Climate Change Outlook: "Good COP, Bad COP"

ESG #13: How will investors and policymakers move forward on climate change in 2023 after an eventful 2022?  In this episode, host  Allan Marks and London partner Chris Taufatofua, both members of Milbank's Project, Energy and Infrastructure Finance group, share personal reflections from their participation at the COP27 UN Climate Change Conference, look at trends from 2022 and preview 2023. They discuss global clean energy investment, the special role of oceans, negotiations for a new international fund to redress the “loss and damage” from climate change impacts, and the gap between climate pledges and progress in reducing global greenhouse gas emissions. Strong hurricanes, costly wildfires, widespread flooding, drought and heat waves plague the globe. In 2022, the United States enacted the landmark Inflation Reduction Act, making good on President Joe Biden’s promise to enact sweeping climate legislation. Billions of dollars in new government incentives will support investment in renewable energy, innovative clean technologies and advanced manufacturing. The European Union announced new ESG and climate reporting rules. Many nations signed on to the US Ocean Conservation Pledge at COP27. In 2023, the US SEC is likely to promulgate new climate risk disclosure rules. IFRS is finalizing the new ISSB (International Sustainability Standards Board) sustainability and disclosure standards. And the world will meet later this year at the next climate conference: COP28 in Dubai. Do climate conferences really move the needle?  Allan and Chris go inside.

About the Speakers:

Chris Taufatofua is a partner in the Project, Energy and Infrastructure Finance group, based in London. He has significant experience advising lenders, sponsors, governments and contractors on a variety of international transactions in the energy, power, infrastructure and renewables sectors.

Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at the Law School and previously at the Haas School of Business.

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