23 ASIAN LEGAL BUSINESS – JUNE 2024 WWW.LEGALBUSINESSONLINE.COM SUBMISSION BREAKDOWN Jurisdiction Submissions Winners Multiple 7 5 Hong Kong 1 1 India 2 1 Indonesia 6 3 Japan 1 0 Malaysia 3 0 Singapore 5 3 South Korea 4 2 Vietnam 1 0 Total 30 15 “Many financing mechanisms now incorporate ESG factors into their criteria and businesses integrating ESG have benefited from improved reputations,” says Kirana D Sastrawijaya, senior partner at UMBRA – Strategic Legal Solutions in Indonesia, another of the ranked firms. The regulatory gaps mean businesses require all-around legal guidance to meet compliance requirements. “We are proud to have a dedicated team focused exclusively on handling ESG-related legal matters,” says Sastrawijaya, adding that her firm “collaborates with ESG technical consultants to provide comprehensive training on ESG strategy development and disclosure frameworks.” Among its ESG highlights, UMBRA provided input to the Ministry of Energy and Mineral Resources, the Ministry of Environment and Forestry and PLN (the sole national electricity off-taker) on developing Indonesia’s carbon trading regulatory framework. A prime case involved advising state-owned company PT Semen Indonesia on a landmark 5.85-trillion-rupiah ($398 million) rights issue transaction in 2022. In addition to streamlining operations, the rights issue proceeds will fund PT Semen Indonesia’s sustainability initiatives. UMBRA’s leading work on this deal, which also advances Indonesia’s green transition, earned it the prestigious ESG-Advisory Law Firm of the Year award at the ALB Indonesia Law Awards 2023. UMBRA is also advising clients on pursuing carbon credits and renewable energy certificate programmes. It has guided several high-profile renewable energy and infrastructure projects that received industry recognition. Looking ahead, Sastrawijaya predicts that “requirements for ESG-related financing, incentives for ESG initiatives and more comprehensive regulations supporting ESG monetization efforts will significantly drive sustainable development in Indonesia.” BROUGHT TO YOU BY ALLEN & GLEDHILL A conversation with Elsa Chen What specific initiatives or strategies has Allen & Gledhill LLP implemented to integrate environmental, social, and governance (ESG) principles into its legal practice? As South-east Asia’s first law firm signatory to the United Nations Global Compact (UNGC), we launched our Sustainability Roadmap following a rigorous audit, which underlined our commitment to align our strategies, culture, and day-to-day operations with the UNGC’s Ten Principles. The audit helped identify and inform our ESG & Sustainability Pledge with specific goals, timelines, and yearly reviews. How does Allen & Gledhill LLP collaborate with clients to navigate regulatory complexities and develop ESG-focused legal frameworks and policies? We frequently work with our clients to develop thought leadership. A recent example is our work with GenZero on a joint paper regarding the legal character of carbon credits. We were also the first law firm globally to sign a MoU aimed at enhancing sustainability-related legal and risk management competencies in Asia and beyond with Global Reporting Initiative. We regularly speak about ESG topics on legal panels, such as the role Can you share any notable success stories or case studies where Allen & Gledhill LLP’s expertise in ESG matters has made a significant impact on clients or the broader community? Closing the finance gap is especially pressing in Asia as the region accounts for around half of greenhouse gas emissions globally. Some of our most impactful ESG work are in sustainable finance across South-east Asia. We advised the Monetary Authority of Singapore on the issuance of S$2.8 billion sovereign green bonds; the National Environment Agency on the issuance of S$1.3 billion notes due 2051, the region’s longest tenor unrated public green bond at the time; and GLP Investment Management Pte. Ltd. in the establishment of a closed-end fund focused on developing eco-friendly logistics facilities in Vietnam. Another area of impact is our work in navigating the regulatory aspects of ESG matters. In advising DBS Bank Ltd. in establishing Climate Impact X, we considered the regulatory analysis around the proper characterisation of a carbon credit. We also frequently advise clients on sustainabilityfocused transactions and assist them in reviewing public disclosures, including novel areas around greenwashing risks. of in-house legal teams in accelerating net-zero, and the changing regulatory landscape for ESG in ASEAN. Recognising the intricate nature of ESG issues, we also work with and advise clients on developing sector-specific ESG frameworks tailored to their business needs. Elsa Chen Partner (Chief Economist), Co-Head of ESG & Public Policy Practice and Regional Co-Head of Competition & Foreign Investment Review Practice E: elsa.chen@agasia.law Allen & Gledhill One Marina Boulevard #28-00 Singapore 018989 W: www.allenandgledhill.com
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