One of the great benefits of working in the green bond market is that you can work for the "greener good," says Tallat Hussain, environmental counsel at White & Case (W&C), which has been named Best law firm.
An example of this is the green bond from coal-based economy Poland that the law firm advised on.
"Poland's sovereign green bond is not just noteworthy as the first sovereign green bond, or that it was oversubscribed, but because Poland stepped up for change – to address carbon reductions in a coal-based economy," argues Hussain.
"Poland's green bond sets a strong precedent for sovereigns, particularly considering its deployment from an economy largely perceived as coal-based. It confirms how the markets value green aspirations."
Law firms can, and should, use their unique position to help their clients navigate and meet these green aspirations, says Cenzi Gargaro, partner, Europe, Middle East and Africa capital markets at W&C.
"For all of the similarities in green financing products, the reality is that each project and each deal and each issuance has its unique set of facts, risks and legal requirements," he explains.
"Lawyers not only help anticipate and navigate these vagaries, but can be instrumental in helping to develop innovative solutions."
Beyond advising on deals, the law firm is an observer member of the industry-led voluntary guidelines, the Green Bond Principles, and a member of its underwriter legal risk mitigation working group.
W&C is also a select member of the Green Finance Initiative Partnership led by the UK government and the City of London (UK GFI), which counts the growth of green bonds as one of its objectives.
It also chairs UK GFI's Green Islamic Finance Working Group and is an advisor to the Bank of England as chair of the G20 Green Finance Study Group.