ISDA Sustainability-Linked Derivative Clause Library

Sustainability-Linked Derivatives (SLDs) are typical derivatives transactions with an ESG add-on that affects payment flows. SLDs embed or create a sustainability-linked cashflow using key performance indicators designed to monitor compliance with ESG targets.

The ISDA Sustainability-Linked Derivative (SLD) Clause Library aims to provide standard-form drafting options from which users can pick in order to construct their bespoke SLD. The SLD Clause Library also contains drafting notes to help users understand the compatibility of available clause variants with their business needs and other provisions of the SLD Clause Library.

The SLD Clause Library was designed to be used regardless of the asset class of the underlying derivatives transaction. However, as interest rate and foreign exchange derivatives are the primary transaction types to which market participants add a sustainability element, we have provided specific wording that enables market participants to adjust payment terms defined under the 2021 ISDA Interest Rate Derivatives Definitions and/or the 1998 FX Definitions.

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