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
[email protected]
SOURCE The Climate Trust
