Linklaters

Some of the highlights which we are able to disclose include advising a Japanese bank in its role as arranger and lead manager in an award-winning transaction for a USD25m CER-linked notes issued by the World Bank, advising the World Bank in relation to the monetisation of the Adaptation Fund, advising a major investment bank in relation to one of the most significant domestic US trades to date and advising on the strategic acquisition of Climate Care by JPMorgan’s Environmental Markets Business.

We have advised on the sale and purchase of CERs from CDM projects across the developing world and in particular in China, India and South America, employing a wide variety of structures. We have also advised on Joint Implementation projects in Central and Eastern Europe, Russia and Ukraine. We have assisted clients on the establishment of secondary market trading structures and documentation within the EU ETS and within the important emerging North American market. The practice is regularly instructed to advise on new and innovative ways of structuring investment vehicles (including carbon funds) for investing in China, Eastern Europe and the Middle East. We have advised global corporates and investment banks on the acquisition and divestment of equity interests in business invested in the carbon finance sector. We are members of both ISDA and IETA and actively contribute to the development of new market standard trading documentation.

Linklaters is widely recognised as a market leader in the voluntary emissions markets in both the US and Europe and has worked with a number of investment banks on their voluntary markets acquisitions and strategy. We also have experience in the developing area of forestry: assisting in the drafting of laws and the development of regulatory strategy in relation to reducing emissions from deforestation and degradation (REDD), forestry and land-use rights; and assisting a project developer in the Democratic Republic of Congo to develop a combined CDM and VCS forestry project.

We are an important contributor to the dialogue between industry and government on the decarbonisation of the leading economies. In the UK, we have participated in CBI working groups on carbon reporting and the international negotiations for a new climate deal. We have also worked with the UK Green Buildings Council on their report proposing a statutory code for sustainable buildings. We chair the Legal Sector Alliance subcommittee on climate policy. We actively participate in the Carbon Capture and Storage Association, Carbon Markets Industry Association and IETA working groups.

 Recent climate change transactions include advising

• a leading US investment bank on its ground-breaking strategic alliance with Blue Source LLC, including the bank’s purchase of an equity stake in Blue Source. The alliance combines the trading and financial risk management skills of a major investment bank with Blue Source’s leading climate change portfolio
• a large chemicals company on all matters affecting the South American Clean Development Mechanism (CDM) and sale of CERs from its Quimobásicos HCFC plant, one of the few developing country sellers to have done so through an auction process
• two African governments on reduced emissions from deforestation and degradation (REDD), as well as forestry and land use rights
• the World Bank on its role as trustee and on the monetisation of the Adaptation Fund