California issues first Forest Carbon credits
The California Air Resources Board (ARB) issued the first Forest Carbon credits that will be approved for use in the state’s carbon market.
Two Improved Forest Management projects located on over 20,000 acres of woodlands were issued Forest Carbon Credits.
Improved Forest Management projects involve implementing new management practices to encourage sustainable forest growth.
Landowners generate revenue from the sale of Forest Carbon Credit projects by conserving their properties in their natural state instead of relying on traditional timber harvesting
California businesses facing new regulations will be able to purchase carbon credits to account for up to 8% of their annual emissions.
Despite the demand for up to 200 million carbon credits, less than 3 million have been issued so far.
Forestry projects are expected to provide the majority of carbon credits over the next several years.