GRAND LAKE STREAM, ME
September 12, 2012
Finite Carbon Corporation, the forest carbon development company that provides a single-source solution for creating and monetizing carbon offsets, successfully registered the Farm Cove Forest Carbon Project on behalf of the Downeast Lakes Land Trust on September 12, 2012.
The carbon project on 19,118 acres in eastern Maine was registered with the Climate Action Reserve (CAR) as an improved forest management project under the CAR Forest Project Protocol 3.2. Improved forest management projects maintain or increase forest carbon stocks above the level expected under common practice.
Downeast Lakes Land Trust and Finite Carbon anticipate quickly transitioning the project to California’s forthcoming greenhouse gas cap-and-trade program under the Air Resources Board (ARB). The project received an initial issuance of nearly 200,000 compliance-eligible carbon offsets that are expected to have a value of over $2 million upon conversion to the ARB program.
“We are extremely excited to register the nation’s first compliance-grade IFM carbon project outside California,” said Finite Carbon President Sean Carney, who noted the project is one of fourteen that Finite Carbon has listed with the Climate Action Reserve. “Downeast Lakes Land Trust is an exceptional organization and an experienced pioneer of innovative conservation strategies. We are proud to help them utilize the carbon market to meet their ambitious conservation goals.”
Said Mark Berry, Executive Director of the Downeast Lakes Land Trust, “Finite Carbon has been a great partner. Their team expertly guided and supported our efforts through all phases of the project development and registration process as we carefully evaluated this new element in our commitment to maintain increased timber stocking and carbon storage.”
Downeast Lakes Land Trust owns and manages a total of 33,708 acres as Community Forest immediately west of the village of Grand Lake Stream, Maine. In addition, the Trust is currently working to conserve the 22,000-acre West Grand Lake Community Forest Project, a keystone parcel in a 1.4 million acre international corridor of conserved forests and wetlands between Maine and New Brunswick, Canada.
“This forest carbon project is timely as we pursue the opportunity to conserve the West Grand Lake Community Forest,” Berry said. “The property has been identified as one of the best forest conservation opportunities in the nation, but the $24 million capital campaign is a challenge for our community-based group. Participating in the carbon market is a significant opportunity to advance our mission and benefit our community.”
Development of the forest carbon project provides a very strong incentive and reward for continued sustainable forestry practice over the carbon project period which will extend for at least 110 years, and is expected to support Downeast Lakes Land Trust in their work for the economic and environmental well-being of the Downeast Lakes region of Maine. The project is a model for community-led forest conservation and timber management.
About Finite Carbon Corporation
Finite Carbon is America’s leading developer of forest carbon offsets. Combining unparalleled project development experience with extensive carbon market knowledge, Finite Carbon’s in-house team of forest carbon experts offers a single-source solution for creating and monetizing carbon offsets and the most comprehensive forest carbon project development and commercialization service in the US. The company is headquartered in Wayne, PA, and has offices in San Francisco, CA, Cherry Creek, NY, Murfreesboro, TN, and Tallahassee, FL. For more information, please visit www.finitecarbon.com.
About the Downeast Lakes Land Trust
Downeast Lakes Land Trust is a community-based land trust located in Grand Lake Stream, Maine. The Trust protects lakeshores, improves fish and wildlife habitats, provides public recreation opportunities, offers educational programs, and supports jobs in the forest and on the water. Dedicated to the Downeast economy and environment, the Downeast Lakes Land Trust and its partners have conserved 350,000 acres of forests and wetlands since 2001. For more information, see www.downeastlakes.org.
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