Weyerhaeuser Company announced an agreement for the sale of nearly 32,000 forest carbon credits at $29 per credit. This agreement marks Weyerhaeuser’s first transaction in the voluntary carbon market and represents the sale of all credits issued by ACR for the first year of the company’s Kibby Skinner Improved Forest Management Project in Maine. According to the company, Weyerhaesuer will immediately retire the credits on behalf of the buyer.
“We are pleased to be delivering our first forest carbon credits from our Maine project,” said Russell Hagen, senior vice president and chief development officer for Weyerhaesuer. “This initial sale is an important milestone for Weyerhaeuser and demonstrates our commitment to offering only the highest-quality credits to the market.”
Weyerhaesuer is currently developing several IFM projects on select areas within its 11-million-acre land base in the United States, including two in the south anticipated to be approved in 2024.
“We have been intentional in designing our projects to make certain all credits are of the highest integrity,” Hagen said. “All projects we are developing follow three key principles: they must represent real, measurable changes to our business operations to capture additional carbon, deliver long-term climate benefits, and be based on a transparent methodology.”
