International legal practice Osborne Clarke has advised the Church of England Pensions Board and the Environment Agency Pension Fund on the formation of Transition Pathway Initiative Limited and the TPI Global Climate Transition Centre. The Transition Pathway Initiative is backed by investors with a combined $40 trillion of assets under management or advisement and new centre will be a key part of a post COP-26 financial infrastructure to support transparency, accountability and action on climate commitments.

The TPI Global Climate Transition Centre will provide free and publicly available in-depth data on how 10,000 companies are aligning with a net zero pathway, significantly scaling existing coverage across global equity markets. The Centre will also expand to assess government bonds and corporate debt issuers.

The Centre, which is intended to be opened in early 2022, is set to be based at the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science and will dramatically increase the independent assessments of companies undertaken today by TPI from 400 to 10,000. It will also scrutinise corporate and sovereign bond issuers – a vital part of the climate transition.

The Centre aims to be a critical part of the post COP26 financial infrastructure. As an indication of the growing importance of the work of TPI, the world’s largest fund manager, BlackRock announced it would be joining TPI as a supporter, taking TPI’s supporters to over 110 funds with USD $40 trillion in assets under management and advisement.

  • Almost half of global assets under management have now pledged to become net zero investors and the new Centre will support investor commitments to:
  • Align their portfolios with net zero targets covering three major asset classes (listed equites, corporate bonds and sovereign bonds);
  • Support global investor engagement initiatives such as the Climate Action 100+ that targets real world emissions reductions by the 167 most carbon intensive companies;
  • Enable much more detailed analysis of the most carbon intensive companies and sectors as demonstrated by the recently launched Net Zero Standard for the Oil and Gas Sector that details exacting standards of disclosure intended to create a level playing field in corporate reporting.
  • Place transparency and independent analysis at the heart of investor decision making within public equity, corporate debt and sovereign debt markets.
  • The Centre will be supported by major asset owners, fund managers and TPI’s key partners, the London School of Economics and LSEG. TPI has also been working with the Net Zero Centre supported by the Children’s Investment Fund Foundation (CIFF).

Partners Mark Wesker and Will Robertson, alongside Associate Liam O'Connor, Paralegal Shauna Poole, Senior Associate Michael Ahyow and Trainee Solicitor Bethany Filby, advised the Church of England Pensions Board and the Environment Agency Pension Fund. Legal Director Fiona Sweeting and Company Secretarial Manager Karen Vicary assisted with the incorporation and will be providing secretarial support to the company on an ongoing basis.

Our financial system is rapidly transforming as we strive to decarbonise our economy. At Osborne Clarke, we help our clients to understand and adopt innovative green financial products and platforms. We also work with financial institutions to help them to understand the liability and risk involved in green investments. Decarbonising across all industries and sectors will require unprecedented investment in green and low carbon technologies, infrastructure and services. Using different types of finance to make these investments will be central to realising and achieving the 2050 net zero goals. Our specialists work in cross-sector and cross-service line teams to ensure that our clients have access to all the expertise they need to understand the structure for investment (whether by debt or equity) into all technologies, including those still in development.

Evolving and disruptive technologies are changing how businesses operate, compete and evolve, creating extraordinary, transformative opportunities. Osborne Clarke is at the forefront of advising on ground-breaking transformations.

Visit our digitalisation and decarbonisation pages to find out more.

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