Passamaquoddy Tribe Partners with Finite Carbon to Develop First Native American Carbon Project in Eastern US

INDIAN TOWNSHIP and PLEASANT POINT, ME
September 29, 2014

The Passamaquoddy Tribe of Maine today announced their partnership with leading US forest carbon project developer Finite Carbon to complete the first carbon offset project for an Indian tribe with trust land in the eastern United States. The Passamaquoddy Tribe Improved Forest Management Project will be developed to the California Compliance Offset Protocol for US Forests and is expected to generate over one million California compliance offsets in the first project year. The law firm of Akin Gump Strauss Hauer & Feld LLP served as counsel to the Tribe during the development of this project.

Chief Clayton Cleaves from the Passamaquoddy community at Pleasant Point stated, “[t]he Passamaquoddy Tribe is extremely excited to participate in the California Cap-and-Trade Program because it will allow the Tribe to build upon our sacred commitment to the protection of our forest resources and create unique training and employment opportunities for our tribal members.” Chief Joseph Socobasin from the Passamaquoddy community at Indian Township added that, “this project is in line with the sustainable forestry activities that we have practiced since time immemorial but is unique in how it allows forest landowners to benefit from an innovative program designed to curb carbon emissions. We are thrilled to be on the cutting edge of a concept that will help fund forest conservation and provide economic development for our people and we are very pleased to work with Finite Carbon as our forest carbon partner for this important tribal project.”

The 90,000 acre Passamaquoddy project spans the Tribe’s two major reservations in Indian Township and the coastal community of Pleasant Point. Passamaquoddy’s Indian Township community borders two other Finite Carbon forest offset projects, the 19,100 acre Downeast Lakes Land Trust’s (DLLT) Farm Cove Community Forest and the 21,800 acre West Grand Lake Community Forest, a joint project of DLLT and the Lyme Timber Company. The Farm Cove IFM Project was the first forest carbon project in the nation to receive compliance offsets from the California Air Resources Board in November 2013.

“Offset revenue from these three neighboring forest carbon projects significantly advances the conservation goals of the region and helps to ensure an intact working forest will remain to support the diverse culture, community, and economy of Downeast Maine,” said David Montague, Executive Director of the Downeast Lakes Land Trust.

Sean Carney, president of Finite Carbon added, “We are honored by the opportunity to work with the Passamaquoddy Tribe and commend them on their leadership in developing a new revenue stream for their members. When development of the project is complete, the Tribe will receive millions of dollars for its part in responsible and sustainable management of its forest resource.”

About the Passamaquoddy Tribe
The Passamaquoddy Tribe is a federally recognized tribal nation with communities located at Pleasant Point (Sipayik) and Indian Township (Motahkomikuk), as well as land holdings that span the entire State of Maine. Each reservation has its own local tribal council but jurisdiction over the resources held jointly by the Tribe sits with the Joint Tribal Council. Sipayik is led by Chief Clayton Cleaves and Vice Chief Ken Poynter, while Motahkomikuk is led by Chief Joseph Socobasin and Vice Chief Clayton Sockabasin. The Tribe has a vibrant natural resource based economy, which it seeks to bolster through its partnership with Finite Carbon. For more information, see www.passamaquoddy.com and www.wabanaki.com

About Finite Carbon
With 15 contracted California compliance projects on nearly 700,000 acres of US forestlands, Finite Carbon is America’s leading developer and supplier of forest carbon offsets. 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. Finite Carbon’s clients include TIMOs, REITs, Indian Tribes, corporate and private family owners, land trusts, and other non-profits. To date, Finite Carbon has transacted 3.25 million California compliance forest offsets and its project portfolio exceeds 10 million compliance forest offsets through 2020. Headquartered in Philadelphia, PA and with offices in the West, Southeast, and Northeast, Finite Carbon is led by a team of five professional foresters with deep experience in offset protocol design, forest inventory, management, growth and yield modeling, project verification, offset transactions, forest certification, and working forest conservation easements. For more information, visit www.finitecarbon.com

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

 

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