Cli­mate Risk re­port
The world is pre­par­ing for COP26, and as it does so we see in­sti­tu­tion after in­sti­tu­tion mak­ing stronger com­mit­ments to what is now broadly seen in most coun­tries as a com­mon goal: to re­duce glob­al car­bon di­ox­ide emis­sions. In­ter­na­tion­al com­mer­cial law­yers have a cru­cial role to play in the de­bate. Not only in terms of how we con­duct our own op­er­a­tions but also by be­ing guard­i­ans of the rule of law and fa­cil­it­at­ors of busi­ness and trade. We are at the centre of dis­cus­sions on what our cli­ents are re­quired to do, and also on what they should do in light of wider so­ci­et­al and repu­ta­tion­al con­sid­er­a­tions. It is in our cli­ents’ in­terests that we guide them to­ward out­comes in line with wider so­ci­et­al am­bi­tions. To do oth­er­wise would, among oth­er things, risk pla­cing them at a com­pet­it­ive dis­ad­vant­age as the world pivots to­ward a clear­er cli­mate mit­ig­a­tion agenda.Cli­mate Risk is a broad term and cov­ers a mul­ti­tude of con­cepts. This re­port fo­cuses in on three dis­crete risks. First, of fin­an­cial in­sti­tu­tions hold­ing cor­por­ates to ac­count over per­ceived cli­mate risks. Second, the risk to cor­por­ates on what they do and say about the im­pact on their busi­ness from (or from their busi­ness on) cli­mate change. Fi­nally, risk of lit­ig­a­tion against cor­por­ates re­lat­ing to cli­mate change.As law­yers, what we see is broadly a great de­sire among our cli­ents to be part of the solu­tion on cli­mate change. Al­most all ma­jor cor­por­ate cli­ents that we speak to wish to take pos­it­ive steps that are in line with the de­sire for cli­mate ac­tion, and also to cap­it­al­ise on the op­por­tun­it­ies presen­ted as we trans­ition to a net zero eco­nomy. We find that, among the in­vest­ment com­munity, vast cap­it­al is ready and avail­able to be de­ployed on in­fra­struc­ture and oth­er pro­jects that will push the agenda for­ward. The ques­tion is wheth­er there is suf­fi­cient clar­ity on the agenda, the rules and the risks in­volved.As this re­port shows, a key driver of Cli­mate Risk for cor­por­ates re­volves around in­form­a­tion. Both quan­ti­fi­able in­form­a­tion about the po­ten­tial dir­ect im­pacts of cli­mate change on par­tic­u­lar sec­tors and busi­nesses. And also con­sist­ent, com­par­able and re­li­able in­form­a­tion about the com­pan­ies them­selves. Com­pan­ies are pro­du­cing re­ports that are de­lu­ging in­vestors on how they are meas­ur­ing and man­aging their im­pact on and from cli­mate change. However, there is some dis­tance to go be­fore in­vestors can com­pare the in­form­a­tion across the eco­nomy to make in­formed de­cisions.Or­gan­isa­tions such as Baringa, who have kindly con­trib­uted to this re­port, sup­port the same cli­ents from a par­al­lel per­spect­ive. They help in­vestors and cor­por­ates to as­sess cli­mate risk ex­pos­ure by us­ing Baringa’s Cli­mate Change Scen­ario Mod­el­ling. Tools such as these are in­valu­able for mak­ing the best de­cisions from the in­form­a­tion avail­able on risks to com­pan­ies and the cred­ib­il­ity of their ad­apt­a­tion and trans­ition plans.On cli­mate lit­ig­a­tion, this is a dir­ect and grow­ing risk to cor­por­ates who fall un­der the spot­light of a vari­ety of po­ten­tial claims against an in­creas­ing num­ber of po­ten­tial claimants. It is prudent to act­ively man­age this risk through dis­pute avoid­ance strategies, hav­ing plans in place to deal quickly and ef­fect­ively with the situ­ation where a claim is brought, and un­der­stand­ing the key fea­tures that are typ­ic­ally at play in such lit­ig­a­tion.Cor­por­ates are well aware that cli­mate risks are an in­teg­ral fea­ture of their busi­ness plan­ning. What some oc­ca­sion­ally cri­ti­cise is the lack of long term cer­tainty. Mak­ing knee jerk de­cisions based on woolly polit­ic­al sen­ti­ments that could change to­mor­row rarely makes good busi­ness sense. Clear­er long term policy state­ments from gov­ern­ments and inter-gov­ern­ment­al in­sti­tu­tions can help on this, as well as clear­er policies on how gov­ern­ments see the shape of the fu­ture zero car­bon eco­nomy, and the path­ways to it. All eyes will be on COP26 over the com­ing weeks to see wheth­er the gov­ern­ments of the world com­mit to de­liv­er that clar­ity. Not­with­stand­ing the out­come of COP26, we an­ti­cip­ate that the is­sue of Cli­mate Risk will con­tin­ue to rise and rise up board­room agen­das.
