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International law firm Clifford Chance has advised Biocare on a carbon removal scheme with ASX-listed timber company Kiland.
Firms: Clifford Chance (Biocare Projects).
The Biocare-Kiland project is expected to generate approximately 1.8 million carbon credits over the next six to 10 years.
Area: Project development, sustainability
Value: N/A
Key players: The Clifford Chance team was led by partner Reuben van Werkum, with support from associate Joshua Yan in Sydney
Deal significance: The project will convert 4.5 million tonnes of fire-damaged timber into 900,000 tonnes of biochar, which acts as a carbon store in soil that can endure for hundreds to thousands of years. The timber will be sourced from Kiland’s plantations on Kangaroo Island.
Biocare supports project developments in the carbon space, assisting businesses in the reduction of carbon emissions and promoting carbon monetisation opportunities.
Leading partner Reuben van Werkum said that the team at Clifford Chance “are thrilled to advise Biocare on this landmark deal, which will provide an innovative and environmentally-sustainable solution to prevent the release of carbon from millions of hectares of Australian timber damaged by bushfires”.
“We are very proud to be working with a business that plays a key role in assisting companies to tackle climate change as they move to carbon net-zero and beyond. This transaction builds upon our market-leading work in Australia and around the world advising businesses in all sectors in mitigating climate change risk, transitioning to clean energy and undertaking ESG-related investments.”
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Jessica Penny
