Voluntary carbon offset programs
Voluntary carbon markets continue to be developed with a view to direct private financing to climate-action projects, technologies and nature-based solution projects. As these markets scale up, increasing work is being done to align them with emissions trading mechanisms under the Paris Agreement. Investing in high-quality international carbon reduction projects is one way for businesses to reach carbon neutrality and achieve carbon reduction goals.
The projects are usually based in developing countries and provide additional benefits such as biodiversity, education, jobs, food security, clean drinking water and positive health outcomes.
We have been at the forefront of the development and implementation of carbon markets for almost 20 years. Over the last 10 years, we have consistently advised on a variety of investments into projects generating voluntary carbon offsets, including carbon loans, bonds, prepayment purchase agreements and long-term forward purchases. We have extensive experience in considering issues such as local law due diligence on project seller’s rights to GHG reductions, the legal nature of voluntary credits and implementing bespoke solutions for buyers seeking additional co-benefits (such as supporting Sustainable Development Goals).
We are active in a range of industry groups such as the International Emissions Trading Association and the Task Force on Voluntary Carbon Markets.
“The firm works across a range of clients with carbon projects. They have a range of experience to draw on when providing advice.” Chambers Global 2021: Global-Wide Climate change
“The team is "very involved in the carbon market and is very supportive in this space, providing a lot of experience and contribution.” The source adds: “They are very good on market trends and issues.” Chambers Global 2021: Global-Wide Climate change
Forest Carbon nature bond
Financial Services Regulatory Developments in ESG
ESG is high on the regulatory agenda. Businesses, governments, regulators, financial services firms and individuals all have a part to play in tackling climate change and this view is increasingly shared across society.
A Boost to Integrity in the Voluntary Carbon Market
The Integrity Council for the Voluntary Carbon Market launches the Core Carbon Principles for the Voluntary Carbon Market
EU scales up green subsidies: How to benefit from support for clean investments
On March 9, 2023, the European Commission (EC) adopted changes to its State aid framework to support its “Green Deal Industrial Plan for the Net-Zero Age” (the Net Zero Plan) presented in February 2023. The Net Zero Plan is part of the European Green Deal, which aims to make Europe the world’s first climate-neutral continent by 2050.
Banco Santander, S.A. advised on US$22.3m ECA-backed financing
Norton Rose Fulbright represented Banco Santander, S.A. in the closing of a US$22.3 million ECA-backed loan to Brazilian utility company Eletronuclear.
Energy Transition Services
We are committed to helping our clients evolve and thrive as the world changes and would be delighted to discuss how we can help you.