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 (IFM) Project in Maine. Weyerhaeuser will immediately retire these 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 of Weyerhaeuser. "This initial sale is an important milestone for Weyerhaeuser and demonstrates our commitment to offering only the highest-quality credits to the market."

Weyerhaeuser is currently developing several IFM projects on select areas within its 11-million-acre land base in the United States, including two in the U.S. South anticipated to be approved in 2024. The company is working with Carbon Direct to deliver scientifically robust, high-quality forest carbon credits.

Carbon Direct is providing advisory and marketing services and helping ensure Weyerhaeuser projects meet the Criteria for High-Quality Carbon Dioxide Removal, which are science-based benchmarks to drive effective, equitable climate action at scale.

"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. We believe these principles are essential to help build a trusted market. And given our unmatched portfolio and expertise at Weyerhaeuser, we are uniquely positioned to scale our credit offerings as companies increasingly look to reduce and offset their emissions and reach their net-zero commitments."

For more information on Weyerhaeuser's Natural Climate Solutions, including the company's Forest Carbon Principles, visit www.weyerhaeuser.com/climate-solutions. For more on the Kibby Skinner IFM Project, visit www.carbon-direct.com/wy.

This story also appears on Forestry Equipment Guide.

Today's top stories

Make Eliminating Jobsite Distractions Company Safety Goal

Two Firms Give Burned Highway New Life

VIDEO: Komatsu Holds Demo Days at Cartersville Customer Center

ABC: Over Half of March State Construction Unemployment Rates Down From a Year Ago

Allen Engineering Hosts 60th Anniversary Celebration

Contractors' Plate Full On Interstate 35 in Texas

Space Coast Leaders, Residents Excited About Planned Brightline Rail Station in Cocoa

Attachments International Debuts Severe Service Demolition Grapple