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Energi & klima

Energisektoren er i endring og vil være avhengig av bred, tverrfaglig juridisk kompetanse. Norge vil fortsatt være en pålitelig leverandør av olje og gass, men har også en betydelig – og voksende – fornybarsektor. Vi har et sterkt engasjement for fornybarsektoren, ikke minst utviklingen av et norsk havvindeventyr. 

CMS Kluge har et sterkt team av advokater med solid bransjeerfaring og kommersiell forståelse, og bistår alle typer virksomheter innenfor energisektoren. Vårt team kan bistå med alle typer problemstillinger, som for eksempel:

  • Regulatoriske spørsmål
  • Lisens-/konsesjonsspørsmål, herunder overdragelser
  • Utbyggingsprosjekter og anskaffelseskontrakter
  • Kommersielle avtaler, herunder avtaler om tredjeparts bruk
  • Kjøps- og salgsavtaler for olje, gass og elektrisitet
  • Infrastruktur
  • Elektrifiseringsprosjekter
  • Prosjektfinansiering
  • M&A
  • Petroleumsskatt
  • Tvisteløsning
CMS European Energy Sector M&A and Investment Outlook 2024
As the world economy increasingly embraces the push towards decarbonisation, Europe has actively sought to place itself at the vanguard of the discussion on energy tran­sition. Op­port­u­nities to deploy capital abound as power sources switch further towards offshore and onshore wind, solar, heat, hydrogen, battery storage, new networks, carbon capture, and industrial decarbonisation. The latter brings an interface with other sectors such as technology companies (with power hungry data centres a particular focus), real estate, low carbon transport and decarbonisation of industrial processes such as cement, glass and steel production. As much as it is difficult, complex and highly political, the energy transition is also a huge business opportunity. To reach net zero by 2050, the International Energy Agency (IEA) estimates that global investment in clean energy alone will need to increase from the USD390bn in the first half of 2023, to USD 1.3tn in 2030. Many commentators worried that Russia’s invasion of Ukraine would put back the transition and shift Europe back towards fossil fuels. While it appears to have resulted in a renewed political focus on energy security it has also laid bare the financial and political consequences of relying on oil & gas imports, giving further impetus to renewables as a secure form of energy. Europe has also sought to be a leading light on the concept of “reaching net zero”, with the European Union (EU) having set out its ambition, back in 2019, to become the world’s first major economic bloc to be climate-neutral by 2050. This has added momentum to energy investment and M&A over recent years – 2021 and 2022 saw the second and third highest annual aggregate values of Western European M&A in the sector on record, at USD 59.8bn and USD 53.7bn, respectively, bested only by the anomalously high total of USD 89.4bn logged in 2018. Energy M&A in the region has been more subdued in 2023, but our survey demonstrates that energy executives are gearing up for a more active dealmaking period, with most expecting more opportunities and anticipating increased levels of investment in the year ahead. Capital looks set to continue to flow primarily to renewable energy projects and related assets, with solar and batteries topping the list of attractive subsectors among our respondents. Consistent with this, South West Europe takes pole position as the most promising region for investment opportunities. But there are thorns among the roses. Our respondents are cognizant of the challenges in the energy market, with supply-chain volatility and commodity price increases emerging as a prominent concern. This is unsurprising after a period of dislocation following the pandemic and amid a time of rising global demand for renewable products and commodities. Persistent inflation and elevated interest rates, combined with an uncertain macroeconomic outlook, are raising investors’ concerns, with financing risk (including the increased cost of financing) also coming to the fore for respondents. Overall, while some sense a recent softening of the market due to these fundamentals, our survey paints a picture of steadily improving investor sentiment in Europe’s energy sector, laying the foundations for a busier period ahead for M&A activity.
Climate Risk report
At COP26 institution after institution came forward to make stronger commitments to what is now broadly seen in most countries as a common goal: to reduce global carbon dioxide emissions. In particular, the private sector stepped up to the plate. For example, the Glas­gow Fi­nan­ci­al Alliance for Net Zero posited a potential USD 130tn of private capital to accelerate the green tran­sition. COP26 also escalated the role of climate disclosures in achieving net zero. To achieve global comparability, the In­ter­na­tio­nal­Sustai­na­bi­li­ty Standards Board (ISSB) is to deliver a global baseline that gives investors in­for­ma­tion about the climate and sustainability risks in relation to companies they (may) invest in. Further, the UK introduced requirements for all listed companies to produce net-zero transition plans by 2023. These are seen as drivers for achieving climate-positive investing. International commercial lawyers have a crucial role to play in navigating and implementing the frameworks that emerge from COP26. Being guardians of the rule of law and facilitators of business and trade, lawyers will be 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 on three legal 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. Quite apart from the outcomes of COP26, with the private sector committing en masse to the climate agenda and the ability to scrutinise the private sector’s re­spon­se through climate disclosures, net zero plans and other actions they take, we anticipate that the issue of Climate Risk will continue to rise up boardroom agendas.


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