Oregon-based forest investment and management company EFM has secured a long-term carbon removal deal with tech titan Meta.
Under the partnership, EFM is set to deliver 676,000 nature-based carbon removal credits through 2035, advancing Meta towards its goal of achieving net zero emissions across its value chain in 2030.
This agreement powered the purchase of 68,000 acres of forestland called the Olympic Rainforest, located on the Olympic Peninsula of Washington state.
Having secured this long-term contract with Meta, which derisks the transition towards climate-smart forestry practices, EFM made the confident decision to purchase the new forestland in a transaction financed via its funds and third-party investors, including the Natural Capital Fund, managed by Climate Asset Management.
Olympic Rainforest will be home to EFM’s climate-smart management operations, aimed at diversifying the revenue streams from traditional forest products to new opportunities like carbon credits and conservation.
Beyond carbon removal, the climate-smart forest management approach also centers around practices that rebuild timber stocks and produce higher-value logs, delivering meaningful climate, social, and eco benefits such as habitat restoration, tribal cultural harvesting, recreational uses, and the production of non-timber products.
In the next decade, Olympic Rainforest is projected to unlock the removal of more than one million tonnes of CO2, while in the next 15 years, EFM’s forest management strategy on this land is expected to almost double the timber stocks, improving long-term timber production and quality while protecting and enhancing forest health.
Relevant: Google Invests In Its First Forestry-Based Carbon Removal Credits
As property owners are typically able to sell carbon credits from their land only after obtaining ownership, this carbon removal agreement between EFM and Meta sets an interesting precedent that demonstrates the power of carbon revenue in supporting investment decisions.
Meta Carbon Removal Lead Tracy Johns shared that EFM’s extensive track record in sustainable management of forests made them an ideal partner for the tech company’s goals.
“Our commitment to this project supported EFM’s efforts to take an approach to forest management that not only drives strong climate and forestry outcomes but also provides real value and environmental services to local communities.”
Read more: Meta Answers DOE’s Carbon Removal Challenge With $35M Pledge
