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GLOSSARY

EU Emissions Trading Scheme definition

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Published by a LexisNexis Energy expert

What does EU Emissions Trading Scheme mean?

One of the policies introduced across Europe to reduce carbon emissions and combat the treat of climate change. Running in three year phases the scheme began on 1 January 2005. Phase II from 2008-2012 coincides with the first protocol'>Kyoto Protocol commitment period.

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New starters share purchase transactions collection—EHS issues to consider

New starters share purchase transactions collection—EHS issues to consider The note sets out the key environmental and health and safety (EHS) issues to consider in a share purchase transaction. The following questions can be used as a checklist by the seller’s solicitors preparing the data room, or by the buyer’s lawyers advising their client whether the EHS documents in the data room are sufficient for the type of business. See Practice Notes: Environmental due diligence—share purchase and Environmental issues when selling a company or business. Contaminated land In share purchase transactions the buyer will inherit responsibility for land contamination or water pollution caused or knowingly permitted by the target which is present at or has migrated from the current properties or previous properties, spills caused by the target on third-party land, for example, tanker accidents and land contamination or water pollution at current properties as Class B owner or occupier. The buyer will need to assess the potential liabilities and remediation costs associated with land contamination and...

Carbon issues for corporate transactions

Carbon issues for corporate transactions Increased emphasis on climate change and carbon emissions reduction, as part of a business’ environmental, social and governance (ESG) approach, is affecting corporate transactions. In addition to schemes such as the EU Emissions Trading Scheme (EU ETS) and the UK Emissions Trading Scheme (UK ETS), additional legislation means that an organisation may be required to participate in a number of carbon reduction and/or energy efficiency schemes, as well as have reporting obligations connected with energy and carbon usage, eg: • the Climate Change Act 2008 (CCA 2008) requires annual emissions reports—see Practice Note: Mandatory greenhouse gas reporting • the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, SI 2018/1155 on Streamlined Energy and Carbon Reporting (SECR) bring in additional disclosure requirements for quoted companies and also introduce requirements for large unquoted companies and limited liability partnerships to disclose their annual energy use and greenhouse gas emissions, and related information—see Practice Note: Streamlined Energy and Carbon Reporting (SECR)—quoted...

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Ireland—EHS due diligence questionnaire—share purchase

Ireland—EHS due diligence questionnaire—share purchase General This environment, health and safety (EHS) due diligence questionnaire will help obtain key EHS information about the target’s business and properties. The EHS questions can be added to the legal due diligence questionnaire or used as a checklist for additional EHS enquiries. Buyers’ solicitors usually prepare a legal due diligence questionnaire in the preliminary or due diligence phase of the transaction. In some transactions replies are added to the seller’s data room. The legal due diligence questionnaire should always include EHS questions. Even an office-based business will be subject to general EHS laws such as waste management, environmental reporting and health and safety obligations. If the target has a manufacturing site or environmental permit, a technical phase 1 EHS report should ideally be undertaken by environmental consultants. Please change to ‘Property’ and ‘Group Company’ depending on the particular transaction. Environment Health and Safety Please provide the following: Question 1—EHS reports Environmental reports can provide essential information regarding the environmental performance of the target and...

Environment, Health and Safety (EHS) due diligence questionnaire (DDQ)—share purchase

Environment, Health and Safety (EHS) due diligence questionnaire (DDQ)—share purchase Environment Health and Safety Please provide the following: 1 Copies of all environmental reports relating to the Property or the business of the Company including any desktop reports, phase 1 compliance audits, intrusive phase 2 reports, geotechnical reports, validation reports, environmental management audits, flood risk assessments, regulatory compliance audits or assessments and any documentation demonstrating that the recommended actions contained in the disclosed reports have been completed adequately. 2 Copies of all environmental permits (including licences, consents, authorisations, approvals, registrations, notifications and exemptions) required under environmental or health & safety (EHS) law in relation to the Property or the business of the Company, including copies of any compliance assessment reports, details of any pending applications for new permits or variations to existing permits and any correspondence sent to or received from the relevant competent authority or regulator in connection with the permit(s). 3 Details of activities carried out (including details of any hazardous substances used or stored) and any...

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