Air New Zealand, Contact Energy, Genesis Energy and Z Energy launched (14-Mar-2019) Drylandcarbon, a JV for the establishment of a geographically diversified forest portfolio to sequester carbon. The partnership includes:
- Purchase and licensing of marginal land suited to afforestation and establishing a forest portfolio predominantly comprising permanent forests, with some production forests;
- Production of a stable supply of forestry generated NZU carbon credits. The JV will also expand New Zealand's national forest estate. Credits will support the partners in meeting their annual requirements under the New Zealand Emissions Trading Scheme;
- Drylandcarbon will be managed by Lewis Tucker & Co which will provide management services throughout the life of the partnership. The coalition will not have day to day involvement in the running of the business.
Drylandcarbon is engaging with New Zealand farming and regional communities around the establishment of carbon capture forests on private land. [more - original PR]