On March 6, 2024, the Securities and Exchange Commission (“SEC”) adopted rules requiring registrants to disclose certain climate data in annual reports.

The rules were originally proposed in 2022, and the final language adopted scales back some of the earlier proposal’s more onerous reporting requirements (including Scope 3 emissions reporting).

Syndicated term loans can be a significant piece of the capital stack when financing renewable energy projects; however, a crucial pending case in the U.S. Court of Appeals for the Second Circuit could complicate the use of these types of loans going forward. The case—Kirschner v. JP Morgan Chase—will seek to answer the central question at play: are syndicated term loans subject to federal and state securities laws?  The eventual ruling in this case could potentially impact any borrower or lender issuing or holding a term loan in a syndicated facility.