PORTLAND, Ore., April 26,
2024 /PRNewswire/ -- The Climate Trust (TCT),
Oregon-based nonprofit leader in
carbon offset project finance and development, has recently funded
and completed the planting of 1,222 acres of family-owned forest
destroyed by Hurricane Michael in Florida's panhandle. The Hurricane Michael
Family Forest Restoration project demonstrates how carbon-based
finance can be used to reforest lands that would not otherwise
recover to productive working forests in a meaningful timeframe.
Funding from TCT to plant seedlings and restore these
families' forestland is critical to support their livelihoods
today, and those of future generations.
"Without this funding, these acres would not have been
replanted," explained Will Leonard
of Timberland Solutions Inc., the local forestry firm overseeing
planting. "Planting costs were simply too steep. While landowners
typically reforest using timber revenues following a harvest,
timber stand clean up following high-severity disturbances often
costs money or breaks even, leaving no funding available to plant
the future forest."
Hurricane Michael caused an estimated $2
billion in damage to the forest industry in Florida and Georgia. With forestry as the area's primary
industry and source of employment, the hurricane had a significant
economic and cultural impact on the rural communities
affected.
Federal funding was available to clear debris, but additional
funding was needed to restore the area's working forests. By
providing direct funding for tree planting, TCT is addressing
this key shortfall. Carbon revenue can also provide interim income
to incentivize landowners to reforest, which is critical for
these landowners whose near-mature forests were lost before their
economic value could be realized.
This project will also explore the financial benefit to
landowners of producing climate-smart timber through a
Climate-Smart Commodities Partnership with the USDA and the Arbor
Day Foundation. "Not only does carbon revenue help compensate
communities for lost timber revenue, but it also directly supports
climate change resiliency and a more sustainable timber harvesting
model," explained Victoria Lockhart,
Reforestation Director at TCT. Supporting sustainable forest
economies for climate-vulnerable communities is a strategic
priority for TCT.
Other benefits of restoring the properties to the native pine
forest ecosystem are rehabilitated wildlife habitat and increased
biodiversity, along with a more climate resilient ecosystem and
rural community.
Founded in 1997, TCT is focused on climate impact using carbon
markets. TCT promotes healthy ecosystems and resilient communities
by scaling nature-based solutions and mobilizing markets to solve
ecological issues in three areas of project development and
financing: Reforestation/Afforestation, Grassland Conservation, and
Improved Forest Management.
Contact:
Julius Pasay
Executive Director
503-238-1915 x214
jpasay@climatetrust.org
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SOURCE The Climate Trust