NEWS PROVIDED BY Chestnut Carbon
08 Apr, 2024, 08:00 ET
Chestnut makes progress toward goal of restoring and conserving 500,000 acres across the US by 2027
Projects deliver net zero removal solutions while contributing co-benefits to environment and local communities
NEW YORK, April 8, 2024 /PRNewswire/ — Chestnut Carbon (“Chestnut”), a pioneering nature-based carbon removal developer, today announced the completion of the second phase of its US afforestation project, which includes the planting of 10 million trees and the acquisition of over 21,000 acres of marginal crop and pastureland – equivalent to 1.5x the size of Manhattan. With its first 10 million trees, Chestnut Carbon will sequester approximately 5 million tons of CO₂ over the next 50 years. This represents the largest US afforestation project to date registered with the Gold Standard for Global Goals, the industry’s leading certification standard.
As our planet faces increasing challenges posed by climate change, trees play a crucial role in mitigating the impact of CO₂ by absorbing it from the atmosphere and storing it. Through its nature-based Restoration Project, Chestnut is bringing carbon capture, environmental and economic benefits to the Southeastern United States, and serving sustainability-focused buyers seeking high-integrity carbon removal credits.
Ben Dell, CEO of Chestnut Carbon and Managing Partner and Co-Founder of Kimmeridge, expressed his enthusiasm: “This achievement represents a milestone in the fight against climate change and underscores the company’s commitment to environmental stewardship and community benefits. We continue to expand Chestnut’s efforts in line with the growing demand we are seeing in the market, and we are proud to serve those buyers looking to achieve net zero targets through competitively priced, high-quality nature-based removal solutions.”
Environmental Benefits
- The newly planted trees represent a biodiverse mix of up to 17 species of native hardwoods as well as softwood pine, and act as carbon sinks, capturing CO₂ and reducing the greenhouse effect.
- Chestnut Carbon’s afforestation efforts create biodiverse ecosystems that support local wildlife and improve air quality in the region by absorbing pollutants and releasing oxygen. Their root systems also help prevent soil erosion and filter water, further benefiting local communities.
Community Benefits
- The Chestnut afforestation project has also generated benefits for local communities in which we operate. From tree planting to ongoing maintenance, Chestnut Carbon’s commitment to sustainable forestry directly supports livelihoods.
- Moreover, by converting marginal crop and pasture lands into thriving forests, Chestnut Carbon maximizes land utilization.
- Community participation is a key aspect of the project, and we actively solicit participation from local landowners, farmers, foresters, and community organizations in our project, inviting stakeholders to live and online forums. Chestnut places its Stakeholder Engagement commitment at the center of its project design.
About Chestnut Carbon
Founded in 2022 with the support of energy-focused private equity firm Kimmeridge, Chestnut Carbon (“Chestnut”) is a leading developer of nature-based carbon removal credits. It generates U.S.-based, high-quality forest carbon offsets that are additional, verifiable and biodiverse to accelerate the path to net zero across a range of industries. Chestnut’s expertise is bolstered by its acquisition of Forest Carbon Works, a public benefit corporation, with a proprietary approach to developing U.S. forest carbon offset projects on family-owned forestland. The Chestnut team is uniquely positioned to address carbon removal, with diverse backgrounds including forestry, carbon regulation, environment, finance and land. For additional information on Chestnut, its strategies and environmental stewardship thought leadership, please visit https://chestnutcarbon.com/.
About Kimmeridge
Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on the energy sector. The firm is differentiated by its direct investment approach, deep technical knowledge, active portfolio management, proven sustainability track record and proprietary research and data gathering.
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SOURCE Chestnut Carbon