In the past, banks have predominantly relied on financial metrics to guide their funding strategies. However, with the prominence and importance of ESG (Environmental, Social and Governance) principles, a paradigm shift is underway. Sustainability metrics are gaining prominence in the decision-making process for financing companies or projects.
PRK Partners has advised RWE on the sale of its subsidiary RWE Gas Storage CZ to the CEPS state-owned electric power transmission system operator. EY Law reportedly advised CEPS.
At the end of September, the long-awaited Regulation (EU) 2023/1804) on the deployment of alternative fuel infrastructure, and repealing Directive 2014/94/EU (“AFIR”) was published in the Official Journal of the European Union. Though the entry into force of AFIR is 13 April 2024, it is worth reviewing the key takeaways that the AFIR introduces as part of the EU’s Fit for 55 package.
For almost every industry, sustainability involves adopting environmentally and socially responsible practices throughout a company's operations, from sourcing and production to sales and customer engagement. This includes reducing carbon emissions, promoting fair labor practices, supporting the product lifecycle, leveraging blockchain and digital systems, ensuring supply chain transparency, and maintaining ethical governance standards. Therefore, environmental sustainability policies need to be integrated into internal company rules, and, in particular, stakeholders in every sector need to take more responsibility for ESG practices.