A new partnership between tech giant Meta and forest management firm EFM has underscored how a new approach to climate investment can enable climate-smart forest investment strategies to become commercially viable at scale. Under the terms of the deal, Meta will purchase 676,000 carbon credits to support the transition of 68,000 acres of forestland to climate-smart management on Washington’s Olympic Peninsula, in the Northwest of the US. EFM said this will result in the removal of one million tonnes of carbon emissions over the next decade. Property owners typically sell credits only after securing ownership of a property, whereas Meta’s early commitment to the project has been negotiated in parallel with an acquisition. EFM said that this is one of the first known contracts of this type and shows a “growing sophistication” of carbon finance in the forestry sector. “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,” said Bettina von Hagen, EFM’s CEO. 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.”
