McDermott's impact finance team acted as lead counsel to the United Nations (UN) and assisted in launching the landmark Global Fund for Refugees (GIFR) in 2022 – the largest fund in the world targeting the refugee crises.
This award – which the firm also won in 2021 – recognises the creation of a $500,000,000 Shariah-compliant global fund, which has been established to address the developmental and humanitarian needs of the millions of forcibly displaced people across the world.
It also acknowledges work the impact finance team has done on other cross-border impact bonds, including the Quality Education India Bond, Educate Girls, Utrkisht Health Impact Bonds, and Skills India Impact Bond, which together focus on improving the skills of young Indians and addressing the youth employment crisis.
"The McDermott impact finance team is delighted to receive this prestigious award once more and to be recognised by Environmental Finance as the leading firm in this sector.
"We continue to advise on the most innovative cross-border environmental, social, and governance (ESG) related impact finance structures around the world with many of them dedicated to targeting the UN Sustainable Development Goals and addressing some very real issues globally."
In 2022, McDermott was made a founding member of the Global Alliance of Impact Lawyers, a community of "legal leaders" who are using the practice of law to have a positive impact on people and the planet.