The Biocare-Kiland project is said to be the biggest project of its kind in the world
Clifford Chance has provided guidance to Sydney-based climate solutions provider Biocare Projects on its large-scale biochar carbon removal project with ASX-listed timber company Kiland Limited.
The Biocare-Kiland project will be executed over the next 6 to 10 years and is expected to generate approximately 1.8 million carbon credits. It is said to be the world’s largest biochar carbon removal project.
The 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 thousands of years.
Partner Reuben van Werkum led the Clifford Chance team on the landmark transaction, which he said will provide an “innovative and environmentally sustainable solution” to prevent the release of carbon from millions of hectares of Australian timber damaged by bushfires. He was assisted by associate Joshua Yan.
“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,” Werkum said. “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.”