International design, engineering and advisory company Aurecon has agreed to acquire Market Advisory Group (‘MAG’) to bolster its capability in carbon markets across the Asia-Pacific, providing clients with a comprehensive toolkit for decarbonisation while helping them navigate this rapidly evolving area of the economy.
Headed by industry heavyweight Raphael Wood, MAG’s team of experienced carbon market experts have created a boutique firm specialising in providing carbon market insights, trading advice and strategies, procurement strategies and carbon risk assessments.
With a dozen clients featuring in the ASX 100 list, MAG provides services to a wide range of organisations, including governments, financial institutions and consultancies.
Up to 15 employees of MAG will officially join Aurecon when the acquisition completes in early November 2022.
Aurecon Chief Executive Officer William Cox said the acquisition represents Aurecon’s most significant move to date to build a full-service offering in its sustainability and climate change advisory practice.
“Welcoming MAG into Aurecon is a natural move in light of our shared visions to help society transition to a net-zero carbon future.
“MAG is the eminent carbon market expert in Australia with founder Raphael Wood instrumental in setting up the Emissions Reductions Fund that paved the way for Australia's carbon market. MAG's local and international experience in this space is second to none and offers a game-changing addition to our practice.”
The acquisition will see Aurecon extend its sustainability and climate change capabilities to cover carbon markets, with new offerings ranging from advice and insights on carbon market dynamics and trading, carbon procurement strategies, carbon market risks and mitigation strategies, to analysis on policies and regulations.
The scope expansion will supplement Aurecon’s existing sustainability and climate change expertise across climate transition strategy, decarbonisation, physical risk and resilience, and circular economy.
“The joint success we have achieved over the past two years working closely with MAG on projects and winning work demonstrates our people work well together and operate with a similar culture to create a better future for people and the planet,” added Mr Cox.
“Integrating MAG’s carbon market expertise with Aurecon’s consulting and engineering know-how will ensure we remain ahead of the curve and provide our clients with the full toolkit for their climate transition strategies.”
Having been providing trusted advice to carbon market participants for over four years, MAG’s Managing Director Raphael Wood said as the Safeguard mechanism expands, the number of companies needing assistance would increase dramatically.
“To respond to this growing need, MAG has been looking for a partner that can help us scale and respond to a broader range of clients. We have found the perfect partner in Aurecon.
“MAG and Aurecon have been working side by side delivering valuable integrated advice to our mutual clients, and we can see that Aurecon’s best-in-field technical expertise is a perfect fit for our subject matter expertise on carbon markets.
“The team at MAG are excited to join Aurecon so that we can increase the impact we can have in the decarbonisation as we plan a path to net-zero 2050.”
Paul Gleeson, Group Director – Sustainability and Managing Director, Energy – Australia & New Zealand at Aurecon noted the carbon market is rapidly progressing as government policy evolves and organisations pursue success in a low carbon economy.
“We are seeing a growing demand for ‘whole-of-cycle’ integrated advisory offerings in the sustainability and climate change space. This is why we are so excited to combine our deep technical expertise in climate transition risk and decarbonisation with MAG’s incredible carbon markets expertise. This means we can now help our clients with the full optimisation of their path to net zero.”
“Many of our clients are assessing more than just commercial factors when they enter the carbon market, they want additionality and potential co-benefits like biodiversity outcomes. MAG’s expertise in these areas will allow us to help identify and deliver those outcomes.”
MAG had been approached by major consultancies for partnership and the price of the acquisition remains commercial in confidence.
In Asia, Aurecon has acquired four companies in the past 18 months – ERE Consulting Group, Acuity Sustainability Consulting Limited, Acumen Environmental Engineering and Technologies Limited and Acumen Laboratory and Testing Limited (Acuity and Acumen) to strengthen and broaden Aurecon’s environmental, water and sustainability capabilities in Greater China and across Asia.
To learn more about Aurecon visit their website aurecongroup.com.