Welcome to the Bonus Episode of our ‘Countdown to COP: Financing and Fuelling the Future’ podcast series where we turn the tables on our series host, Dubai Projects Partner Mhairi Main Garcia, who answers questions from WFW’s Global Sustainability Lead, Ben Churchill.

This episode discusses the key takeaways from the series overall including the need for improved regulation, transparency, and collaboration across industry and sector participants to drive transition, the cost of inaction and the impact of individuals in addressing climate change.

Mhairi and Ben also examine the power of voluntary disclosures and target setting in driving energy transition forward. This is something that informed WFW’s decision to set global science-based targets, approved by the SBTi. WFW has committed to reduce absolute scope 1 and 2 GHG emissions by 70% by 2023 from a 2019 base year and to reduce absolute scope 3 GHG emissions by 54.6% in the same time frame. You can read more about our near-term science-based emissions reduction target here (link to press release).

Mhairi is a Partner in the Projects and Corporate group specialising in energy and infrastructure in the MENA region, with a particular focus on the renewable sector. She is a member of the Board and Vice-Chair of the Clean Energy Business Council.

The information provided in this episode is for general and illustrative purposes only and is not intended to provide advice, please see here.

Watson Farley & Williams (WFW) is delighted to launch episode seven of our ‘Countdown to COP: Financing and Fuelling the Future’ podcast series. This week, Mhairi Main Garcia is joined by Finance Partner José María Anarte to discuss the journey to net zero in the infrastructure sector, touching both on social infrastructure and transport infrastructure as well as emerging sub-sectors such as data centres.

The key challenge facing the sector is ageing or a lack of existing infrastructure, which will greatly impact the drive to decarbonise the sector. Steps will need to be taken to address this and other challenges including strengthening net zero policies and regulations to level the playing field for low carbon producers along with a public-private investment agenda that incentivises financial investment in infrastructure projects. There also needs to be an integration of global knowledge and innovation. However, the infrastructure sector can and is contributing toward achieving net zero.

Based in Madrid, José María has more than 20 years of experience advising on all types of infrastructure assets and is currently co-leading WFW’s infrastructure campaign, coordinating the firm’s infrastructure capabilities on a global basis.

To discuss any aspect of this episode further, please do reach out to Mhairi Main Garcia, José María Anarte or your usual WFW contact.

 The information provided in this episode is for general and illustrative purposes only and is not intended to provide advice, please see here.

Watson Farley & Williams is delighted to launch episode six of our ‘Countdown to COP: Financing and Fuelling the Future’ podcast series. This week, Mhairi discusses the aviation sector with Global Aviation Sector Co-Head, Jim Bell.

While the aviation sector is pushing toward achieving net zero by 2050, it faces serious challenges. Not least the challenge of the physics of flight and the associated limitations, but also challenges around the timing required for safety and testing before new technology can take effect.

 Sustainable aviation fuels, while presenting their own challenges, are the principal hope for betterment in aviation at present and significant investment into their production will be an important step in the drive toward net zero over the next five years. Having a global definition of what is considered a sustainable aviation fuel would also be beneficial for what is a global industry.

 But perhaps the most important element of the drive toward achieving net zero by 2050 is a continued focus on what can be considered and classified as ‘green’ amongst existing transitional technology to attract investment into the sector.

 Jim has significant experience in advising financiers, lessors and operators on structured and asset finance, with the majority of his practice focussed on the aviation industry. He has led on some of the most innovative, complex and high profile structured and asset finance transactions, including many ‘Deal of the Year’ award-winning transactions.

 To discuss any aspect of this episode further, please do reach out to Mhairi Main Garcia, Jim Bell or your usual WFW contact. And to sign up to receive all forthcoming episodes of this podcast series, please click here.

The information provided in this episode is for general and illustrative purposes only and is not intended to provide advice, please see here.

Watson Farley & Williams is delighted to launch episode five of our ‘Countdown to COP: Financing and Fuelling the Future’ podcast series. This week, Mhairi is joined by Madrid Partner Rodrigo Berasategui, who has more than 20 years’ experience advising on a broad range of renewables transactions, to discuss the sector at the heart of the drive toward net zero.

There is undoubtably a healthy pipeline of projects in the sector and strong support to finance them, not only through traditional financings but also from export credit agencies and institutional financings such as Banco Santander’s recent €1bn ECA backed green loan to Iberdrola and Citi’s €500m ECA-backed green loan for Iberdola. There has also been an increase in the use of new financing models such as project bonds and even crowdfunding.

Of course, challenges remain. There is a need to upgrade and build new interconnections and introduce cross-border regulations and cooperation around connectivity. Technological developments are also critical, particularly in relation to storage. However, the future seems bright for renewables and its role in achieving net zero.

Rodrigo is a Partner in the Finance Group who regularly advises on renewable energy transactions, including wind, solar (thermosolar and photovoltaic) and biomass, as well as all types of infrastructure.

To discuss any aspect of this episode further, please do reach out to Mhairi Main Garcia, Rodrigo Berasategui or your usual WFW contact. And to sign up to receive all forthcoming episodes of this podcast series, please click here.

The information provided in this episode is for general and illustrative purposes only and is not intended to provide advice, please see here.

Watson Farley & Williams is delighted to launch episode four of our ‘Countdown to COP: Financing and Fuelling the Future’ podcast series. This week, host Mhairi Main Garcia is joined by Joe Levin, a Projects Partner from our London office, specialising in oil and gas.

