Geopolitical pressures, technological disruption and shifting energy markets are reshaping what it means to transition to a more sustainable economy. This edition examines how three sectors, energy, defence and digital, are navigating the transition and reviews the regulatory and financial framework that will determine whether the transition succeeds.

In this edition, we look at infrastructure and energy measures in the King's Speech, how the UK is proposing to decouple gas and electricity prices, the latest state of play on data centres and the impact of conflict in the Middle East.  We also discuss whether pre-development costs should get preferential tax treatment and VAT on electric vehicle charging, together with a range of other regulatory issues affecting the infrastructure and energy sectors. 

The new Future Homes Standard (the "FHS") and Future Buildings Standard (the "FBS") published in late March 2026 represent, by any measure, an incredibly significant change to energy efficiency requirements for new homes and commercial buildings in England. The impact within the industry will be profound.

A regular briefing for the alternative asset management industry. 

A new Energy Independence Bill was announced in the King's Speech yesterday. However, the speech (and earlier references to this Bill, for example in the Labour Manifesto) gives us little to go on beyond the words 'energy' and 'independence' – already themselves very much the buzz words of the administration of late, particularly in the wake of recent events in Iran.

The EU Commission's simplification drive continues following the finalisation of the Sustainability Omnibus Directive. Attention now turns to the reporting standards themselves, a critical piece of the puzzle for undertakings remaining in scope of the Corporate Sustainability Reporting Directive ("CSRD") to understand what will be required of them from the next financial year (in most cases). The Commission is also looking to finalise revised voluntary reporting standards for companies not in scope of CSRD, which is important not just for those companies that do wish to report voluntarily, but also for those in the value chains of reporters, as explained further below.  

On 21 April 2026, the Council of the European Union gave final approval to a new Directive on combating corruption (the "Directive"). This is a significant move to harmonise the current patchwork of legislation across the EU Member States that applies at present, given that EU measures to date have been high level and directional rather than prescriptive. The Directive will result in a single, harmonised set of criminal offences based on unified definitions, penalties and prevention measures applicable across the public and private sectors, though individual Member States can still choose to go further than required by the Directive.