Outline

Overview

The challenge of a generation. Is sustainable finance the answer to climate change, poverty and inequality? The purpose of this unit is twofold. First, to immerse students in sustainable finance in international regulation and practice, from micro-finance to green bonds, from renewable energy to sustainability-linked lending and refugee financing. Second, to explore the legal means through which financial market actors and their advisors can be pressured and held accountable, for instance from (individual and mass) litigation, complaints and other means. Across the key legal concepts, structural features and legal challenges in detail. The unit is highly practical and engaging. We mimic term sheet negotiations and road show presentations, developing the skills to assess, prioritise, challenge and negotiate these transactions. The unit coordinator draws on his own experience in global sustainable finance, and invites experts from both law firms and financial institutions as well as NGOs, to help you become a 'sustainable' lawyer. Principal topics include: The Sustainable Development Goals, the evolving regulatory framework of sustainable finance, and implementation by banks, development institutions, funds and corporates in international practice; Understanding the structural features of sustainable lending, including sustainability-linked loans (SLLs) as well as inclusive finance, along with the relevant principles and contentious issues in negotiation; Thoroughly analysing and comparing the green, blue, orange, social and sustainable bond structures and terms, including social impact bonds, bond linked to sustainable performance, as well as their challenges in practice; The implementation of impact investing in fund management and private equity, in day-to-day practice, and any fiduciary duties that may be owed to investors; Explore the interaction of sustainable and development finance, for instance through partial portfolio guarantees for SME lending, drought risk transfer and microfinance; The litigation challenges in sustainable finance for both investors, issuers and 'green' rating agencies, for instance the risk of mis-selling 'green' products, and how to address this and other risks in documentation as well as through strategic means; and Analysing the litigation strategies and opportunities for NGOs and hedge funds alike, as well as individuals to hold financial market participants to account, with the aid of real-life case studies. Further information about this unit is available in the Sydney Law School timetable https://canvas.sydney.edu.au/courses/4533/pages/postgraduate-lecture-timetable, unit of study outline https://www.sydney.edu.au/units and academic staff profile https://www.sydney.edu.au/law/about/our-people/academic-staff.html

Unit details and rules

Unit code	LAWS6363
Academic unit	Law
Credit points	6
Prohibitions ?	None
Prerequisites ?	None
Corequisites ?	None
Assumed knowledge ?	Students who do not hold a law degree must either have completed or be concurrently enrolled in LAWS6252 Legal Reasoning and the Common Law System before enrolling into this unit
Available to study abroad and exchange students	No

Teaching staff

Coordinator	Rosemary Lyster, rosemary.lyster@sydney.edu.au

Type	Description	Weight	Due	Length
Assignment	Class Participation (10%) class participation	10%	Ongoing	ongoing
Outcomes assessed:
Small continuous assessment	Case Study I (10%) In class assignment	10%	Week -01 Due date: 18 May 2024 at 21:00 Closing date: 18 May 2024	500 words / 1 working day
Outcomes assessed:
Small continuous assessment	Case Study II (10%) In class assignment	10%	Week 01 Due date: 22 May 2024 at 21:00 Closing date: 22 May 2024	500 words / 1 working day
Outcomes assessed:
Short release assignment	Essay Proposal (short release, not graded) Submission of a research proposal	0%	Week 01 Due date: 26 May 2024 at 23:59 Closing date: 02 Jun 2024	300 words / 3 working days
Outcomes assessed:
Assignment	Research Essay (long release) (70%) Research essay on a topic approved by the lecturer	70%	Week 05 Due date: 23 Jun 2024 at 23:59 Closing date: 07 Jul 2024	6000 words / 4 weeks
Outcomes assessed:

Assessment summary

Class Participation (10%)

Class participation covers the adequate and timely completion of the daily pre-class activities on Canvas (for instance posting comments on an article or document to be reviewed, giving constructive feedback to peer posts), participation in class discussions (including the subject matter of the pre-class activities) and negotiations, and making use of the Q&A function on Canvas.

Case Studies: To enhance class engagement and the development of research skills in preparation for the research paper, students are expected to complete two assignments during the week of classes (one focusing on the review of a sustainable finance transaction, the other on providing litigation advice) as described below:

Case Study I (10%)

Students will complete an individual 500 word assignment on Day 2 of classes focusing on the review of a sustainable finance transaction. Each student must upload his/her completed assignment to Canvas by the next day: Saturday 18 May 21.00 (Sydney Australia time).

Case Study II (10%)

Students will complete an individual 500 word assignment on Day 4 of classes focusing on providing litigation advice. Each student must upload his/her completed assignment to Canvas by the next day: Wednesday 22 May 21.00 (Sydney Australia time).

Essay Proposal (short release)

As part of the research essay assessment task students are required to submit a topic proposal by 23.59 on 26 May 2024 (Sydney, Australia time), five days after the end of classes.

The research essay should be written on a topic approved by the lecturer. The topic should be relevant to international sustainable finance law & practice. A list of suggested topics will be uploaded on Canvas, along with guidance on pitfalls / recommendations on the actual research / writing and a rubric on the assessment criteria. The research proposal should be 1-page A4 / ca 300 words, and detail the topic, the hypothesis, a rough outline and the expected research sources.

Research Essay (long release) (70%)

This task involves students completing a research essay of a minimum of 6000 words, excluding footnotes, bibliography and table of contents on a topic approved by the lecturer. The due date of the research essay is 23.59 on 23 June 2024, Sydney Australia time.

Word limit penalty: A piece of assessment which exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words, or part thereof. The total word count for essay and other written assessments will exclude all footnotes, bibliography and table of contents.

