Weyerhaeuser Company ( WY Quick Quote WY - Free Report) has recently obtained approval from the American Carbon Registry for its first forest carbon project. The company will collaborate with Carbon Direct for its Improved Forest Management (“IFM”) carbon credit project in Maine to deliver scientifically robust, high-quality forest carbon credits. Covering about 50,000 acres and verified by an independent auditor, the Kibby Skinner IFM Project is estimated to initially issue nearly 32,000 mtCO2e credits, each representing one metric ton of carbon dioxide equivalent. Over the project's lifespan, it is anticipated to generate approximately 475,000 credits. Focus on Forest Carbon Projects
Forests offer a significant and readily accessible opportunity to reduce carbon dioxide in the atmosphere and mitigate the effects of climate change. WY, through its Natural Climate Solutions business, is working to develop forest carbon projects that can genuinely enhance carbon reduction efforts with measurable climate benefits. This initial project marks a significant milestone for WY and signifies its commitment to delivering high-quality credits to the market.
The company is currently in the initial stages of developing multiple IFM projects in specific areas within its 11-million-acre U.S. land base. This includes two projects in the South, expected to be completed in late 2023 or early 2024. During the project development, the company collaborates with experts from Carbon Direct to ensure that all credits offered genuinely represent additional carbon absorbed and stored within project areas. Carbon Direct provides advisory and marketing services and evaluates Weyerhaeuser projects against the Criteria for High-Quality Carbon Dioxide Removal, establishing science-based benchmarks for effective, equitable climate action on a large scale. Going forward, WY remains committed to expanding its Natural Climate Solutions business, enhancing its capability to offer the highest-integrity carbon credits as the market evolves and matures. Image Source: Zacks Investment Research
Shares of Weyerhaeuser have increased 2.9% in the past three months compared with the Zacks
Building Products – Wood industry’s 0.3% rise. The company is well-poised owing to higher capital inflows for carbon/ESG-related projects, solid housing demand and a focus on operational excellence. Zacks Rank & Other Key Picks
Weyerhaeuser currently sports a Zacks Rank #1 (Strong Buy).
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