A new carbon credit market has launched in New Zealand to target the restoration of native forest.
A large proportion of trees planted for carbon credits in New Zealand are non-native pine species. However, Carbonz, founded by PhD student Finn Ross, aims to bring together buyers and sellers of native forest carbon credits.
“What we’re trying to do at Carbonz is not so much make a political statement on pine forests and the future decision making around pine forests in New Zealand. But, for the first time, there is now a mechanism so that the market can determine an appropriate price for native forests over pine forests and that sellers will be able to obtain a premium and buyers will be able to buy at a premium for native forests,” Ross said.
He said that planting native forests can provide long-term benefits.
“A pine forest generates 30-40 years’ worth of carbon returns before indefinitely plateauing.
“Aotearoa has exceptional native forest species that can provide long-term benefits of not just carbon sequestration, but selective high-quality timber, increased biodiversity, soil, water rāonga, and other spiritual benefits.”
The company has partnered with New Zealand firm CarbonCrop, which uses artificial intelligence to estimate the potential carbon credits that could be gained by planting forest on areas of land.
“Partnering with Carbonz means we can connect our landholders with buyers of carbon offsets who care about native forest and want confidence in the origin of the offsets they purchase,” CarbonCrop chief executive Jo Blundell said.
