Finite Carbon and Downeast Lakes Land Trust Receive Nation’s First California Compliance Forest Carbon Offsets

SACRAMENTO, CA and GRAND LAKE STREAM, ME
November 13, 2013

Finite Carbon and the Downeast Lakes Land Trust today announced the nation’s first issuance of California Air Resources Board Offset Credits for a forestry project. Nearly 200,000 compliance offsets were issued for the Farm Cove Improved Forest Management Project in eastern Maine. The initial offsets have been contracted to two non-disclosed compliance buyers in the first sales of registered and issued forestry offsets for California’s greenhouse gas cap and trade program.

Located on 19,118 forested acres owned and managed by Downeast Lakes Land Trust, the Farm Cove Project was the first Climate Action Reserve Improved Forest Management project developed and registered outside of California. Forest offset projects are one of four offset types allowed under the Air Resources Board greenhouse gas emissions trading program that launched on January 1, 2013. Under the Air Resources Board program, regulated emitters may use approved and verified offset projects to meet up to eight percent of their emissions cap.

The Farm Cove Project was one of only two forest offset projects included in the California Air Resources Board inaugural listing of compliance offset projects in March 2013. As an early action forestry project for the California program, Farm Cove achieved dual verification to ensure project integrity by the Rainforest Alliance and Environmental Services, Inc. In addition, the forest management practices of Downeast Lakes Land Trust have been audited and certified by the Rainforest Alliance as meeting the environmental and social criteria of the Forest Stewardship Council.

“Today is a huge milestone for an important segment of the carbon market,” said Finite Carbon President Sean Carney. “The issuance and sale of forest offsets answers two important questions for landowners: ‘yes, the compliance carbon market is real, and yes, so is the revenue.’ We look forward to bringing another ten projects over the finish line in the next several months and expect a number of additional forest owners to sign up for the program in 2014.”

“This has been a long process because we’re at the leading edge of what could become an important tool for funding forest conservation,” said Mark Berry, Executive Director of the Downeast Lakes Land Trust, “As we seek to expand our community forest ownership with purchase of an important property, the skilled team at Finite Carbon have helped us to leverage our existing community forest by participating in the carbon market.”

Downeast Lakes Land Trust will use proceeds from the sale of Farm Cove forest carbon offsets to help finance its capital campaign to expand the Farm Cove Community Forest by purchasing the adjacent 22,000-acre West Grand Lake Forest. The property around the village of Grand Lake Stream, Maine has outstanding habitat and recreation values and is integral to a 1.4 million acre international corridor of conserved forests and wetlands between Maine and New Brunswick, Canada. It is essential to the trust’s vision of contributing to the long-term economic and environmental well-being of the Downeast Lakes region. The trust has an option agreement to purchase the property from the current owners, and must complete its fundraising effort by the end of 2015.

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, Williamsport, PA, and Tallahassee, FL. For more information, 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, visit www.downeastlakes.org

###

Click here to view and download a pdf version of the press release.

 

BONAFIDES
+ 8 professional foresters
+ Issued nation’s first California     ARB forest carbon offsets
+ Developed the first land trust,     TIMO, and REIT improved forest     management projects for CA ARB     emissions trading program
+ Developing 32 ARB IFM projects     on 2.5 million acres of US forests
+ Active member of the Society of     American Foresters, Association of     Consulting Foresters, Land Trust     Alliance, Forest Guild, and Forest     Landowners Association
Request a free forest carbon feasibility study
RECENT NEWS

RECENT NEWS

03.27.2017 Finite forges partnership with the Land Trust Alliance under Doris Duke Climate Change Initiative.
Read more >

04.19.2017 Finite's Passamaquoddy Tribe IFM Project to receive "Project of the Year" at NACW in San Francisco.
Read more >
ABOUT FINITE CARBON

ABOUT FINITE CARBON

Project Success. Read about our best-in-class forest carbon project experience. Read more >

Team + Approach. Our services brochure details the Finite team and project approach. Download here >
UPCOMING EVENTS

UPCOMING EVENTS

03.15.2017
Meet with Dylan Jenkins and Tribal Carbon Partners at the Reservation Economic Summit in Las Vegas.
Read more >


LATEST NEWS ON CARBON MARKETS
Get email updates here >
E   INFORMATION@FINITECARBON.COM   T   1-877-9CARBON (1-877-922-7266)   A   435 DEVON PARK DRIVE | 700 BUILDING | WAYNE, PA 19087
Copyright © 2012 Finite Carbon Corporation - All Rights reserved
Finite Carbon is a trademark of Finite Carbon Corporation. The names of other actual companies, organizations
and/or products/services mentioned herein may be the trademarks of their respective owners