Seattle-headquartered Weyerhaeuser Co. (NYSE: WY), one of the world’s largest private owners of timberlands, announced an agreement for the sale of nearly 32,000 forest carbon credits at $29 per credit.
The 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 (IFM) Project in Maine. Weyerhaeuser will immediately retire these credits on behalf of the buyer, and the company is currently developing several IFM projects on select areas within its 11-million-acre U.S. land base, including two in the U.S. South anticipated to be approved in 2024.
Carbon Direct is providing the company with advisory and marketing services to help ensure its projects meet the Criteria for High-Quality Carbon Dioxide Removal, which are science-based benchmarks to drive effective, equitable climate action at scale.
“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 Weyerhaeuser. “This initial sale is an important milestone for Weyerhaeuser and demonstrates our commitment to offering only the highest-quality credits to the market.”
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