The Forestry Commission has announced a new £10 million fund to boost tree planting.
Land manager are encouraged to sign up to the Woodland Carbon Guarantee scheme by 5th June, ahead of the next auction which will take place online from 8th to 19th June.
Successful participants will have the opportunity to sell Woodland Carbon Units to the government over 35 years at a guaranteed price.
Launched in November 2019, the Woodland Carbon Guarantee is a £50 million scheme that aims to help accelerate woodland planting and permanently remove carbon dioxide from the atmosphere.
Sir William Worsley, Chair of the Forestry Commission, said: “The Woodland Carbon Guarantee is the first scheme of its kind to provide land managers with long-term certainty of a guaranteed payment rate for carbon, which their trees lock up and store.”
Speaking of the benefits of the Guarantee, Lord Goldsmith, Forestry Minister, said: “Trees are a precious natural asset and as a natural carbon sink, are a vital part of the fight against climate change.
“In addition to providing long-term income support to land managers for creating new woodland, it is our hope that this Guarantee will play an important role in developing the domestic carbon market in future.”
The UK Government has committed to increasing planting to 30,000 hectares per year by 2025.