The first law firm has joined the World Bank’s carbon pricing partnership.

As part of the Carbon Pricing Leadership Coalition (CPLC), Baker & McKenzie will commit to supporting clients in advancing carbon pricing policies and sharing the best ways to be sustainable.

A carbon price is a cost applied to carbon pollution to encourage polluters to reduce emissions and is seen as an effective way for countries to go green and stimulate investment in low carbon technology.

The initiative between the World Bank, International Monetary Fund (IMF), 20 governments, non-profit groups and private sector companies aims to develop a global network to collaborate and apply a global carbon price.

Until Baker & McKenzie there was no representation from the legal industry among the 90 business and strategy partners.

Martijn Wilder, Head of Global Environmental Markets and Climate Change at Baker & McKenzie’s, said: “Joining the CPLC sets us among many of our key clients – who are often under far greater pressure on environmental issues than us and increasingly expect best practice from their advisors.”

“Membership of the Coalition demonstrates how seriously we take our commitment both as good corporate citizens and also as trusted advisors who clients can have confidence are of a similar mindset working towards the same long term climate change ambitions.”