Ryan Dezember of The Wall Street Journal reports on a new $1.8 billion bet on carbon offsets.
- Oak Hill Advisors, a subsidiary of T. Rowe Price Group, has led a consortium to purchase 1.7 million acres of woodland to advance voluntary carbon markets.
- The firm, which now owns 1.8 million acres of timberland in the U.S., will manage its properties to sequester CO2 rather than turning it into timber and pulp.
- Carbon markets offer companies an opportunity to reduce their environmental footprint, but the greenhouse gas reductions can be hard to measure.
- Oak Hill and its partner Anew Climate LLC are hoping that its recent purchase of land will stimulate growth and accurate accounting for voluntary carbon markets.
Read the full article here.