Weyerhaeuser, the U.S.’s largest private landowner, has gained approval to proceed with its first sale of forest-carbon offsets. The company, which owns about 11 million acres of U.S. timberland, has agreed to leave trees standing and absorbing carbon dioxide from the atmosphere instead of cutting them down in exchange for payments from companies looking to offset their greenhouse gas emissions. Weyerhaeuser said it will manage about 50,000 acres of its timberlands in the North Maine Woods to accumulate carbon in the standing trees. Weyerhaeuser CEO Devin Stockfish said that he expected the offsets to fetch more than $20 apiece, though executives at the company believe offset prices will eventually rise as companies face pressure to reduce their carbon footprints. Weyerhaeuser said it is working on two more offset projects, both in the Southeast, which it expects to complete later this year or early next.
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