What Is Pacta Agreement

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Pacta sunt servanda, Latin for “agreements must be respected”[1], is a brocade and a fundamental principle of law. The only limits of the application of pacta sunt servanda are the mandatory norms of general international law, called “jus cogens”, that is, the mandatory law. The legal principle of clausula rebus sic stantibus in customary international law also allows non-compliance with contractual obligations due to an imperative change in circumstances. The results of the PACTA 2020 climate impact test will be presented to Swiss participants on 19 and 20 November. Participation in these workshops is limited to participating institutions. If you have participated in the Swiss PACTA 2020 test and have not yet received an invitation to the workshop, please email us pacta2020@2degrees-investing.org. Common law courts generally do not have the principle of good faith in commercial contracts; As far as the common law is concerned, it is therefore inappropriate to say that pacta sunt servanda contains the principle of good faith. 2 See 2DII: PACTA: Taking the Temperature of Financial Assets (the last call was on September 9, 2020); available at 2degrees-investing.org/resource/pacta-taking-the-temperature-of-financial-assets (`PACTA: Taking the Temperature`). 12 See 2DII: PACTA methodology reaches new milestones (published July 29, 2020); available at: 2degrees-investing.org/pacta-methodology-hits-new-milestones/. 1 See 2DII resource (accessed September 9, 2020); available at: 2degrees-investing.org/resource/pacta/.

By giving banks an overview of the climate direction of their corporate equity and spending plans, the PACTA for Banks toolkit is an important step in analyzing climate scenarios for lenders. The toolkit was developed in six years and tested by 17 global banks and more than a dozen academic institutions. 2DII makes the materials of each interested organization available free of charge. 2DII will hold a webiner on October 13 to explain how PACTA works for banks.

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