Appleby act as counsel for SparkChange on first to market carbon investment product

This provides investors with exposure to regulated European Union carbon Allowances (EUAs) without needing to build the complex and costly infrastructure required to access the market directly and take delivery of the carbon allowances. Unlike solutions that try indirectly to limit carbon emissions – such as buying offsets, excluding dirty stocks or buying futures-based products – SparkChange CO2 specifically prevents carbon emissions from being emitted, creating measurable environmental impact.

The Appleby team comprised of Appleby Jersey Office Managing Partner James Gaudin and Senior Associates Paul Worsnop and Gemma Whale. The team worked closely with other advisers to implement the Jersey structure, advising on the necessary Jersey regulatory consents and approvals and the Jersey law elements of the wider programme and security.

Speaking on the transaction, Appleby Jersey Office Managing Partner James Gaudin commented: “It was a pleasure to work with SparkChange on the launch of their ETC programme. This is another example of the Appleby Corporate team working well to give first-class advice on structuring, negotiating and completing complex financing transactions, in this instance on a first-to-market product.”

Elliot Waxman, CEO of SparkChange commented: “We are pleased to have worked with Appleby on the launch of SparkChange CO2. Their advice proved instrumental to the launch under tight timeframes.”

Appleby’s Corporate Finance team brings together colleagues from across the globe group to advise some of the world’s most prominent financial institutions and corporations on all aspects of international corporate finance law.

The team advise domestic and international clients from a range of industry sectors, with particular emphasis on financial services, insurance, technology and telecommunications, oil and gas, and natural resources, retail and manufacturing. They have offices in ten highly regarded, well-regulated global locations, operating in nine and practicing the laws of eight jurisdictions. Their office locations include the key international jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius, and the Seychelles, as well as the international financial centres of Hong Kong and Shanghai.

SparkChange is a provider of specialist carbon investment products and data, enabling investors to achieve both financial returns and positive environmental impact. The company was established by experts in environmental products and capital market technologies to set a new standard in carbon investing.