judgment that are relevant for companies. We also offer a more in-depth analysis of the judgment further below.
  • Advised various private and public organisations and public-private partnerships on the State aid rules, the competition rules and regulatory requirements regarding initiatives to reduce CO2 emissions in production processes, producing renewable energy and realising innovative applications and circular production methods. Moreover, the team was involved in various proceedings at national and EU level relating to measures introduced to realise climate objectives at local and national level.
  • Advised sponsors on the financing for several offshore and onshore windfarms in the Netherlands and Belgium.
  • Advised Van Oord on green term loans to finance two new vessels using cleaner technologies.
  • Advised senior lenders on the financing of the first metal recycling company in the Netherlands using a blended finance structure with financial support under the Energy Transition Facility from the Dutch department of economic affairs.
  • Advised Renewi on its green bond financing.
  • Advised various pension funds on implementing the Dutch Pensions Funds Agreement (IMVB-convenant).
  • Advised fund managers, investment firms and institutional investors on complying with the requirements under the Sustainable Finance Disclosure Regulation (SFDR).
  • Advised Climeworks AG on establishing a joint venture with SkyNRG B.V. to use CO2 captured from the air to produce sustainable aviation fuels, and related matters.
  • Advised fund managers, investment firms and institutional investors on implementing environmental, social and governance (ESG) related clauses in fund documentation, policy documents and fiduciary asset management agreements.
  • Advised Porthos as project counsel on acquiring a mining installation and related permits to store CO2 in empty gas fields beneath the North Sea, drafting related agreements and other matters. The Porthos Project is the largest CO2 reduction project in the Netherlands which aims to capture and store 37 million tonnes of CO2 in a 15-year period. Porthos is recognised by the European Union as a project of common interest.