Baker & McKenzie has become the first law firm to join the Carbon Pricing Leadership Coalition (CPLC) and commit to supporting clients in advancing carbon pricing policies worldwide and sharing best practice.
A private-public partnership among the World Bank, International Monetary Fund (IMF), governments, nonprofits, and private sector companies, the initiative aims to develop a global network for sharing best practice. CPLC members agree to work collaboratively with the long term objective of a carbon price applied throughout the global economy.
Carbon pricing is more topical than ever, post COP-21. Baker & McKenzie’s lawyers played a key role at the historic summit in Paris, where a landmark deal on climate change was struck – and where the CPLC was launched last year. It was at the Summit that Rick Saines, who heads up the Firm’s North American climate change practice was awarded Chevalier of the National Order of Merit by the President of the Republic of France for his significant contributions.
The Coalition now includes more than 90 business and strategic partners as well as 20 governments – but until today there was no representation from the legal industry.
Put simply, a carbon price is a cost applied to carbon pollution to encourage polluters to reduce the amount of greenhouse gas they emit into the atmosphere. Economists widely agree that introducing a carbon price is the single most effective way for countries to reduce their emissions and stimulate investment in more innovative, low carbon technology.
Martijn Wilder AM, head of Baker & McKenzie’s Global Environmental Markets and Climate Change practice, explains why the Firm got involved:
“We have a long-standing commitment to helping companies respond innovatively to the risks – and opportunities – of climate change law and regulation anywhere around the globe. We regularly attend the COP and COP/MOP meetings and closely follow the development of negotiating issues arising out of those meetings. Many of our lawyers have participated in the negotiations as members of country delegations, and we are actively involved in working with industry groups and non-governmental organizations seeking to achieve global outcomes on climate change.
Joining the CPLC sets us among many of our key clients – who are often under far greater pressure on environmental issues than us and increasingly expect best practice from their advisors. Membership of the Coalition demonstrates how seriously we take our commitment both as good corporate citizens and also as trusted advisors who clients can have confidence are of a similar mindset working towards the same long term climate change ambitions.”
Tom Kerr, of the Carbon Pricing Leadership Coalition, added: “The Carbon Pricing Leadership Coalition looks forward to working with Baker & McKenzie to help its clients to address the risks and opportunities associated with climate change through well-designed carbon pricing solutions.”