Norton Rose is leading a call for law firms to get involved with the UK Government’s scheme to boost sustainable development and carbon market investment in Africa.
Anthony Hobley, who heads Norton Rose’s global climate change and carbon finance practice, said the Government initiative, known as African Springboard, needs lawyers to invest their time in the project.
“Norton Rose is the only law firm at the moment offering its services, but it’s by no means an exclusive relationship,” explained Hobley. “It would be good if other law firms came on board and helped, as the more legal input and expertise we can provide the more successful Springboard will be.”
The Springboard project, which was launched by the Department for Environment, Food and Rural Affairs (Defra) at the end of last year, saw the UK pledge £100,000 to kick-start clean development mechanism (CMD) projects in sub-Saharan Africa.
Hobley explained that the initiative was needed as Africa is not reaping gains from the growing carbon market, although it could with the right investment. Along with Defra, eight financial firms, including JPMorgan Chase, Rabobank and Climate Change Capital, have matched the Government’s investment in monetary terms or with services. Norton Rose is providing £100,000 worth of legal advice to the project.