Lawyer Monthly - February 2023

90 LAWYERMONTHLY FEBRUARY 2023 WorldBank, the Government of Singapore and IETA’s Establishment of theClimate ActionData Trust About the Deal Global, sector-focused law firm HFW is advising the World Bank, the government of Singapore and the International Emissions Trading Association (IETA) on the establishment of the Climate Action Data (CAD) Trust. HFW is working closely with Singapore law firm Shook Lin & Bok LLP (SLB). The CAD Trust is a joint initiative of the World Bank, the government of Singapore and IETA to establish a decentralised metadata system that is able to link, aggregate and harmonise all major carbon market registry data. It was officially launched at the Asia Climate Summit in December 2022. The aforementioned organisations are the founding sponsors of the CAD Trust and will collaborate with other governments and private sector entities in furtherance of the initiative. The CAD Trust will provide an open-source metadata system to share information about carbon credits and projects across digital platforms, which will ease future integration of multiple registry systems. Using distributed ledger technology, the platform aims to create a decentralised record that will avoid double counting, increase trust in carbon data and enhance climate ambition. It hopes to provide and facilitate crucial infrastructure for the development of the next generation of carbon markets. HFW’s team was led by partner Peter Zaman and included associates Rochelle Musgrove, Jefferson Tan, Russell Quek, Christopher Ong and Farah Majid. Transaction Interview Advisors on the transaction:

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