New US forest carbon venture announcedFriday 17 Feb 2012 New Forests Inc., a wholly-owned subsidiary of New Forests Pty Limited of Sydney, Australia has announced the launch of Forest Carbon Partners, L.P. – an investment vehicle for California-compliant forest carbon offset projects – and the close of the fund’s first two transactions.In its first two transactions, Forest Carbon Partners has partnered with a family forest owner and a Native American tribe to develop forest carbon offset projects on over 11,000 acres of forest land in the western United States. New Forests expects to finance offset projects on over 100,000 acres of forest land through its Forest Carbon Partners fund vehicle. “New Forests is proud to build on our record as a leading forest carbon investment manager with the launch of Forest Carbon Partners and the fund’s first projects,” remarked David Brand, Managing Director. “As the California carbon market comes online, New Forests believes that forest carbon projects will become a critical source of offset supply.” New Forests expanded to the United States in 2007 in response to the growing demand for specialist investment management services for land-based environmental markets, including wetland mitigation banking, species mitigation banking, and forest carbon. The California carbon market – part of the state’s efforts to meet its legislated greenhouse gas emissions reduction targets – is expected to become the second largest carbon market in the world by value.  |
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