Climate change and sustainable development
At Herbert Smith, our approach to the challenges of climate change, environmental protection and sustainable growth is unique. For us, this isn't just an energy issue. We recognise that all of our clients are grappling with how to make the most of the opportunities and minimise the risks of the 'green' economy, regardless of their industry sector. That's why, at the beginning of 2007, we set up our climate change and sustainable development initiative (C2SD) in conjunction with our Alliance partners, Gleiss Lutz and Stibbe.
C2SD is now made up of 30 partners, over 150 associates and trainees, together with know-how and business development experts from all of our practice groups world-wide. Our C2SD team learn from some of the leading legal and commercial experts in this field, become involved in cutting-edge, multidisciplinary transactions and contribute to pro-bono work like the London Accord - a multi-million pound co-operative research initiative analysing the implications of climate change for investors.
Some recent C2SD-related transactions include:
- the regeneration of the central area of Elephant and Castle in South London
- the establishment and trading of emissions credits from some ten Clean Development Mechanism projects in the People's Republic of China
- an Equator Principles-financed submarine cable bringing high speed internet to Africa for the first time
- a challenge to the application of EU state aid rules to environmental taxes in proceedings at the European Court of Justice
- project financings of solar photovoltaic farms in Spain and Portugal and the purchase of a wave and tidal energy business
- a pan-European green office fund which will implement a new form of 'green' lease
- a hydrogen power plant fitted with carbon capture and storage technology which is part of the multi-billion dollar Masdar eco-initiative in Abu Dhabi
- the carbon financing of a pot ash mining and sustainable forestry project in the Republic of Congo
C2SD is also not just about the work we do, but how we work. New technologies are changing the way we interact with clients. They enable us to video-conference with clients in Shanghai, Dubai and London simultaneously, and to reassess the way we occupy our offices and the resources we use (saving enough energy in one year to power a black cab around the globe 106 times).
In addition to the work our corporate responsibility team does in the community around us, C2SD is another way Herbert Smith is striving to have a positive social and environmental impact on the local and global communities in which we operate.