Forestry investment and management firm EFM has agreed a deal with Meta, the parent company of Facebook, for the delivery of 676,000 nature-based carbon removal credits through 2035.
The agreement will support the transition of 68,000 acres of forestland to ‘climate-smart management’ on Washington’s Olympic Peninsula, with the goal of removing more than one million tonnes of carbon emissions over the next decade.
EFM said its climate-smart approach led to more diverse “revenue streams from forests to include carbon credits and conservation easements alongside revenue from traditional forest products”, allowing the rebuilding of timber stocks, the production of higher-value logs and the creation of lasting climate, social and ecological benefits.
The contract between EFM and Meta was negotiated in parallel with a property acquisition, “showcasing the growing sophistication of carbon finance in the forestry sector”, EFM said. Traditionally, property owners have sold credits only after securing ownership, making this approach a significant shift in how carbon revenue can support investment decisions, the firm added.
Bettina von Hagen, CEO of EFM, said: “This long-term contract enables us to manage forests for their greatest value to society – producing high-quality timber, creating diverse, healthy habitats for wildlife and recreation, and collaborating with tribes to restore salmon populations – all while significantly increasing carbon storage.
“We’re deeply grateful to Meta for recognising the critical role forests play in addressing climate challenges and for sharing our vision of high-quality carbon projects that enhance the long-term value of our forests. Together, we’re ensuring these landscapes will benefit communities, sawmills, tribes, investors, home builders and everyone who depends on the health of commercial forests for generations to come.”
Tracy Johns, carbon removal lead at Meta, said: “As part of Meta’s goal to achieve net zero emissions across our value chain in 2030, we focus our strategy on understanding and reducing our emissions, and removing any remaining emissions through carbon removal credits. We support high-impact projects, and EFM’s extensive track record in sustainable management of forests made them an ideal partner and aligned with our 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.”
Von Hagen said that, by providing predictable, long-term carbon revenue, the contract helps de-risk the transition to climate-smart management practices.
She added that Meta’s early-stage and long-term commitment enabled the EFM-led acquisition of the property through a newly established entity, Olympic Rainforest LLC, with capital from EFM’s funds and third-party investors. This included investment from the Natural Capital Fund, managed by Climate Asset Management, a natural capital investment manager that has raised more than $1bn from institutional and corporate investors for natural capital and carbon projects around the world.
Martin Berg, CEO of Climate Asset Management, said: “When we set up Climate Asset Management four years ago, it was very much with a pioneering spirit to become a world leader in natural capital investing. So it is particularly pleasing to have worked with EFM and Meta in completing the acquisition of Olympic Rainforest, with its innovative long-term contract, on behalf of the investors in our Natural Capital Fund. We remain committed to supporting bold and scalable nature-based investments to secure a more climate-resilient, nature-positive and inclusive world.”
The Olympic Rainforest is a 68,000-acre coastal temperate rainforest, which has been primarily managed for commercial timber production over the past century.
In September last year BTG Pactual Timberland Investment Group (BTG Pactual TIG) signed a long-term contract with Meta for the delivery of 1.3m nature-based carbon removal credits, with options for the delivery of an additional 2.6m nature-based carbon removal credits through 2038 as part of its Latin America reforestation strategy, which is designed to support climate change mitigation, alongside benefits for biodiversity and communities.
The deal represented Meta’s largest carbon-removal transaction from a single project and is one of the largest of its kind.
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