Linklaters

ESMA has issued a statement on the publication or distribution of ESG ratings by third parties in the period from 2 July 2026 until authorisation, recognition or registration of ESG rating providers under the ESG Rating Regulation. The statement clarifies whether third parties that are publishing or distributing ESG ratings of existing, but unauthorised, ESG rating providers will be able to continue doing so from 2 July 2026, when the ESG Ratings Regulation applies.

The government has announced plans to introduce a mandatory due diligence regime targeting deforestation in supply chains (also known as the Forest Risk Commodities Scheme).

On 3 July 2026, the European Commission adopted two Delegated Acts comprising the revised European Sustainability Reporting Standards (ESRS) and the voluntary reporting standards under the Corporate Sustainability Reporting Directive (CSRD).

Recently we delivered a webinar which explained the scope and substance of the EU's Directive on Empowering Consumers for the Green Transition (known as EmpCo or ECGT) - see the recording and slides here. On 1 July, we ran a follow-up webinar where we specifically focussed on how the Directive applies to financial services firms. See the and slides. With the application of the Directive starting in September this year, firms do not have long to ensure their readiness for the regime.

Linklaters has advised Oman India Fertiliser Company SAOG, under transformation (“OMIFCO”), on its Initial Public Offering (“IPO”) on the Muscat Stock Exchange (“MSX”), and the Selling Shareholders, including OQ SAOC, the energy and investment holding company owned by the Oman Investment Authority, on the transaction.

Linklaters has advised Ardian on the sale of its 38% stake in Kallista Energy, a leading French player in the development and operation of renewable energy assets in the wind, solar and battery energy storage sectors, to APG and Pensionskasse Stadt Zürich (PKZH). Marking Ardian's full exit after 17 years of supporting Kallista Energy's development, this transaction allows majority shareholder APG to increase its stake, while welcoming PKZH as a new minority partner.

On 30 June 2026, the European Commission published its guidelines on the application of the EU Forced Labour Regulation (FLR), together with the launch of a dedicated Forced Labour Single Portal. We highlight below the key takeaways and implementation steps businesses should consider. Background The FLR lays down rules prohibiting economic operators from placing and making available on the EU market, or exporting from it, any products made with forced labour.

The European Banking Authority (EBA) has published its final report on revised Guidelines on product oversight and governance (POG) arrangements for retail banking products. The revised Guidelines, published on 30 June 2026, make targeted amendments to make ESG and greenwashing considerations more explicit throughout the product lifecycle, particularly when the products are marketed to consumers.

On 20 May 2026, the UN General Assembly passed a resolution urging States to adopt the International Court of Justice's (ICJ) 2025 advisory opinion on climate change obligations into their national policy and to commit to follow-up action.

In the next stage on the journey of SFDR 2.0 through the EU legislative process, on 24 June 2026, the  Council of the EU formally agreed its negotiating mandate. Overall, the Council has welcomed the proposed changes to the SFDR, recognising that the current framework needs clarity, consistency and alignment with other EU sustainable finance efforts and the expectations of markets.