WEYERHAEUSER COMPANY Agreement Marks Company's First Transaction in the Voluntary Carbon Market
SEATTLE, Dec. 27, 2023 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced an agreement for the sale of nearly 32,000 forest carbon credits at $29 per credit. This agreement marks Weyerhaeuser's first transaction in the voluntary carbon market and represents the sale of all credits issued by ACR for the first year of the company's Kibby Skinner Improved Forest Management (IFM) Project in Maine. Weyerhaeuser will immediately retire these credits on behalf of the buyer.
"We are pleased to be delivering our first forest carbon credits from our Maine project," says Russell Hagen, senior vice president and chief development officer for Weyerhaeuser. "This initial sale is an important milestone for Weyerhaeuser and demonstrates our commitment to offering only the highest-quality credits to the market."
Weyerhaeuser is currently developing several IFM projects on select areas within its 11-million-acre land base in the U.S., including two in the U.S. South anticipated to be approved in 2024. The company is working with Carbon Direct to deliver scientifically robust, high-quality forest carbon credits. Carbon Direct is providing advisory and marketing services and helping ensure Weyerhaeuser projects meet the Criteria for High-Quality Carbon Dioxide Removal, which are science-based benchmarks to drive effective, equitable climate action at scale.
"We have been intentional in designing our projects to make certain all credits are of the highest integrity," Hagen says. "All projects we are developing follow three key principles: they must represent real, measurable changes to our business operations to capture additional carbon, deliver long-term climate benefits and be based on a transparent methodology. We believe these principles are essential to help build a trusted market. And given our unmatched portfolio and expertise at Weyerhaeuser, we are uniquely positioned to scale our credit offerings as companies increasingly look to reduce and offset their emissions and reach their net-zero commitments."
For more information on Weyerhaeuser's Natural Climate Solutions, including the company's Forest Carbon Principles, visit www.weyerhaeuser.com/climate-solutions. For more on the Kibby Skinner IFM Project, visit www.carbon-direct.com/wy.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2022, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
FORWARD-LOOKING STATEMENTS
This news release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, with respect to the company's expectations concerning the number of carbon credits expected to be generated over the lifetime of the announced IFM project, the timing and future completion of other IFM carbon projects, as well as company's efforts to build its natural climate solutions business and strengthen its ability to offer carbon credits in the future. Forward-looking statements may be identified by the fact that they do not relate strictly to historical or current facts, by references to expected performance over a period of time or by the use of certain words such as "anticipated," "commitment," "will" and similar words. Forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in our 2022 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC. We may not be able to complete the transactions referenced herein within the stated time period, or at all, because of a number of factors, including without limitation the occurrence of any event, change or other circumstances that could give rise to a termination, or the failure by either party to satisfy other closing conditions, under the relevant transaction documents. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if they do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects. The company undertakes no obligation to update these forward-looking statements after the date of this news release.
For more information contact:
Analysts – Andy Taylor, 206-539-3907
Media – Nancy Thompson, 919-861-0342
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SOURCE Weyerhaeuser Company
