Overview
The clean energy innovation movement – specifically the move to decarbonize the global economy – started years ago following greater awareness of greenhouse gases and their effects, was pushed along with government incentives, and now has been accelerated by the global pandemic and sustainable recovery plans. Many of Shearman & Sterling’s clients – traditional oil & gas companies and investors in the hydrocarbons sector, along with renewable energy companies – are looking for opportunities in the energy transition movement, seeking to take advantage of the demand for immense development and clean energy innovation in the sector. The International Energy Agency’s Net Zero by 2050 report estimates that 75 percent of the emissions reductions necessary to meet net-zero emissions are dependent on renewable or clean energy technologies that have not yet reached commercial maturity.
Four significant, dynamic and viable areas of innovation in the energy transition include the clean (or semi-clean) development of hydrogen as a multi-purpose fuel, the development of carbon capture projects at the source of emissions, the development of energy storage projects particularly as a component of larger renewable energy projects, and the greening of industrial manufacturing particularly that of steel and cement.
Shearman & Sterling’s Energy Innovation team is a leader in working on these decarbonizing projects. We have deep experience in working with traditional oil & gas companies, renewable energy developers, private equity investors, clean technology companies, governments, state-owned energy companies and lenders on the development and financing of these innovative clean energy projects. We are knowledgeable about project structuring and what it takes to get projects financed, particularly when emerging technology is involved. We have been consistently recognized by Chambers Global as one of the leading Projects and Energy law firms in the world.