Timber investment management organisation (TIMO) Molpus Woodlands Group has registered the first forest carbon offset project in the state of Tennessee.
The timberland asset Little Brimstone Improved Forest Management Project is held by Molpus’ third commingled investment fund.
The 4,861-acres of timberland, situated in the North Cumberland plateau, was registered with the California Air Resources Board last year. It is the first such project to be registered under Molpus, but the second under its management. In 2014 the timber investment management organisation bought a 103,000-acre property in New York’s Adirondack Mountains that already had a registered forest offset project, on behalf of an unnamed client.
“We’re pleased to now have two forest carbon projects under management,” said Molpus president Dick Molpus in a statement.
“The California carbon market provided us with a unique opportunity to utilise existing sustainable practices to enhance the value on managed properties. We will continue to evaluate additional carbon opportunities as they align with our client’s objectives.”
Molpus manages over 60,000 acres in Tennessee and two million acres across the US. The Little Brimstone property is protected under a conservation easement held by the state of Tennessee and is certified under the Forest Stewardship Council standard. The group valued its assets at more than $2 billion earlier this year.