As geopolitical focus intensifies around technology leadership, data sovereignty and environmental considerations, data centres and their role in the global digital economy are in the spotlight. Governments around the world are introducing or upgrading policies intended to boost digital infrastructure, including incentivising the development of data centres.

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In this update, we describe some of the new developments and trends on the spectrum of liquidity solutions available to managers/ GPs of private closed-ended funds. In particular, we address: (1) continuation funds and secondaries, (2) NAV financing and (3) asset level financing tools such as margin loans and repos. These alternative liquidity solutions have become increasingly accepted by market participants in recent years. We expect the macro factors that have driven the rise of these alternative liquidity solutions to continue to persist, leading managers and LPs to increasingly utilize this alternative exit technology as a more customary tool in their toolbox.

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With growing recognition of the role of carbon capture and storage (CCS) in meeting climate targets across Europe and the UK, projects are advancing, funding is becoming available, and innovative solutions are emerging. Expectations are high for continued tangible progress across the market. However, market and government collaboration are more critical than ever. In this extract from a recent webinar, we discuss the latest regulatory frameworks supporting CCS projects in the UK and the EU and consider the potential of CCS to transform the energy sector.

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We look at what's around the corner for sustainable finance and private capital M&A, the direction of travel for sustainability due diligence and reporting and managing ESG litigation risks, as well as the ways in which businesses may practically navigate regulatory uncertainties and increasingly diverging views on ESG.

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2025 will see a revitalised M&A market, as deal-makers look beyond recent challenges and uncertainties. A new pro-growth agenda and a stabilising macroeconomic environment are boosting global investor confidence. The market will be led by boardrooms taking strategic action in more favourable market conditions and by private capital. Agility will be crucial for navigating the dynamic and complex M&A landscape and seizing opportunities for growth and innovation.

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While the debate over ESG has been bubbling in the United States for some time, the reelection of former president Donald Trump and the Republican sweep of Congress have given deregulatory forces control over the US federal legislative and administrative levers of power. This impending change – and the influence of prominent anti-ESG figures in the new administration – have led to forecasts of a broad rollback of federal ESG-related regulation in the coming year. This briefing provides a high-level survey of potential areas for change, in environmental and climate regulation, the energy transition, antitrust, the workplace, and in the regulation of investors and asset managers. The field is complex and the direction of travel is unpredictable; this survey provides a snapshot of areas that likely will receive focus early in the new administration.

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This briefing provides an overview of how President-elect Donald Trump’s campaign promises may translate into policy reform and the potential impact on the tech sector and the many businesses that rely on it. Please note that this analysis forecasts potential changes based on public statements by Trump and other officials and is subject to change.

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The Markets in Crypto-Assets Regulation (MiCA) delivers a new EU-wide regulatory framework for issuing, intermediating and dealing in crypto-assets. Under MiCA, Crypto-asset service providers (CASPs) must be authorised, comply with conduct, disclosure, governance and organisational requirements and have prudential safeguards in place. In this briefing we take a closer look at some of the wider EU regulatory requirements that will attach to some CASPs for the first time, and to existing service providers more broadly, as EU-regulated entities.

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This briefing provides an overview of how President-elect Donald Trump’s campaign promises may translate into policy reform, how potential policy reforms could impact energy subsectors, and how the market may progress despite policy changes. Please note, the below analysis forecasts potential changes based on campaign promises made by Trump and his advisors and is subject to change.

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Global efforts to enhance anti-money laundering (AML) measures to combat financial crime are increasing. In this extract from a recent Clifford Chance webinar, we look at the latest AML trends in the EU, US, UK and Singapore, what they mean for business and compliance processes and provide some practical suggestions for adapting to them.

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Introduction

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In a landmark judgment, for the first time the Supreme Court has decided that, when assessing the environmental impacts of an oil extraction project, the planning authority should have considered the downstream (scope 3) emissions generated by the oil products from the project. This could have significant ramifications for the consenting of fossil fuel and other energy & infrastructure projects, and potentially other industrial projects, where there are major carbon emissions in the project’s downstream value chain. This briefing considers the court’s decision in Finch and its potential implications for business.

