As we emerge from the (hopefully!) restful summer months, many of us are wondering how is it already the end of September? 2025 is flying by, but the headlines across EMEA this summer have grounded us in stark reality.

Wildfires, extreme heatwaves, and other climate-related events have offered a sobering reminder: climate change hasn’t taken a holiday. It’s here. It’s happening. And it’s no longer a challenge we can afford to defer.

At the LMA, we’ve stayed busy throughout the season, engaging with members and regulators, advancing our initiatives, and preparing for what promises to be a standout fourth quarter. In particular, we’re gearing up to release our much-anticipated Transition Loans Guidelines, a landmark piece of work we’re incredibly proud of. And yes, I’m delighted to finally be able to say with full confidence: they’re coming soon!

Naturally, geopolitics remained a prominent theme throughout the summer, and it would be remiss not to acknowledge its influence on sustainability. In this issue, our Political Pulse feature examines how the evolving EU–US trade deal may affect sustainability regulations within the EU, specifically the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive. We also consider how internal political tensions within the European Parliament are expected to influence the upcoming Omnibus negotiations this quarter.

We also welcomed the FCA’s letter of 14 August1, which acknowledged the continuing evolution of the Sustainability-Linked Loan (SLL) market since its 2023 review. It was encouraging to see recognition of the progress made in raising standards, enhancing governance, and embedding greater ambition and credibility in SLL structures. This aligns strongly with our own direction of travel, as seen in the March 2025 update to the Green, Social and Sustainability-Linked Loan Principles, and in our recent article, Sustainability-Linked Loans: When Finance Rewards Sustainability Performance2.

Looking ahead to Q4, the calendar is full, both personally and professionally. Alongside Halloween, Bonfire Night and the run-up to Christmas (my favourites!), we’re counting down to one of our biggest milestones: our flagship Sustainable Finance Conference on 5 November. This year’s theme, “The Phoenix: Resilience in Action”, couldn’t be more timely. In the face of global challenges, our community doesn’t stand still. It adapts, evolves, and rises stronger. Like the mythical phoenix, we’re driven by purpose, innovation, and a commitment to building a more resilient and sustainable financial system. We can’t wait to welcome you to this event so be sure to register.

As ever, Horizons is for you, our members and stakeholders. We hope you enjoy reading this edition and we’d truly welcome your thoughts, feedback, and ideas for future editions. Let us know what you'd like to see next, we’re listening.