The BC Supreme Court hears closing arguments on historic Nuchatlaht First Nation’s land claim. In related news, Canada’s framework for using indigenous knowledge in resource projects. In Business news: the value of New Brunswick’s royalty hike is questioned; UK climate campaigners confront Drax conference; Sierra Pacific reopens its California forest lands. On the Market front, the latest on lumber and wood chip prices, and US housing starts, sales and overall consumer confidence.
In Forestry/Climate news: Canada’s new opposition leader plans to scrap the carbon tax; Lloyd Alter says a building’s ’embodied carbon‘ is increasingly important; Global Witness says central banks are abetting rainforest destruction; and Alabama’s Forestry Commission says Hurricane Ian brings increased wildfire risks.
Finally, climate change is turning trees into gluttons, which helps shield Earth’s ecosystem.
Kelly McCloskey, Tree Frog Editor
Surging mortgage rates and a slow down in the housing market continue to take a toll on lumber prices, with the essential building commodity hitting a new 2022 low on Monday. Lumber futures hit a low of $413 per thousand board feet on Monday, representing a year-to-date decline of 64%, and a 76% decline from its record high reached in May 2021. The commodity tumbled 20% during a four-day losing streak, which ended on Monday. On Tuesday, lumber prices rebounded 8% to $442 per thousand board feet. The ongoing decline in lumber prices has been mostly driven by a slowdown in the housing market, which has been severely impacted by the swift and aggressive interest rate hikes by the Federal Reserve. Just one week after the Fed raised interest rates by another 75 basis points at its FOMC meeting, the average 30-year fixed mortgage rate inched closer to 7%. 
Housing starts are expected to return to pre-pandemic levels next year, according to analysts at investment bank D.A. Davidson. Citing interviews with leaders of building companies, the bank forecasts that 2023 housing starts are expected to hit an annualized rate of between 1.3 million to 1.4 million units. That would be roughly 15% down from the 1.58 million units reported by the U.S. Census Bureau last week. “There’s no way around it, 2023 is going to be a much more challenging year for new residential construction,” said the firm in a note. Housing starts in 2019 hit a rate of 1.29 million units, while the rate for 2020 came in at 1.38 million units. Meanwhile, home-price growth slowed in July from the previous month, according to new data. [END]
OTTAWA — The federal government has released the new 
The Alabama Forestry Commission says wildfire risks are higher starting today because of winds expected from Hurricane Ian and urges caution in any outdoor burning. “Alabama will be seeing lower than normal relative humidity and stronger winds across the state, meaning conditions are favorable for wildfires to start easily, spread rapidly and be difficult to control,” forestry said in a statement. “Because Alabama is already experiencing dry conditions heading into the event, this critical weather behavior will elevate fire danger for the state.” Hurricane Ian, now a Category 4, is expected to make landfall on Florida’s west coast later today. Alabama is on the “dry side” of Ian’s expected path and gray skies, but no rain, are expected for much of the state through the weekend.
Some of the world’s biggest central banks are unwittingly helping to finance agri-business giants engaged in the destruction of the Brazilian Amazon, according to a report published on Wednesday. The Bank of England, the US Federal Reserve and the European Central Bank are among the institutions that have bought millions of dollars in bonds issued by companies linked to deforestation and land-grabbing, according to the 
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An environmental campaigner has been ejected from an event sponsored by the power station operator Drax at the Labour party conference after criticising the company’s use of biomass. The owner of the North Yorkshire power station sponsored a debate on Tuesday on Britain’s net zero climate goals on the fringes of the political party’s conference in Liverpool. The company’s group director of corporate affairs, Clare Harbord, was on the panel. Climate campaigners have accused Drax of greenwashing and argue that its biomass operations, which burn wood to produce electricity, are far from green and can even increase the CO2 emissions driving the climate crisis. The talk in Liverpool was titled “Reaching net zero: how can the UK boost energy security and invest in green jobs?” Several campaigners interrupted the discussion to question Drax’s green credentials.