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Australian companies are increasingly vulnerable to risks associated with the natural environment. Although climate-related regulation is increasing, the strategic challenges facing companies are developing faster than the law and the regulatory environment, requiring directors to make decisions in an uncertain context. In this article, we explore nature-related risks and the practical steps which can be taken by directors (including representatives of financial investors) to assist with their assessment and mitigation of these risks to avoid consequences such as penalties from regulators and the risk of litigation.

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Cybersecurity is not just a problem for the IT department. It is an enterprise-wide issue. In this extract from a recent Clifford Chance webinar, we explore global trends in cybersecurity and resilience and examine increasing levels of regulation which will impact a much broader range of businesses.

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With increasing global demand for offshore wind to power the clean energy transition, the opportunities and risks are multiplying. Offshore wind has long been seen as a great tool to tackle energy transition needs and to achieve energy sovereignty objectives while boosting economic growth, and more governments are committing to more ambitious targets. However, the industry faces a number of challenges as inflation and high interest rates have hit the sector particularly hard. In this extract from a recent webinar, Clifford Chance surveys the issues arising from new technology, new markets, new deals and regulatory changes.

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Environmental, social and governance (ESG) issues are having a significant impact on businesses globally. Against the prevailing backdrop of continued political and economic uncertainty and rising geopolitical tensions, we look ahead and assess the challenges and opportunities on a range of strategic issues, from regulations on corporate sustainability reporting and transition planning, the evolution of sustainable finance and the role of carbon markets in funding net zero, to the increase in ESG-related litigation.

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Companies are increasingly looking for faster and easier routes than traditional underwritten offerings to market their debt securities. With an annual deal flow of over US$100 billion, the debt private placement market is an attractive alternative to underwritten offerings, although nascent in the context of European high-yield issuances (with European market volume of less than €4 billion in 2022). In this briefing, we detail some of the current approaches to privately placed high-yield bonds and their practical and legal basis.

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This year will see a surge of digital regulation and enforcement. AI is transforming both business strategies and legal landscapes, privacy and cyber laws are proliferating, and child online safety is coming to the forefront. Delayering, decarbonisation and demand for connectivity are impacting deal-making and investment in digital infrastructure. Rapid legal changes, continuing strides in tech, and geopolitical instability, will create complex challenges as well as opportunities. We look at five trends across AI, data, cyber, digital infrastructure and emerging tech, that are shaping 2024.

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The fast-paced development of artificial intelligence (AI) presents increasing opportunities for the financial services industry.

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The energy transition requires a massive and increased rate of investment from both the public and the private sectors. Here we explore some trends which will shape the year ahead, focusing on the innovations and legal developments that we are seeing in clean hydrogen, carbon capture and storage, green fuels, carbon pricing, digital transformation, innovative finance and incentives to mobilise capital.

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While 2023 saw ongoing uncertainty and high-profile financial sector failures, it also brought regulatory progress around the world, including for landmark regulations on digital assets and AI. In 2024, we will see the next stage of pioneering regulation as blueprints and best practices begin to emerge, alongside compliance challenges. From the next phases of market development for AI, payments, cryptoassets, tokenisation and digital bonds to operational resilience challenges, we look ahead, highlighting the five key legal trends for global fintech in 2024.

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Geothermal energy is among the oldest types of power harnessed by humans. It holds a unique place in the energy mix, thanks to being entirely independent of weather yet not relying on fossil fuels. Once operational, geothermal plants can produce a steady output all year round, day and night, often for at least 20-30 years. With the need to transition from fossil fuel power plants, countries around the world are looking for alternatives to stabilise electricity grids. Such alternatives are nowadays most often powered by renewable energy sources such as wind and solar power, many being intermittent in nature. Geothermal power, thanks to its baseload nature, could play a vital role in the energy transition.

