The world's first ever carbon deal for avoided deforestation has been shortlisted for the Energy & Natural Resources Deal of the Year at this year's ALB Australasian Law Awards.
Bell Gully partner Simon Watt and senior associate Kate Radka advised the Government of Aceh on a landmark deal that will secure the protection of a 750,000 hectare rainforest from logging in return for up to NZ$1 billion in carbon credit payments over the next 30 years. By preventing logging and conversion of the Ulu Masen forest, it is expected that carbon dioxide emissions will be reduced by 100 million tonnes over 30 years.
It is one of several leading climate change deals Bell Gully has advised on recently, prompting international legal advisers Chambers Global to name the firm as one of the top 12 climate change legal practices worldwide. Of only 18 individuals recognised globally, Simon is ranked in the top tier of advisers and Kate identified as an "up and coming" expert.
The winners of the ALB Australasian Law Awards will be announced at an awards ceremony in Sydney on 21 May.