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