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Following intense negotiations, COP28 has ended in a package deal which is being referred to as the "UAE Consensus". Clifford Chance hosted a webinar on 19 December outlining what happened at COP28 drawing out key outcomes from the negotiations and the many announcements and commitments made in and around COP28, focussing on implications for businesses. Here are some of the highlights of the "UAE Consensus" and other commitments made in and around COP28.

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As world leaders gather at COP28 in Dubai, there is widespread acknowledgment of the scale of action required to address climate change by accelerating the development of low-carbon energy sources, while also decarbonizing industry and transportation. This global energy transition will require largescale construction of renewables and other low-carbon energy infrastructure worldwide (particularly challenging in developing economies) as well as the development and implementation of new technologies and the scaling-up of existing technologies. Investments in batteries for energy storage and electric vehicles, carbon capture and storage (CCS), sustainable aviation fuels (SAF), and green hydrogen, among others, are needed to reduce greenhouse gas emissions in hard-to-abate sectors in addition to power generation.

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COP28 – the 28th annual United Nations climate meeting – takes place in Dubai from 30 November, but what can realistically be achieved against a backdrop of increasing geopolitical complexity? In this extract from a recent webinar, moderated by Roger Leese, co-head of Clifford Chance's Global Business and Human Rights practice, we explore some of the major themes that will be covered, including renewable energy, financing and the role of private capital, and carbon markets, and we contextualise what's on the agenda.

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The global rise in renewable energy projects has brought into focus the need to decommission ageing fossil fuel assets effectively and sustainably. Decommissioning is often overlooked as part of the energy transition. Nonetheless, it is a crucial part of the journey and it can be problematic. The acquisition of fossil fuel assets by new entrants into the market – who may be under-resourced and under-estimate the potential decommissioning liabilities and responsibilities they are inevitably assuming – creates risks. The complexity, cost and scale of decommissioning activities are enormous, as are the inevitable associated environmental, legal and logistical challenges. As a consequence, the scope for regulatory, technical and financial disputes is extremely broad. This paper considers some of the ways in which parties to decommissioning projects may seek to limit their exposure to liability and to mitigate against the risk of being drawn into protracted and costly disputes.

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Decommissioning is an integral part of the energy transition. The move by oil & gas companies to decarbonise their operations often leads to a transfer of their ageing assets to new, and often under-resourced, players. This can create opportunities but is also fraught with complexities and challenges for both outgoing and incoming operators. In this extract from a recent webinar, our experts discuss the risks arising in decommissioning operations, offer suggestions on how to mitigate and manage those risks, and identify key factors for any robust decommissioning strategy.

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Driven by the energy transition, national security concerns, and commitments to support domestic production, countries are increasingly taking measures to develop green economies and energy systems at home.

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Another year of change in the securitisation markets draws to a close with the anticipation that there will be further significant changes, particularly in regulation, over the next year. In the regulatory space, this may lead to some meaningful divergence in how the EU and UK approach regulation of securitisation even if the basic substantive structure of the rules is likely to continue to align.

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With increasing global demand for batteries to power the clean energy transition, the opportunities and risks are multiplying. New technology, new markets and new deals, including those associated with mineral extraction, human rights and the supply chain, regulatory changes and the race to find funding are giving rise to a number of issues for businesses to grapple with. In this extract from a recent seminar, our international team considers the implications for the automotive sector, which is predicted to make up to 90% of future demand for batteries, as well as renewable energy generation, energy storage and beyond.

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The policy debate is again turning to how best to protect depositors with failed banks by ranking their deposits above other senior unsecured creditors in the creditor hierarchy in insolvency. While many jurisdictions already have depositor preference regimes, some do not and others, in particular the EU, are reconsidering their design and scope.

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With the sales of Silicon Valley Bank to First-Citizens Bank and Trust Co. and Signature Bank to Flagstar Bank, N.A., much of the panic that embroiled the U.S. banking sector over the past few weeks appears to have subsided. The extraordinary measures taken by private and public actors to shore up the liquidity positions of community and regional banks and stem the further flight of deposits seem to have achieved their desired effect, at least insofar as no U.S. banks have failed since Signature's collapse. The FDIC ultimately did not take the emergency step of temporarily guaranteeing deposits of all U.S. banks, and the Fed ostensibly had enough confidence that the banking system could weather another interest rate hike in late March.

