Baker & McKenzie Advises on First Carbon Deal under New Carbon Farming Initiative
25 July 2012
Sydney/Melbourne, Australia, 25 July 2012 – Baker & McKenzie has advised RM Williams Agricultural Holdings on the first deal to occur under the Australian Government's new Carbon Farming Initiative (CFI).
Under the deal RM Williams joined with Qantas to offset carbon pollution using carbon credits generated from restoring and conserving natural habitat on Henbury Station, a 500,000 acre natural landscape in the Northern Territory, owned by RM Williams.
It is intended that up to 1.5 million tonnes of greenhouse gases will be sequestered on the station each year.
The Baker & McKenzie team was led by partner Martijn Wilder and senior associate Simon Greenacre.
Wilder said, "This is the first major offtake deal to have been executed under the CFI, and it represents the commencement of a new chapter in the development of Australian carbon markets. In addition, the underlying project is one that will use carbon finance to restore the landscape, biodiversity and conservation outcomes over an iconic part of Australia's natural heritage - and in just the way the CFI intended."
"The deal is also significant as it brings together two quintessentially Australian brands - Qantas and RM Williams," Wilder added.
In addition to advising RM Williams on the Qantas transaction, Baker & McKenzie also worked with RM Williams over the last 18 months on the development of Henbury as a CFI project and as chair of the Steering Committee established to oversee the project.