Renewable Energy, Sustainability & Recycling

The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.

Antitrust in 2025 was marked by policy developments and antitrust enforcement that, while remaining aggressive, became less overtly anti-business. The U.S. continued a number of cases from the Biden administration, but became more open to settlements, while continuing implementation of the new and more burdensome HSR merger notification form and of the more aggressive and less economically focused 2023 Merger Guidelines. The European Commission conducted a series of DMA enforcement actions and launched a broad-sweeping consultation on the Merger Guidelines. The UK CMA continued a tack toward a more restrained approach to enforcement, taking greater account of growth and suggesting it would allow greater flexibility in merger remedies. The Chinese State administration for Market Regulation started to intervene in transactions below the filing thresholds and continued to keep antitrust in its toolbox for tackling geo-political tensions.

On November 10, 2025, the Commission conditionally cleared Abu Dhabi National Oil Company’s (“ADNOC”) c. €15 billion acquisition of German chemicals company Covestro AG (“Covestro”) under the Foreign Subsidies Regulation (“FSR”),[1] following a Phase II review.[2]

On November 1, 2025, the Commission issued a policy brief[1] in which it rejected calls to extend the legal professional privilege to in-house counsel communication. The Commission examined the question after stakeholders called for such an extension as part of the revision process of the regulation governing antitrust investigation, Regulation 1/2003.[2]

On 16 October 2025, the CMA launched a public consultation on its draft revised Merger Remedies Guidance (the Draft Guidance).[1]  The revision reflects the Government’s call for a more business-friendly, pro-growth approach to merger control.[2]

Introduction

In May 2025, the Commission launched a public consultation on possible reforms to its merger guidelines, covering seven core topics that underpin how the Commission assesses the competitive impact of mergers.[1] On October 29, the Commission summarized the main trends of the 243 responses[2] it received.[3] The highlights are as follows:

On July 10, 2025, the French Competition Authority (“FCA”) published both its 2024 Annual Report,[1] and its 2025-2026 Roadmap,[2] which outlines its priorities for the year ahead. 

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we provided our views on Topic Paper D – on Sustainability and Clean Technologies.

In the latest instalment of Cleary Gottlieb’s Antitrust Review podcast, host Nick Levy is joined by Teresa Ribera, the European Commission’s Executive Vice-President for a Clean, Just, and Competitive Transition. Their conversation, held in front of a live audience in New York at the Fordham Corporate Law Institute’s 52nd Annual Conference on International Antitrust Law and Policy, covers an array of topics, including the objectives of antitrust, sustainability, EU merger control, the Draghi Report, digital regulation, international cooperation, and much more.