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The European Commission is proposing a new Critical Raw Materials Act to ensure that the EU has access to a secure and sustainable supply of critical raw materials which are crucial to clean energy transition. Here our experts explore the proposed Act and how it might protect EU Member States from supply risks.

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Regulation of the payments sector continues to evolve as technology drives further changes to consumer and wholesale payments, from blockchain-based central bank digital currencies and stablecoins to new embedded finance offerings and operational resilience challenges. We explore seven payments areas where we will see regulatory change, or renewed focus on enforcement, from global regulators over the next 12 months.

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What are the key trends for global disputes and international arbitration for the energy sector in 2023 and beyond? In our inaugural Energy Arbitration Trends Report we consider how the fallout from Russia's invasion of Ukraine as well as energy transition issues, such as decommissioning and regulatory change, all present significant challenges for energy sector participants.

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Clifford Chance experts share their views on key trends for global disputes and international arbitration in 2023 and beyond

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What is on the horizon for the use of data and technology in the healthcare and life sciences sectors? Where do opportunities lie, and what should participants be thinking about before making the next big move? We provide an outlook on Health Tech trends to watch in 2023.

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Just over two years after it was first proposed, the agreed text of the new Markets in Crypto-assets Regulation (MiCA) has beenreleased. MiCA aims to create an EU regulatory framework for the issuance of, intermediating and dealing in, cryptoassets. It will introduce licensing and conduct of business requirements as well as a market abuse regime with respect to cryptoassets. With parts of MiCA anticipated to come into force from spring 2024, we look at what issuers of stablecoins and other cryptoassets, custodians and other crypto service providers need to know now.

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On 10 November 2022, the European Parliament voted to adopt a new EU regulation on digital operational resilience for the financial sector (DORA). With obligations under DORA coming into effect late in 2024 or early 2025 at the latest, in this briefing we take a closer look at its impact and consider what the regulation will mean for firms, their senior managers and operations and what firms should be doing now in preparation for day one compliance.

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Electro-fuels, or e-fuels, have a carbon footprint of almost zero compared with hydrocarbons and are likely to play a key role in supporting the global energy transition. They are a promising alternative to fossil fuels in the transport sector, particularly shipping and aviation, and are attracting growing interest from stakeholders looking to limit CO2 emissions and meet decarbonisation targets.

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The regulatory landscape for digital services is being fundamentally redefined in the European Union (EU), with a boom in the number of legislative initiatives being progressively introduced and increasing extraterritorial reach. This briefing provides a bird's eye view of some of the most recent adopted and pending proposals: the Digital Services Act, the Data Governance Act, the Digital Markets Act, the Data Act, the Cybersecurity Directive (NIS2), the Artificial Intelligence Act and the e-Privacy Regulation.

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As the UK strives towards its ambitious target of 50GW of offshore wind capacity by 2030, large-scale investment will be required in the offshore wind industry.

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The transition from fossil fuels to clean energy to address the climate crisis was never going to be easy and involves expensive trade-offs between economics and climate. However, the Russian invasion of Ukraine has made that transition much harder as energy security becomes a major problem for many countries. David Evans, Senior Counsel and co-head of the Americas Energy and Projects Group at Clifford Chance in Washington D.C explores the legal and practical challenges that need to be considered.

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The Digital Markets Act (DMA) ushers in a new era for the digital sector in the EU, as compliance will require some of the most influential digital companies to make unprecedented, far-reaching changes to the way they operate and interact with their customers, even going as far as to rethink aspects of their business models.

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While Northern Europe and the UK started investing in offshore wind more than 20 years ago, France was slow off the mark. Now, that is about to change, as the development of the first French projects gets under way.

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Class actions have long been a feature of the legal landscape in the US, but there are clear indications that their reach is expanding. In this extract from a recent webinar, Clifford Chance experts explore the key risks in relation to securities and shareholder litigation, claims arising from data breaches and data misuse, and climate change litigation.

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