Climate Contract Playbook Edition 3
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8. REPORTING 8.1 [The Company commits to supporting the recommendations of the Task Force on Climate- Related Financial Disclosures (TCFD) and to include climate related disclosures in its financial reporting from [insert date]]. 8.2 The Company will include an assessment of climate risk (including physical risks associated with a changing climate and transition risks associated with the change to a net zero emissions economy, for example as a result of amendments to NDCs) in (i) the Climate Monitoring Report and (ii) its business continuity plan, including an assessment of resilience and whether the Company and its activities are “climate proof”. A copy of the Company’s Business Continuity Plan will be updated and provided to the [Shareholder] [Lender] [Guarantor] within [30] days of the end of each Financial Year. 8.3 The Company shall, as soon as it is available, but in any event no later than [90] days after the end of each [quarter for Construction Period]/ [financial year for Operating Period], deliver to the [Shareholder] [Lender] [Guarantor] the Climate Monitoring Report.
ONGOING COVENANTS
9.
9.1 The Company shall: a)
continue to have adopted a Sustainability Standard and Sustainability Goals satisfactory to the [Shareholder] [Lender] [Guarantor]; b) have a CSO; c) [have in place [insurance for its material climate risks (where insurable) at a level acceptable to the [Shareholder] [Lender] [Guarantor] and shall have provided a copy of the certificate of insurance to the [Shareholder] [Lender] [Guarantor]within [30] days of [insert event]]; d) comply with the Climate Change Standard set out in Schedule [●] as amended from time to time; and shall implement such policies, procedures and systems as may be required to monitor compliance with the Climate Change Standard and to prevent liability under any Applicable Law. e) be in compliance with its climate reporting obligations under clause [2] and clause [8].
BREACH
10.
Option 1: Breach of the Climate Standard Terms is an Event of Default. The remedy periods for breach of the Climate Standard Terms will be the same as for breach of other material terms and conditions of the Transaction Documents. Option 2: If the [Shareholder] [Lender] [Guarantor] considers that a Material Climate Breach has (or may have) occurred, the [Shareholder] [Lender] [Guarantor] shall inform the Company and shall have the right to investigate the breach (or possible breach) using its own staff or such third parties as it may consider necessary. Within [30] days of the [Shareholder] [Lender] [Guarantor] informing the Company that it considers that a Material Climate Breach has (or may have) occurred, the [Shareholder] [Lender] [Guarantor] and the Company shall meet to discuss possible remedies for the Material Climate Breach. If the investigation by the [Shareholder] [Lender] [Guarantor] finds that there has been a Material Climate Breach, the costs of such investigation will be borne by the Company.
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