Leading international law firm Clifford Chance has advised Biocare Projects on its long-term carbon removal project with ASX-listed timber company Kiland Limited.

Biocare Projects specialises in identifying, sourcing and financing project development in the carbon space, supporting businesses to improve processes which reduce carbon impact and unlock carbon monetisation opportunities.

The Biocare-Kiland project involves the conversion of 4.5 million tonnes of fire damaged timber from Kiland’s timber plantations on Kangaroo Island in South Australia into approximately 900,000 tonnes of biochar, a stable form of carbon made from biomass which acts as a carbon store that can endure in soil for hundreds to thousands of years. The project will take place over the next six to ten years and is expected to generate approximately 1.8 million carbon credits.

Lead partner Reuben van Werkum said, “We 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.”

Reuben was supported by associate Joshua Yan in Sydney.

Clifford Chance regularly advises on market-leading decarbonisation initiatives including Xpansiv on Blackstone’s US$400 million investment in its global carbon and environmental commodities exchange platform, Adamantem Capital on its acquisition of the Climate Friendly carbon farming business and follow-on investment by Mitsui, and Climeworks on the project financing of the first ever commercial scale carbon dioxide air capture project.