Glob­al Life Sci­ences & Health­care Fest­iv­al 2021 - Vir­tu­al
Join us for this year's Glob­al Life Sci­ences & Health­care Fest­iv­al 2021 - Vir­tu­al from 29 Novem­ber to 2 Decem­ber.  Day 1: Ar­ti­fi­cial In­tel­li­gence in Life Sci­ences and Health­care: New busi­ness mod­els...
5G vis­ion video series
A video series on the de­ploy­ment of 5G across the world
Fa­cing the fu­ture of in­ter­na­tion­al ar­bit­ra­tion
New pod­cast series ex­plor­ing the evolving chal­lenges and in­nov­a­tions of in­ter­na­tion­al ar­bit­ra­tion by the mem­bers of the CMS In­ter­na­tion­al Ar­bit­ra­tion Group
CMS Ex­pert Guide to In­ter­na­tion­al Ar­bit­ra­tion
We live in a con­nec­ted glob­al en­vir­on­ment where the num­ber and com­plex­ity of in­ter­na­tion­al trans­ac­tions is ever in­creas­ing.  As a con­sequence, the policies and activ­it­ies in one area of the world can...
Im­pact of AI & Tech­no­logy on the Funds sec­tor
AI & Tech­no­logy are dis­rupt­ing the in­vest­ment funds sec­tor, and laws and reg­u­la­tions are be­ing amended to move to­wards a more di­git­al en­vir­on­ment for fin­an­cial in­sti­tu­tions, as­set man­agers and in­vestors...
Sus­tain­ab­il­ity Claims and Gre­en­wash­ing we­bin­ar
Join CMS we­bin­ar on Sus­tain­ab­il­ity Claims and Gre­en­wash­ing, which will be presen­ted by the CMS Con­sumer Products Sec­tor Group mem­bers Nikolas Gregor from our Ger­man prac­tice, Stu­art Helmer from our UK...
CMS - Where to find us
For a com­pact over­view of all CMS of­fices and con­tact de­tails, please down­load the bro­chure be­low. For more in­form­a­tion on our ser­vices, please refer to the coun­tries pan­el at the top of the page. 
Di­git­al Ho­ri­zons
 We are pleased to share with you our latest CMS thought lead­er­ship – Di­git­al Ho­ri­zons, a series of brief re­ports ex­plor­ing CEE’s di­git­al fu­ture.  Based on a re­cent sur­vey can­vassing the views of...
CMS Ex­pert Guide for dir­ect­ors and CEOs
We last up­dated this guide in April 2020 in re­sponse to the out­break of COV­ID-19 – to in­clude spe­cif­ic guid­ance for dir­ect­ors on their re­spons­ib­il­it­ies in light of the pan­dem­ic, and to provide a sum­mary...
CMS Ex­pert Guide to on­line gambling law and reg­u­la­tion in Europe
The gambling in­dustry is con­stantly in a state of change. Check out this Ex­pert Guide to see the gambling leg­al land­scape and who to con­tact for any gambling reg­u­lat­ory con­cerns.Find out more gambling...
Re­ad­just­ing Risks: CMS In­ter­na­tion­al Con­struc­tion Sur­vey 2021
In­tro­duc­tion The COV­ID-19 crisis is an ex­treme ex­ample of the many un­ex­pec­ted in­cid­ents that im­pact con­struc­tion pro­jects, res­ult­ing in heightened ten­sions and dis­putes amongst stake­hold­ers. The pan­dem­ic has ac­cen­tu­ated many of the typ­ic­al fric­tions that oc­cur in the con­struc­tion in­dustry, as well as high­light new chal­lenges. No mat­ter how ex­per­i­enced or as­tute the parties to a pro­ject are, when ne­go­ti­at­ing and con­clud­ing con­tracts, there is al­ways the po­ten­tial for an un­fore­seen event to cause ma­jor dis­rup­tion, res­ult­ing in com­mer­cial pres­sures and fin­an­cial losses.Re­ad­just­ing Risks, the latest CMS In­ter­na­tion­al Con­struc­tion Sur­vey for 2021, is avail­able to down­load now. This year's re­port ex­amined more than 50 re­sponses from seni­or mem­bers of the in­dustry and con­duc­ted in­ter­views with lead­ing fig­ures that have key re­spons­ib­il­it­ies for con­struc­tion con­tracts, pro­jects and the res­ol­u­tion of dis­putes. The sur­vey drew in re­sponses from across the world, es­pe­cially Europe, Middle East, Africa, Asia and Lat­in Amer­ica.    The re­port show­cases the primary trends in the mar­ket, from the in­creas­ing en­thu­si­asm for ar­bit­ra­tion as a pre­ferred form of dis­pute res­ol­u­tion, along with mount­ing pref­er­ences for me­di­ation and oth­er forms of al­tern­at­ive dis­pute res­ol­u­tion (ADR), to in­dustry-wide re­cog­ni­tion that keep­ing bet­ter re­cords and man­aging change more ef­fect­ively are vi­tal to min­im­ising ten­sions and po­ten­tial dis­putes. It also re­views the ad­di­tion­al strain of COV­ID-19 on the in­dustry.