Top companies join forces to reduce carbon footprint

Four of New Zealand’s top performing companies, Air New Zealand, Contact Energy, Genesis Energy and Z Energy, have teamed-up to grow carbon credits by investing in forestry, forming Dryland Carbon LP. Leading law firm MinterEllisonRuddWatts acted for all four companies in establishing this ground-breaking limited liability partnership.

Dryland Carbon will build a forestry portfolio to generate a consistent supply of forestry-generated NZU carbon credits. This will assist the companies in meeting their annual requirements under the New Zealand Emissions Trading Scheme.

While Dryland Carbon’s primary objective is to meet these obligations, the partnership will ultimately expand New Zealand’s national forest estate. Its activities will be wholly funded by the limited partners and managed by the agribusiness and investment banking firm Lewis Tucker & Co.

Corporate partners Paul Foley and John Conlan led MinterEllisonRuddWatts’ team to deliver a partnership agreement that achieves both commercial benefits and positive environmental outcomes.

“The partnership plans to accelerate afforestation in New Zealand at a time when reducing carbon footprints and mitigating climate change are increasingly important to all of us,” says John Conlan.

“The ambition of these four high performing companies’ coupled with the size of the forestry portfolio, means the partnership is well positioned to help achieve New Zealand’s broader emission reduction objectives.”

National airline Air New Zealand, fuel provider Z Energy, and power generators and retailers Contact Energy and Genesis Energy are four of New Zealand’s largest companies – and each of their businesses has resulting carbon emissions.

“We were delighted to advise Air New Zealand, Contact Energy, Genesis Energy and Z Energy on establishing this partnership and to be part of the team helping to advance sustainability for New Zealand,” says John Conlan.

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