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We are thrilled to announce the addition of Nicholas Daube to the Resilient LLP Team. Nick comes to us from a position of depth and breadth in both climate and finance related public policy and law, after several action-packed years in private practice and the offices of the Ontario premier, as well as provincial and federal government ministers (finance, environment, and the Attorney General).  Nick is leading up Resilient LLP’s services in and around all things hydrogen and adding to our breadth in all things climate change, energy transition and Indigenous resurgence.  Please join us in welcoming Nick to the Resilient Team!

1PointFive yesterday announced the sale of 400,000 tonnes of carbon removal credits from its planned first direct air capture (DAC) facility to aerospace leader Airbus. The facility uses using Carbon Engineering’s industrial-scale DAC solution and will extract atmospheric carbon dioxide (CO2) and permanently store it deep underground in geologic formations, delivering permanent and verifiable carbon dioxide removal. Airbus has pre-purchased the capture and permanent sequestration of 100,000 tonnes of CO2 from the atmosphere each year for four years, with an option to secure more volume in the future. The purchase marks a key milestone for the decarbonization of the aviation industry.  1PointFive is a carbon capture, utilization and sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions. It is a subsidiary of Occidental Petroleum’s Oxy Low Carbon Ventures business. Carbon Engineering is a climate solutions company working to deploy large-scale, commercial DAC facilities in multiple markets around the globe. Resilient LLP was pleased to assist 1PointFive on this groundbreaking transaction. For further information or to discuss the contents of this bulletin, please contact Lisa DeMarco at lisa@resilientllp.com.

Resilient LLP is pleased to announce that it has been recognized as an industry leader in global carbon markets by Environmental Finance magazine. Resilient was named the “Best Law Firm” overall in the North American category for GHG Markets in Environmental Finance’s 22nd Annual Market Rankings.   The Annual Market Rankings invite leading brokers, financiers, dealers, and service providers to nominate and vote on leaders in each category based on efficiency and speed of transactions, reliability, innovation, quality of information and services provided, and influence on the market. “We are very pleased that our clients and partners have recognized our services at a time when national and corporate net-zero plans are enhancing environmental integrity and ambition,” said Lisa DeMarco, Senior Partner and CEO of Resilient. “We are grateful for our loyal clients and the market-leading work and innovative transactions that they are doing. This is a critically important time for global carbon markets, which will need to scale by more than 15-fold by 2030 in order to effectively address the challenges of climate change.” A related Environmental Finance article covers key 2021 carbon markets highlights. Resilient LLP is Canada’s only climate and clean energy boutique law firm and provides leading multi-jurisdictional legal advice on all aspects of complex carbon markets, emissions trading, and Indigenous matters. For further information, please contact Lisa DeMarco at lisa@resilientllp.com.

We would like to congratulate Lisa DeMarco who was elected Chair of the governing council of the International Emissions Trading Association (IETA) at its Annual General Meeting on November 9, 2021. Lisa is the first woman to serve as Chair of IETA and previously served as Vice Chair. She is Senior Partner and CEO of Resilient LLP and has more than two decades of experience in law, regulation, policy and advocacy relating to energy and climate change. Mary Grady, Executive Director of the American Carbon Registry, and Enric Arderiu, Global Head of Environmental Products at Mercuria Energy Trading S.A., were elected Vice Chairs. More information is available in IETA’s press release. IETA is the voice of business on carbon markets around the world. Established in 1999, IETA’s members include global leaders in the electricity, oil/gas, cement, aluminium, chemical, mining, technology, standards, verification, broking, trading, legal, finance, accounting and consulting industries. More information about IETA is available on its website.

The Taskforce on Scaling Voluntary Carbon Markets (TSVCM) today launched its Phase II Report (the Report), setting out an accelerated roadmap to a scaled, high-integrity voluntary market for the trading of carbon credits. The TSVCM is a private sector-led initiative working to scale an effective and efficient voluntary carbon market (VCM) to meet the goals of the Paris Agreement. The TSVCM was launched by Mark Carney, UN Special Envoy for Climate and Finance and former governor of the Bank of Canada and the Bank England and is chaired by Bill Winter, Group Chief Executive, Standard Chartered (read our earlier bulletins on the TSVCM here and here). Resilient LLP’s Lisa DeMarco is a member of the Legal principles and contracts Working Group of the TSVCM and Resilient LLP is a proud signatory of the TSVCM endorsement letter. This bulletin briefly summarizes the Report’s key points:   Objectives and focus of the TSVCM. The Report indicates that the TSVCM’s primary focus is to raise public awareness of the climate and co-benefits of VCMs and engage with stakeholders to drive both demand and supply in these markets.   Governance. The Report summarizes the Terms of Reference of the new umbrella governance body, which will have a mandate to (i) mitigate climate change and accelerate the transition to net zero; (ii) establish Core Carbon Principles (CCP) eligibility guidelines and additional attributes, an assessment framework for standard setters, and eligibility principles for suppliers and validation and verification bodies (VVBs); (iii) oversee standard setting organizations adherence to the CCPs; (iv) coordinate the work of, and manage interlinkages between, governance bodies; and (v) serve as a steward for the VCM. In addition, the TSVCM is seeking recommendations on the following five topics ahead of establishing the new umbrella body: • Modalities and procedures for the Board of Directors; • Transparency mechanism; • Grievance mechanism; • Transversal…