Converting Pittsburg, New Hampshire, Working Forest to Carbon Credits Risks Town’s Tax Revenue

InDepthNH is reporting (8-4-23) that the town of Pittsburg, New Hampshire, is at risk of losing a significant source of income if logging revenue from the Connecticut Lakes Headwaters Working Forest is diverted by the current landowner, who is proposing using the land for carbon credits instead of logging. This could impact loggers, foresters, truckers, mills, and the region’s economy.

Approximately 20 years ago, more than $45 million in state and federal funds along with private donations secured protections for the land when it was sold by International Paper Company to ensure it would be used in perpetuity for forest products, stay part of the private tax base, and provide for recreation and wildlife management—rather than being sold for development or as conservation land.

The first owner of the 146,000 acres, Lyme Timber, sold it after seven years to the Forestland Group which merged last October with a larger entity, Bluesource Sustainable Forest Company (BSFC). BSFC’s business plan is primarily selling carbon credits off the land and to keep the trees growing rather than logging it. While Forestland Group did sell carbon credits before, it also was logging it.

New Hampshire state officials said last Wednesday that they are asking for a meeting with BSFC to better understand its future management plans, according to InDepthNH. This comes after local officials said they have been told BSFC is letting the three logging contracts expire and have no new plans to feed the mills in the region from the tract.

Last Thursday, BSFC spokesperson Shawn Hagan told InDepthNH that the company is considering extensions to existing logging contracts which are all concluding, but he did not specify any new logging purchase contracts for the massive tract, which represents about 3% of the state’s landmass. On top of that, several other large landholders in New Hampshire are already taking advantage of carbon credit markets which are being seen as a positive and alternative source of revenue to keep the land profitable, particularly now when the price of wood is comparatively low.