Weyerhaeuser's Groundbreaking 50,000-Acre Carbon Credit Project in Maine"
Check out the details of Weyerhaeuser's first carbon credit project...
The voluntary carbon credit markets added a big dose of credibility in September with the announcement by Weyerhaeuser Company, the country’s largest forest landowner of a 50,000-acre project in Maine. The project has been approved by the American Carbon Registry.
Carbon Direct will advise the company. The Kibby Skinner IFM Project is the first issuance of credits for Weyerhaeuser through the voluntary carbon market. “The project has an estimated initial credit issuance of nearly 32,000 mtCO2e, with one credit equal to one metric ton of carbon dioxide equivalent. Over the lifetime of the project, it is expected to generate 475,000 credits”, according to the Weyerhaeuser announcement.
“Forests represent one of the largest and most readily available opportunities to remove carbon dioxide from the atmosphere and help address the impacts of climate change,” says Russell Hagen, senior vice president and chief development officer for Weyerhaeuser. “Since launching our Natural Climate Solutions business, we have been working to develop forest carbon projects that can generate meaningful carbon additionality with measurable climate benefits. This initial project is an important milestone for Weyerhaeuser and demonstrates our commitment to offering only the highest-quality credits to the market.”
Weyerhaeuser is looking at other projects, including two in the South. The company said it is working with experts at Carbon Direct “to ensure that all credits offered will generate real, additional carbon absorbed and stored in project areas”.
“As the demand for carbon removal projects increases, it is important to recognize that these projects will only be effective if they represent real and additional carbon removal,” says Jonathan Goldberg, CEO of Carbon Direct. “Our team, including leading experts on Improved Forest Management and other nature-based removals, worked closely with Weyerhaeuser to ensure the credits meet the most stringent quality standards for scientific integrity.”