Agreement Marks Company's First Transaction in the Voluntary
Carbon Market
SEATTLE, Dec. 27,
2023 /PRNewswire/ -- Weyerhaeuser Company (NYSE:
WY) today 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," says 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."
Weyerhaeuser is currently developing several IFM projects on
select areas within its 11-million-acre land base in the U.S.,
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 says. "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.
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 news release contains
statements that are forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995 including, without
limitation, with respect to the company's expectations concerning
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 company's
efforts to build its natural climate solutions business and
strengthen its ability to offer carbon credits in the future.
Forward-looking statements may be identified by the fact that they
do not relate strictly to historical or current facts, by
references to expected performance over a period of time or by the
use of certain words such as "anticipated," "commitment," "will"
and similar words. Forward-looking statements are based on our
current expectations and assumptions and are not guarantees of
future events or performance. The realization of our expectations
and the accuracy of our 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 identified in our 2022 Annual Report on Form 10-K, as well as
those set forth from time to time in our other public statements,
reports, registration statements, prospectuses, information
statements and other filings with the SEC. We may not be able to
complete the transactions referenced herein within the stated time
period, or at all, because of a number of factors, including
without limitation the occurrence of any event, change or other
circumstances that could give rise to a termination, or the failure
by either party to satisfy other closing conditions, under the
relevant transaction documents. There is no guarantee that any of
the events anticipated by these forward-looking statements will
occur, and if they do occur, there is no guarantee what effect they
will have on the company's business, results of operations, cash
flows, financial condition and future prospects. The company
undertakes no obligation to update these forward-looking statements
after the date of this news release.
For more information contact:
Analysts –
Andy Taylor, 206-539-3907
Media – Nancy Thompson,
919-861-0342
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SOURCE Weyerhaeuser Company