Cleary Gottlieb Steen & Hamilton’s São Paulo office has advised clients on multiple ground-breaking sustainability-linked bonds.

Recently, in a matter led by Juan Giraldez, the firm acted for a number of leading banks in the reopening of $300m 5.25% notes issued by Movida Europe, linked to Movida’s ability to achieve a specified target reduction of greenhouse gas emissions by 2025. Giraldez also assisted the Republic of Uruguay with a multi-jurisdictional highlight involving the offering of $1.5bn 5.75% sustainability-linked bonds, the country’s first ESG-linked bond and one of the first sovereign issuances of the sort. The bonds’ targets include achieving a reduction in aggregate greenhouse gas emissions in the country by 2025 compared to 1990, and maintaining or increasing the native forest area covering Uruguay’s territory by 2025 compared to 2012.

Further demonstrating its knowledge surrounding ESG and sustainability, the firm regularly contributes to thought leadership, such as Giraldez’ recent publication of a discussion on how nature affects sovereign debt. Globally, the firm’s dedicated sustainability group also regularly comments on ESG issues in the firm’s weekly Climate and the Financial Sector newsletter.

In an active effort to reduce the firm’s carbon footprint, it has formed a cross-functional working group that aims to measure emissions and set reduction targets, among other initiatives. The group previously calculated the firm’s emissions for 2019 to 2021 and used the data to develop its Climate Action Plan, which identifies future action to mitigate the firm’s carbon footprint across scope 1, 2 and 3 emissions.

The firm is an active member of the Law Firm Sustainability Network and the Legal Sustainability Alliance.