10 million eucalypt trees to be planted to offset carbon emissions
Norton Rose Group and Deacons Australia have teamed up to advise BP, one of the world’s largest energy companies, on a significant carbon offset deal in Australia.
According to the deal, BP will pay Perth-based Carbon Conscious Limited $2.5 million plus licensing fees to plant Mallee Eucalypt trees across Australia over a 15-year period starting next year.
BP and Carbon Conscious will share in the value of the carbon offsets. BP has the added option of investing further for plantings in 2011 and 2012 once the Australia’s Carbon Pollution Reduction Scheme is finalised.
Anthony Hobley, Head of climate change and carbon finance, Norton Rose LLP said:
“This is a very significant deal and demonstrates the benefit of Deacons Australia joining the Norton Rose Group. Working together significantly enhances our offering in the increasingly important area of climate change.
“It is also very timely with climate change set to take central stage with the Barcelona climate change talks in the coming weeks, and global negotiations in Copenhagen in December”.
Elisa de Wit, Deacons partner and leader of its climate change practice, said:
“It is a significant deal for Australia’s carbon offset industry and represents the shape of things to come as businesses prepare for the introduction of climate-change laws” .
The joint involvement of Deacons Australia and Norton Rose on the deal is also significant according to Ms de Wit, with the landmark merger of the two firms on 1 January 2010 a little over two months away.
“Deacons has a strong climate change practice in its own right but Norton Rose’s is among the strongest in the world. This is an area of law which is of strategic important to both firms and their clients,” Ms de Wit said.
Ms de Wit led a team which included Deacons partners David Porter (Melbourne) on insolvency and trust matters and Fadi Khoury (Sydney) on financial services issue with senior associates Lee Pascoe (Melbourne) and Jehann Mendis (Perth). From Norton Rose Group, Norton Rose (Asia) LLP partners Alex Cull and Hannah Logan; Norton Rose LLP partners Anthony Hobley and Andrew Hedges and Associates Suncica Miletic and Tarot Stephens were on the transaction.
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