Friday, September 29, 2023
Weyerhaeuser Company (NYSE: WY) received the approval from the American Carbon Registry for its Improved Forest Management (IFM) carbon credit project in Maine. Covering approximately 50,000 acres and verified through a third-party auditor, 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.
“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. Further highlighting the importance of the project he also said, “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.”
The efficient team of the Carbon Direct that includes leading experts on Improved Forest Management and other nature-based removals, worked closely with Weyerhaeuser to ensure that the credits meet the most stringent quality standards for scientific integrity. Weyerhaeuser is currently in the early stages of developing several IFM projects on select areas within its 11-million-acre land base in the U.S., including two in the South slated for completion in late 2023 or early 2024. The company is working with experts at Carbon Direct to ensure that all credits offered will generate real, additional carbon absorbed and stored in project areas. Carbon Direct will also provide advisory and marketing services and evaluate Weyerhaeuser projects against the Criteria for High-Quality Carbon Dioxide Removal, which provides science-based benchmarks to drive effective, equitable climate action at scale.