Mhairi and Joe discuss the important role of the oil and gas industry in the drive towards achieving net zero, placing a huge responsibility on the sector. The oil majors, in particular, have the financial power, technical skills and expertise to help drive forward net zero.

The sector has seen an increasing focus on carbon capture projects and the use of new production methods. In terms of financing, ESG is important and is quickly becoming a key requirement for lenders and crucial to achieving best practice in the sector.

Tax, geology, technology and local legislation all present ongoing challenges in different jurisdictions which need to be reviewed in context and it remains to be seen if the sector can achieve net zero on its own. It will nevertheless benefit from governmental support, collaboration amongst stakeholders, new technology and, most importantly, key players working towards the same goal.

To discuss any aspect of this episode further, please do reach out to Mhairi Main Garcia, Joe Levin or your usual WFW contact. And to sign up to receive all forthcoming episodes of this podcast series, please click here.

The information provided in this episode is for general and illustrative purposes only and is not intended to provide advice, please see here.

Watson Farley & Williams is delighted to launch episode three of our ‘Countdown to COP: Financing and Fuelling the Future’ podcast series. This week, host Mhairi Main Garcia sits down with Singapore Maritime Finance Partner Lizzie Roe, a key contributor to our 2023 The Sustainability Imperative Part – 2 thought leadership report.

Despite a clear desire to meet net zero targets across the maritime sector, only 28% of industry participants interviewed in The Sustainability Imperative - Part 2 will meet these targets in the next five years. In this episode, Mhairi and Lizzie discuss two key challenges facing the sector, namely technological and regulatory uncertainty, and the positive steps being taken to rectify these.

In July of this year, the IMO unanimously adopted the 2023 Strategy on Reduction of Greenhouse Gas Emissions from Ships which effectively targets net zero greenhouse gas emissions by 2050. Another key development is the inclusion of shipping in the EU’s emission trading system as of 1 Jan 2024. There is also a real focus on alternative fuels with a shift away from the perception of LNG as an ‘alternative fuel’ and an increasing adoption of biofuels, with much debate surrounding the best green fuel and the perceived safety, commerciality and longevity of any of the current solutions.

Ultimately, maritime is a sector making impressive strides toward achieving net zero targets, but with an estimated US$1-1.5tn in funding required to decarbonise, investment is required from governments, banks and alternative investors alike.

Lizzie is a Partner in the Asset & Structured finance team. She regularly advises clients on project and asset financings, leasing transactions, tax-driven structures and on a variety of commercial maritime and aviation documentation.

To discuss any aspect of this episode further, please do reach out to Mhairi Main Garcia, Lizzie Roe or your usual WFW contact. And to sign up to receive all forthcoming episodes of this podcast series, please click here.

The information provided in this episode is for general and illustrative purposes only and is not intended to provide advice, please see here.

Welcome back to Watson Farley & Williams ‘Countdown to COP: Financing and Fuelling the Future’ series. In this week’s episode, host Mhairi Main Garcia talks to Frederik Lorenzen, a Finance Partner based in our Frankfurt office. Mhairi and Frederik discuss rail, a sector that will play a key role in achieving net zero but which faces its own challenges. These include real and perceived issues around reliability, efficiency and, potentially, affordability if the sector is to reach its full potential in terms of sustainability. This will also require proactive and combined effort across the industry from manufacturers, developers, operators, lenders, regulators and governments at both domestic and regional levels. 

 Rail nevertheless represents a hugely attractive investment in terms of green financing, especially with the introduction of:

• the EU taxonomy, which next year will force banks to publish information regarding how much of their loan portfolio represents green loans; and
•  the Luxembourg Protocol which creates a security interest over locomotives which is recognised by all member states that sign up, essentially providing more security and certainty to financiers. 

 Globally, countries that have little to no existing rail infrastructure also have a unique opportunity to create efficient and sustainable rail infrastructure from scratch, with its incredibly low in greenhouse gas emissions. However, arguably the most important step in achieving net zero in the rail sector is investment in and the improvement of existing rail infrastructure and this should be a key focus for industry participants in the immediate future. 

 Frederik is a Partner in the firm’s Assets and Structured Finance group based in Frankfurt and has been advising clients on transactions in the transport sector for close to two decades.

 To discuss any aspect of this episode further, please do reach out to Mhairi Main Garcia, Frederik Lorenzen or your usual WFW contact. And to sign up to receive all forthcoming episodes of this podcast series, please click here.

The information provided in this episode is for general and illustrative purposes only and is not intended to provide advice, please see here.

Watson Farley & Williams is delighted to bring you the first episode in our ‘Countdown to COP: Financing and Fuelling the Future’ series. This week, host Mhairi Main Garcia is joined by London Projects Partner Daisy East to discuss financing the road to net zero in the mining and commodities sector. The discussion focusses specifically on mining and metals, a space in which the projects are complex with often competing challenges and demands, particularly when considering ESG, new technology and increasing and changing demands. 

In this episode, we look at the current status of the sector in its drive to net zero, the importance of both funding and consistent political and regulatory support and the most important steps that can be taken in the sector to achieve success.  

Daisy advises on the financing aspects of projects across the energy and infrastructure sector ranging from power generation to mining and metals. Her experience includes conventional loan type financing as well as convertible notes at a senior and mezzanine level. 

To discuss any aspect of this episode further, please do reach out to Mhairi Main Garcia, Daisy East or your usual WFW contact. And to sign up to receive all forthcoming episodes of this podcast series, please click here.

The information provided in this episode is for general and illustrative purposes only and is not intended to provide advice, please see here.