Climate solutions provider Biocare Projects and Kiland, Australia’s only listed timber company, have partnered on a large-scale biochar CO2 removal project. The Biocare-Kiland project, which was announced earlier this year, aims to convert 4.5 million tonnes of fire-damaged timber from Kiland’s timber plantations on Australia’s Kangaroo Island into about 900,000 tonnes of biochar.
The project will happen in the course of the next six to ten years and will generate about 1.8 million carbon credits, or the equivalent of 1.8 million metric tonnes of CO2 emissions removed.
A stable form of CO2, biochar can last in the soil for hundreds to thousands of years and is thus considered a high-potential solution for reducing greenhouse gas emissions. Biochar is also used for improving soil quality and water retention.
UK-based international law firm Clifford Chance is advising Biocare on the project.
“We are thrilled to advise Biocare on this landmark deal,” which offers a sustainable solution to prevent the release of CO2 from millions of hectares of fire-damaged Australian timber, said Reuben van Werkum, lead partner at the law firm. “We are very proud to be working with a business that plays a key role in assisting companies in tackling climate change as they move to carbon net-zero and beyond.”
In addition to Biocare, Clifford Chance has also advised Xpansiv on the $400 million Blackstone investment in its platform, Adamantem Capital on the Climate Friendly acquisition, and the subsequent investment by Mitsui, as well as Climeworks on their project that finances the first-ever commercial CO2 capture project.
Biocare Projects specializes in identifying, sourcing, and financing project development in the carbon industry, and supports businesses on their way to decarbonization and carbon monetization.
Kiland Limited is listed on the Australian Securities Exchange (ASX) and manages a portfolio of hardwood and softwood plantations on Kangaroo Island in South Australia.