EFM Signs Deal With Microsoft for Purchase of Nature-Based Carbon Removals and Fund Investment
The deal includes an offtake agreement for the delivery of up to 700,000 credits through 2035, from a recently acquired property in Washington State's Olympic Peninsula that EFM is transitioning to climate-smart forest management.
Additionally, Microsoft's Climate Innovation Fund (CIF) invested in EFM Fund IV, which aims to mobilize $300 million for climate-smart forestry across the U.S. This is CIF's first forestry investment in the United States and helps Microsoft secure future streams of up to 2.3 million additional high-quality credits with significant ecosystem and community benefits.
'Microsoft's support marks a pivotal step in accelerating support for high-quality improved forest management projects,' said Bettina von Hagen, CEO of EFM. 'Their leadership sets a strong precedent for the carbon market and reinforces the importance of natural forests as a scalable natural climate solution in the U.S. With their support, we see Fund IV growing and producing significant climate benefits alongside financial value for its investors.'
'Microsoft recognizes the important role of high-quality, nature-based solutions in meeting our Carbon Negative by 2030 goals. Our collaboration with EFM is a significant step towards unlocking the value of the latest scientific advancements in improved forest management as a carbon removal pathway. We are proud to contribute to climate-smart forest management in Microsoft's own backyard on the Olympic Peninsula,' said Brian Marrs, Senior Director of Energy & Carbon Removal at Microsoft.
Scaling Impact Through EFM Fund IV
EFM Fund IV's first investment, 68,000 acres in Washington State's Olympic Peninsula, exemplifies the company's FSC-certified, climate-smart strategy. The property had been industrially managed for close to a century by the prior owner. EFM's approach diversifies the revenue streams from forests to include carbon credits and conservation easements alongside revenue from conventional forest products.
EFM Fund IV will initially focus on securing forest properties in the Western U.S., while also exploring other domestic markets where climate-smart management can create a competitive advantage for investors, alongside benefits for local communities. By enhancing the ability of the country's working forests to function as robust carbon sinks, the fund will support the long-term forest health and economic sustainability of these natural assets and the communities that rely on them.
Raising the Bar for Improved Forest Management (IFM)
Microsoft's long-term offtake agreement and investment in Fund IV will help raise the bar for Improved Forest Management (IFM) carbon projects, signaling their potential as scalable and effective climate solutions. IFM is a carbon market methodology that encompasses a suite of sustainable forestry practices aimed at increasing or maintaining forest carbon stocks and improving forest health. These practices include extending the rotation age of trees, reducing the impact of logging operations, and promoting selective harvesting. Microsoft will provide more information on its MSCDR website about its approach to IFM.
By implementing these strategies, IFM projects can not only increase the carbon storage of commercial forests, but also improve biodiversity, enhance water and soil quality, and provide socio-economic benefits to local communities.
Recent innovations, such as the adoption of dynamic baselines, have strengthened the integrity of IFM projects. EFM is committed to employing the best-in-class methodologies, ensuring that project baselines accurately reflect current policy and market conditions. With Microsoft's support, EFM is also adopting additional measures to further strengthen the integrity of its IFM credits. It does this by implementing a conservative approach that deliberately limits the amount of harvesting that is predicted in the baseline, or business-as-usual, scenario.
About EFM
EFM is an investment and management firm that acquires forests and implements climate-smart strategies in the Pacific Northwest and beyond. EFM creates value by combining timber production with revenues from carbon sequestration, conservation, recreation and biodiversity. EFM's investment management business focuses on FSC-certified forests in the US, and its advisory business focuses on cutting-edge natural climate solutions opportunities globally. The firm has two decades of experience and manages more than 200,000 forestland acres and is expanding to markets where increased funding for climate benefits and ecosystem services can create a competitive advantage and deliver value to investors, local communities and the public.
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