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. Refer to the Sydney Law School timetable - https://canvas.sydney.edu.au/courses/4533/pages/postgraduate-lecture-timetable

Unit details and rules

Academic unit	Law
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	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

Assessment

The census date for this unit availability is 13 March 2026

Details
Criteria

Type	Description	Weight	Due	Length	Use of AI
Written work	Essay Proposal (not graded) Submission of a research proposal	0%	Mid-semester break Due date: 08 Apr 2026 at 23:59 Closing date: 22 Apr 2026	300 words / 5 weeks	AI allowed
Outcomes assessed:
Written work	Capstone Essay Proposal (not graded) Submission of a capstone essay proposal	0%	Mid-semester break Due date: 08 Apr 2026 at 23:59 Closing date: 22 Apr 2026	300 words / 5 weeks	AI allowed
Outcomes assessed:
Written work	Class Participation (10%) class participation, written contribution, feedback	0%	Ongoing	ongoing	AI allowed
Outcomes assessed:
Out-of-class quiz	Early Feedback Task (0%) Quiz	0%	Week 02 Due date: 04 Mar 2026 at 23:59	3-5 open questions	AI allowed
Outcomes assessed:
Written work	Case Study (40%) Written work	0%	Week 06 Due date: 01 Apr 2026 at 23:59 Closing date: 15 Apr 2026	3,500 words / 5 weeks	AI allowed
Outcomes assessed:
Written work	Research Essay (50%) Research essay on a topic approved by the lecturer	0%	Week 12 Due date: 20 May 2026 at 23:59 Closing date: 03 Jun 2026	4,000 words / 5 weeks	AI allowed
Outcomes assessed:
Written work	Capstone Essay (70%) Capstone essay on a topic approved by the lecturer	0%	Week 12 Due date: 20 May 2026 at 23:59 Closing date: 03 Jun 2026	7,000 words / 5 weeks	AI allowed
Outcomes assessed:
= early feedback task ?

Assessment summary

Early Feedback Task (0%)

This unit includes an Early Feedback Task that is designed to provide students with timely insights into their understanding and engagement with the unit content. The Early Feedback Task in this unit is a short quiz, 3-5 open questions, on the relevance of soft law and legal risk in sustainable finance. The task will be available on Canvas from 9am until 11.59pm on 4 March 2026 (Sydney, Australia time). It will be tailored to reflect key concepts from the first day of class. Students will be provided with immediate automated feedback upon the completion of the task.

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 term sheet discussion and negotiations, and making use of the Q&A function on Canvas.

Case Study (40%)

The case study is a ‘deal report’, a short legal essay of ca 3,500 words of a transaction-based review. Transactions are based on examples from practice. The deal report essay is based on either English or Australian law and must be substantively legal in nature. The purpose of the case study is to have students apply legal theory in transactional practical context. The case study is also designed to bring learnings forward and avoid a scenario in which students 'duck the bullet', delay class engagement and focus solely on the research paper. All case studies are substantially based on materials taught in class, in combination with research and reference material.

Students can choose one of three case studies and these will be released on Canvas by 11.59pm, 1 March 2026 (Sydney, Australia time):

Assess and advice on a proposed syndicated green or sustainability-linked loan from the perspective of the borrower (applying the learnings with respect to the documentation structure, applicable regulation and case law in the negotiating process, how to best protect the legal interests of the borrower and prioritise relevant negotiation points).

Reviewing and advising on the proposed purchase of a green, social or sustainable bond, assessing the legal position of the note purchaser (requiring the student to consider the differences between green lending and green or social bonds, in terms of documentation, applicable regulation as well as available remedies, explaining for instance the challenges for a bondholder to take acceleration action).

Reviewing and advising on an investment as an LP in an impact fund by means of a limited partnership agreement (requiring students to comprehend the documentation, including the side letter, relevant regulation and case law, the remedies for the LP in a fund context, and to identify the key negotiation points in a given case).

A full-fledged rubric for the case study assessment will be shared with students before the start of classes to assist them in their preparation.

