Duke Energy Invests in 'GreenTrees' to Generate Carbon Offsets from the Planting of 1 Million Trees
Posted on: Thursday, 28 May 2009, 09:17 CDT
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GreenTrees seeks to transform open and marginal farmland in this seven-state region into a sustainable ecosystem that captures large quantities of carbon dioxide, creates habitat for wildlife, and benefits landowners who commit to the long-term reforestation of their property. Duke Energy's initial investment will result in the planting of more than 1 million trees on approximately 1,700 acres in
The Lower Mississippi Alluvial Valley is the nation's largest watershed, covering approximately 25 million acres in
GreenTrees' approach involves the inter-planting of 302 cottonwood and 302 hardwood trees per acre. The fast-growing cottonwoods provide a canopy that promotes hardwood growth and helps transform the land into a forest setting in as few as three to five years.
Duke Energy expects the federal government will soon implement an economywide cap-and-trade program to control carbon dioxide emissions. The company also believes that high-quality, verifiable carbon offsets derived from reforestation efforts will play an important role in such a program, since trees and other plant life naturally absorb carbon dioxide as they grow.
"Federal climate change legislation will set the stage for an active carbon offset market in which the demand for domestic offsets will significantly exceed supply," said
GreenTrees (www.green-trees.com), which is privately managed by
Under the program, GreenTrees enters into 70-year carbon offset lease agreements with willing landowners. These long-term agreements minimize the risk of future deforestation and encourage the long-term storage of carbon dioxide in the trees, roots and soil on the land. Landowners retain land use and can simultaneously benefit from multiple revenue streams generated by their property, including: recreational revenue; conservation tax benefits; potential access to federal funds (such as the USDA Conservation Reserve Program); and the right to harvest and sell select amounts of timber within the guidelines of the program.
"According to the Blueprint for Legislative Action created by the U.S. Climate Action Partnership - of which Duke Energy is a founding member - carbon offsets will be instrumental in developing cost-effective solutions to climate change," said Trent. "We view GreenTrees as the most innovative afforestation and carbon offset project in the United States."
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SOURCE Duke Energy
Source: PR Newswire
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