Baker & McKenzie has advised RM Williams on the first deal to occur under the Australian Government's new Carbon Farming Initiative (CFI).
Under the deal, RM Williams Agricultural Holdings joined with Qantas to offset carbon pollution using carbon credits generated from restoring and conserving natural habitat on Henbury Station, a 500,000 acre natural landscape in the Northern Territory, owned by RM Williams.
Qantas used its own in-house legal team on the deal.
It is intended that up to 1.5 million tonnes of greenhouse gases will be sequestered on the station each year.
The Baker & McKenzie team was led by partner Martijn Wilder and senior associate Simon Greenacre.
Wilder said: "As the first major offtake deal to have been executed under the CFI, it represents the commencement of a new chapter in the development of Australian carbon markets. In addition, the underlying project is one that will use carbon finance to restore the landscape, biodiversity and conservation outcomes over an iconic part of Australia's natural heritage- and in just the way the CFI intended".
"The deal is also significant as it brings together two quintessentially Australian brands - Qantas and RM Williams," Wilder added.
In addition to advising RM Williams on the Qantas transaction, Baker & McKenzie also worked with RM Williams over the last 18 months on the development of Henbury as a CFI project and as chair of the Steering Committee established to oversee the project.