Weyerhaeuser Announces Approval of First Forest Carbon Project
Company partnering with Carbon Direct to deliver scientifically robust, high-quality forest carbon credits
Weyerhaeuser Company (NYSE: WY) today announced it has received 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. “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 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. As it develops these projects, 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 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.
“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.”
“Carbon Direct brings deep experience and scientific expertise in the area of forest carbon,” Hagen says. “We are building our Natural Climate Solutions business and strengthening our ability to offer the highest-integrity carbon credits to the market as it continues to grow and mature.”
For more information on Weyerhaeuser’s Natural Climate Solutions, including forest carbon, visit www.weyerhaeuser.com/climate-solutions. For more on the Kibby Skinner IFM Project and how to purchase credits, visit www.carbon-direct.com/wy.
Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2022, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
Nancy Thompson – Media Contact – Nancy.Thompson@wy.com – (919) 861-0342
Source: Weyerhaeuser Company