find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Minters helps Rio go green

Minters helps Rio go green

A WORLD first project of verified greenhouse gas abatements, involving the purchase of land clearing rights from Queensland farmers, has been completed by Rio Tinto Aluminium with the help of…

A WORLD first project of verified greenhouse gas abatements, involving the purchase of land clearing rights from Queensland farmers, has been completed by Rio Tinto Aluminium with the help of Minter Ellison.

A response to the Federal Government’s ‘Greenhouse Friendly’ initiative, Rio Tinto has persuaded landowners to hand in their native vegetation clearing permits, with the ultimate aim of preserving 30,000 hectares of forest area, and creating 2 million tonnes of emission abatement.

Lawyers from Minters’ Brisbane office advised on the ‘Minding the Carbon Store’ project, led by partner Allison Warburton, of the climate change and sustainability practice. She believes the transaction is entirely unique, given that the company is under no legal requirement to undertake the project.

“The credits that Rio Tinto are buying don’t have any statutory basis. They are not required under a statutory scheme, they are not recognised in law as such — Rio is really taking the initiative here, to buy credits, which are a bundle of contractual rights at this stage,” Warburton said.

The clearing permits granted to the landowners were to expire this year, and so the native vegetation would have removed, had Rio Tinto not offered to buy them in partnership with project manager The Carbon Pool Pty Ltd.

Warburton said that although Queensland legislation provides for the carbon rights to be registered, it was the first time a company had taken on the risk of buying carbon credits it was not compelled to buy, and which have no specific monetary value in Australia. At the initial stage, Rio Tinto’s project has avoided the release of 1 million tonnes of greenhouse gases by sparing 13,000 hectares of native vegetation.

Assisted by senior associate Justin Grove and lawyer Nick Sayeg, Warburton provided advice on securing the carbon abatement rights, negotiating the sale transaction and ensuring the long-term management of the project so that emissions are effectively managed.

The project manager is The Carbon Pool Pty Ltd, which has contracted with the landowners, and will on-sell ‘carbon rights’ to energy intensive industries looking to reduce their emissions. Director Mark Jackson said the project has a buffer of 20 per cent of abatements to cover losses, such as drought, fire and pests.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Minters helps Rio go green
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Dec 15 2017
Timing ‘critical’ in unusual contempt of court ruling
A recent case could have interesting implications for contempt of court rulings, according to a Ferr...
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...