The State of Michigan has approximately 4 million acres of state-owned forestland. That is more than any other state in the US. Michigan’s state-owned forests are crucial to the state’s forest products industry, as well as contributing revenue through tourism, hunting, and fishing.
However, these forestlands and their trees are now at the center of a new industry: forest carbon markets. Forest carbon markets are growing all over the globe. The process that drives the carbon markets is photosynthesis. It is 100% natural: Trees absorb carbon dioxide and water and use sunlight to convert it into food needed for their growth. Trees store the carbon in their wood material and exhale oxygen. But the carbon only stays as long as the trees do.
Anew is one of the top developers of carbon credit projects in North America. They are working with the State of Michigan on their forest carbon market. They explain that one carbon credit represents a metric ton of carbon stored in trees. That’s about the amount of CO2 released by driving from Detroit to San Francisco. Carbon credits give landowners a way to make money by not cutting down their trees. And it gives companies a chance to offset some of their emissions by buying those credits.
Anew already has its first customer, DTE, an energy company based in Detroit. They will be buying credits from the Pigeon River Country carbon market. They will use those credits to offset emissions from residential homes and apartments.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Michigan set to sell first carbon credits from state land