Use of editors or proof-readers: In completing unsupervised assessments, students may use editors, proof-readers, and automated writing tools (including translation software, grammar checkers, reference generators and artificial intelligence), provided that all use is acknowledged and consistent with University policies and procedures including Academic Integrity Policy. Acknowledgment must be made in writing on the front of the work submitted for assessment, or in an appropriate footnote or other reference, and state the name of the person or software.

Special consideration: Successful grants of Special Consideration may involve alternative tasks, as appropriate.

Assessment requirement to pass a unit of study: A student must make a genuine attempt at all assessment tasks set out in this Unit of Study in order to obtain a Pass mark and grade (or above); otherwise, an Absent Fail grade will be recorded as the student’s result for this Unit of Study.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2021 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	• Completely answers the question. • Contains striking originality of approach or analysis. • Demonstrates exhaustive or innovative research (where independent research required). • Exceptionally well written, structured and expressed. • Is otherwise exceptional in some way.
Distinction	75 - 84	• Completely answers the question. • Achieves a critical and evaluative approach to the issues. • Content and structure is well organised in support of the argument. • Demonstrates extensive research and analysis to support a well-documented argument. • Generally well expressed and free from errors. • Has a clear structure and is well articulated.
Credit	65 - 74	• Covers main issues fairly well in answering the question. • Contains no significant errors • Demonstrates an attempted critical approach to the issues. • Demonstrates reasonably sound research and analysis in addressing the key issues. • Has a clear structure and reasonably clear expression.
Pass	50 - 64	• Identifies the key issues, but does not follow through with a reasoned argument. • Contains some significant errors. • Displays satisfactory engagement with the key issues. • Offers descriptive summary of material relevant to the question. • Superficial use of material, and may display a tendency to paraphrase. • Demonstrates little evidence of in-depth research or analysis. • Adequate expression. • Overall, demonstrates the minimum level of competence in the assessment and satisfies the requirements to proceed to higher-level studies in the degree or subject area.
Fail	0 - 49	• Does not answer the question. • Contains significant or numerous errors. • Few or no identifiable arguments. • Content that is inappropriate or irrelevant. • Lack of research or analysis. • Difficult or impossible to understand through poor grammar, expression or structure. • Overall, does not demonstrate the minimum level of competence in the assessment.

For more information see sydney.edu.au/students/guide-to-grades

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The late submission of a piece of assessment, which has not been granted an extension, will attract a penalty of 5% of the total marks available for the piece of assessment per 24 hours or part thereof, after the due time on the due date. For example, a submission after the due time but before the same time the following day will attract a 5% penalty. Late penalties will be strictly applied subject to a grace period of 1 hour. The date and time of submission as recorded by Canvas is taken as the official and final record of a student’s submission.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Support for students

The Support for Students Policy 2023 reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy 2023. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

Weekly schedule

WK	Topic	Learning activity
Week -01	Day 1: Introduction; sustainable finance; market and key developments; green, social and sustainable lending; regulation of sustainable finance in international context	Seminar (6.25 hr)
Week -01	Day 2: Green, social and sustainable bonds; sustainable structured finance through sustainability-linked bonds and green securitisation, examples from the market; regulation of ESG ratings agencies	Seminar (6.25 hr)
Week -03	Welcome session (online, date to be confirmed on Canvas)	Seminar (1 hr)
Week 01	Day 3: Introduction to impact investing through private equity and impact funds; regulation, documentation and negotiation; individual liability (directors, trustees) in funds, empowerment and the role of impact lawyers	Seminar (6.25 hr)
Week 01	Day 4: The law as a tool to drive change; legal exposure of financial market participants in the ESG space; NGO and stakeholder activism, strategic litigation, the role of regulators in sustainable finance	Seminar (6.25 hr)

Attendance and class requirements

Attendance:All students are required to attend at least 70% of classes to satisfy the pass requirements for each unit of study. Failure to meet this requirement may result in a student being precluded from submitting the final assessment.

For units offered in Intensive mode, participation in all scheduled sessions may be expected by a Unit Coordinator in order to satisfy the requirements of the unit.

Referencing: The Sydney Law School expects you to use the Australian Guide to Legal Citation (4th edition, 2018) for your footnoting style, although you should confirm this with your lecturer, and a link to the library website where this is set out comprehensively is available at Referencing and Citation Styles: AGLC4 

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Please refer to the Reading Guide that will be posted on Canvas.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. employ advanced legal research and legal writing skills to formulate a coherent and persuasive argument
LO2. demonstrate a detailed understanding of the financial instruments used to further Sustainable Development Goals (SDGs) in theory and legal practice
LO3. apply key legal concepts from sustainable finance across international lending, derivatives, debt capital markets, project finance, private equity and funds investment
LO4. critically analyse and assess sustainable finance transactions – know what to look for, prioritise, assess the (hard and soft) legal risks, and how to mitigate these risks
LO5. demonstrate a thorough understanding of the regulatory framework underpinning international sustainable finance for market participants, and the legal, litigation and reputational risk for front-runners and laggards in the market
LO6. employ high-level communication skills in negotiation and presentation tasks for application in practice
LO7. demonstrate a thorough understanding of how the law can be used to hold market participants to account in the transition towards a more sustainable economy

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

Bearing in mind the fast development of AI, the assessment criteria and rubric for the research paper are updated to increase the weighting of the (thoroughness of the) legal analysis and the (reasoned legal) argumentation).

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

LAWS6363: International Sustainable Finance

Intensive June, 2024 [Block mode] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect