Welcome to the summer edition of Horizons for 2026 — and as the days get longer and the BBQs come back out of storage, the market shows no signs of cooling down.

At the LMA, the past few months have seen continued engagement with members, regulators, and market participants across a broad range of sustainability initiatives. Much like finally cleaning down the grill after winter and getting everything ready for the season ahead, this quarter has been about refining frameworks, sharpening guidance, and preparing the market for the next phase of growth.

As the sustainable loan market has matured, we have focused on updating to the SLL Rider provisions, advancing the pure-play guidance project, with publication due imminently, and commencing taskforce work to take the Transition Loan Principles beyond the exposure draft stage. I encourage you all to submit any burning questions requiring clarification, which we can then seek to address in the accompanying guidance document.

On the regulatory front, we continue to monitor sustainability-related regulation in the LMA’s regulatory scanner. UK and EU supervisory authorities continue to focus on ESG risk which will be the subject of next quarter's Insight Paper.

From an events perspective, London Climate Action Week is once again taking over the capital — proving that, much like a British heatwave, discussions around transition finance are becoming impossible to avoid. This year, the discussion centred on climate-related risk, transition finance and sector-specific sustainable finance structures. From our own calendar, our European Loan Markets Conference moved to Milan, where I was joined by Luca Passa to discuss financing Europe’s energy transition, from funding strategy and sustainable finance to resilience in an increasingly volatile geopolitical environment.

A key date for the diary remains this year’s flagship Sustainable Finance Conference, taking place on 3 November in Paris, for which the agenda is now beginning to take shape. With no shortage of topics competing for attention, the challenge lies in keeping the discussion fresh and thought-provoking, without simply reheating conversations that have already taken place this year — but challenge accepted!

It promises to be a summer of continued progress, collaboration, and impact, and we look forward to working with all of you to advance the sustainability agenda.