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Mallesons Stephen Jaques has taken a lead role in preparation of standard documentation for secondary trading under the Carbon Pollution Reduction Scheme, which has been released by the Australian Financial Markets Association. Banking & Finance Partner, Scott Farrell, chaired the sub group of AFMA’s Carbon Markets Committee which developed the documentation. Mergers & Acquisitions Partner, Louis Chiam was also involved. The decision to develop standard documentation was driven by AFMA’s recognition that it was important to avoid market confusion from inconsistent and bespoke carbon trading agreements. Scott Farrell said the AFMA documents are a positive step forward in the carbon trading industry, as it set out what was required by parties wishing to participate in a carbon trade. It also provides guidelines for what should occur in a range of possible scenarios, including if the Carbon Pollution Reduction Scheme fails to go ahead. “Hopefully, this documentation will facilitate simpler and more certain trading in carbon in Australia,” Mr Farrell said. “It will support the development of a more effective local carbon market, which will be key to helping Australia achieve its sustainability goals,” Mr Farrell added. Scott Farrell, Partner, Banking & Finance - (02) 9296-2142. Aleks Czerwinski, Communications Consultant - (02) 9296-3703. |
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