The case study is due 11.59pm on 1 April 2026 (Sydney, Australia time).

The grades and feedback will be shared by 24 April 2026 (Sydney, Australia time). Students are therefore able to apply learnings from their work on the case study into their research paper.

Essay Proposal

As part of the research essay assessment task students are required to submit a topic proposal by 11.59pm on 8 April 2026 (Sydney, Australia time)

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 (50%)

This task involves students completing a research essay of a minimum of 4,000 words, excluding footnotes, bibliography and table of contents on a topic approved by the lecturer. The due date of the research essay is 11.59pm on 20 May 2026 (Sydney, Australia time).

Alternative Capstone Essay (70%)

LLM students who are undertaking this unit towards the end of their degree, and need a capstone experience to complete their degree, must apply to the unit coordinator to undertake the assessment option of a Capstone Essay.

Students wishing to take up this option are required to submit a capstone essay proposal. The requirements and the due date are the same as the "Essay Proposal" (see above).

Your essay topic should respond to the material covered in the present unit. However, at the same time, in order to serve as a capstone for your LLM, it should build upon the learning that has taken place during your LLM studies more generally.

The Capstone Essay must be a minimum of 7,000 words, but not exceed 7,500 words, excluding footnotes, bibliography and table of contents. The essay is due 11.59pm on 20 May 2026 (Sydney, Australia time).

The remaining assessments will be weighted as follows: Class Participation (10%), Case Study (20%).

Word limit penalty: A piece of assessment which exceeds the prescribed word limit will attract a penalty of 5% of the total marks available for the piece of assessment for every 100 words, or part thereof. Additionally, the Capstone essay will attract a penalty of 10% of the total marks available for every 100 words, or part thereof, which is below 7000 words. The total word count for essay and other written assessments will exclude all footnotes, bibliography and table of contents.

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. A link to the library website where this is set out comprehensively is available at Referencing and Citation Styles: AGLC4.

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

Assessment requirements 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. As the EFT is an early diagnostic tool, this task is not included in the final grade for the unit.

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 guide to grades.

Use of generative artificial intelligence (AI)

You can use generative AI tools for open assessments. Restrictions on AI use apply to secure, supervised assessments used to confirm if students have met specific learning outcomes.

Refer to the assessment table above to see if AI is allowed, for assessments in this unit and check Canvas for full instructions on assessment tasks and AI use.

If you use AI, you must always acknowledge it. Misusing AI may lead to a breach of the Academic Integrity Policy.

Visit the Current Students website for more information on AI in assessments, including details on how to acknowledge its use.

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, without an approved 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. Penalties for late submission will be applied strictly, subject to a 1 hour grace period.

Academic integrity

The University expects students to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

Our website provides information on academic integrity and the resources available to all students. This includes advice on how to avoid common breaches of academic integrity. Ensure that you have completed the Academic Honesty Education Module (AHEM) which is mandatory for all commencing coursework students

Penalties for serious breaches can significantly impact your studies and your career after graduation. It is important that you speak with your unit coordinator if you need help with completing assessments.

Visit the Current Students website for more information on AI in assessments, including details on how to acknowledge its use.

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 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. 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 02	Welcome session (online, 3 March 6pm)	Seminar (2 hr)
Week 03	Day 1: Introduction; sustainable finance; market and key developments; green, social and sustainable lending; regulation of sustainable finance in international context	Seminar (6 hr)
Week 04	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 hr)
	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 hr)
	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; Completion of the student feedback survey for this unit of study	Seminar (6 hr)

Attendance and class requirements

Attendance:All students are required to attend at least 75% 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.

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 Learning 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.

Timing of the case study has been pushed back to enable students to benefit from feedback whilst they work on the research essay.

Disclaimer

Important: the University of Sydney regularly reviews units of study and reserves the right to change the units of study available annually. To stay up to date on available study options, including unit of study details and availability, refer to the relevant handbook.

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

Use of generative artificial intelligence (AI)

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

LAWS6363: International Sustainable Finance

Semester 1a, 2026 [Block mode] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Use of generative artificial intelligence (AI)

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