Covering about 50K acres and verified through a third-party auditor, the Kibby Skinner Improved Forest Management project is the first issuance of credits for Weyerhaeuser (WY) 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.It's expected to generate 475K credits over the lifetime of the project.
The timber REIT, noted it's in the early stages of creating several IFM projects on certain areas within its 11M-acre land base in the U.S., including two in the South scheduled for completion in late 2023 or early 2024.
"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.