Baker & McKenzie Advises on the Inclusion of US Water-Flow and Water-Quality Credits on Markit Environmental Registry
Deal Announcement
September 16, 2009
Sydney, Australia, 16 September 2009 – Baker & McKenzie's client Markit Environmental Registry has been appointed the official registry for the first voluntary water restoration marketplace in the United States. Baker & McKenzie advised Markit on the appointment and the structure of the credits to be listed on the registry.
The new water restoration marketplace was created by the Bonneville Environmental Foundation, which issues Water Restoration Certificates that represent verified restored river flow in high-priority stream areas. The National Fish and Wildlife Foundation certify the criteria for the Water Restoration Certificates projects.
Lawyers from Baker & McKenzie's Global Environmental Markets practice worked on the transaction, led by partner and global head of the practice Martijn Wilder and senior associate Ilona Millar in Sydney.
Commenting on the transaction, Martijn Wilder said, "Restoring water flow is an important step in sustainably managing our environment. Establishing the infrastructure to secure a market-driven solution to environmental issues is a key aspect of building that long-term security. The Markit Environmental Registry is a key piece of that global infrastructure, providing a platform for the registration and verification of environmental credits, and we are pleased to be able to bring the expertise of our global climate change team to put this important structure in place."
Baker & McKenzie is the primary global advisor in establishing the market infrastructure to manage environmental assets. The Firm advised on the establishment of the TZ1 Registry, now the Markit Environmental Registry, as the first registry of environmental and biodiversity credits in the world. The Firm has subsequently advised on the Registry's appointment as
one of only three Voluntary Carbon Standard registries and has been working with Markit on a series of innovative deals to develop new markets for environmental services. These initiatives include advising on Markit's selection to work with the Willamette Partnership to develop the first ever multi-credit ecosystem marketplace registry for the Partnership's "Counting on the Environment" project, based in Oregon. The Counting on the Environment Project enables landowners who are using an integrated ecosystem-crediting methodology to create better conservation such as improving water quality, salmonid habitats and wetland and prairie habitats in high-priority areas in the Willamette River Basin in Oregon.
The Markit Environmental Registry now has more than 350 customers and over 38 million tonnes of registered voluntary emission reductions. It is the only registry worldwide that lists all types of environmental assets including carbon, water, conservation banking and other biodiversity assets. Markit acquired TZ1 Registry from NZX Limited in July 2009.