Weyerhaeuser Announces Approval of First Forest Carbon Project
Company partnering with Carbon Direct to deliver scientifically robust, high-quality forest carbon credits
SEATTLE, Sept. 20, 2023 /PRNewswire/ -- 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.
ABOUT WEYERHAEUSER
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.
FORWARD-LOOKING STATEMENTS
This press release also contains forward-looking statements concerning Weyerhaeuser Company and its subsidiaries ("Weyerhaeuser") including, but not limited to, with respect to the number of carbon credits expected to be generated over the lifetime of the announced IFM project, the timing and future completion of other IFM carbon projects, as well as Weyerhaeuser's efforts to build its natural climate solutions business and strengthen its ability to offer carbon credits in the future. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and use words such as "expected" or employ references to future dates and events. These forward-looking statements are based on Weyerhaeuser's current expectations and assumptions and are not guarantees of future events or performance. The realization of Weyerhaeuser's expectations and the accuracy of its assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Weyerhaeuser Company's 2022 Annual Report on Form 10-K, as well as those set forth from time to time in its other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC. It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of Weyerhaeuser's forward-looking statements and, consequently, its descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on Weyerhaeuser's business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements speak only as of the date they are made, and Weyerhaeuser undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
For more information contact:
Analysts – Andy Taylor, 206-539-3907
Media – Nancy Thompson, 919-861-0342
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SOURCE Weyerhaeuser Company
