On the 14th April 2020, The Forestry Commission announced that £10m will be available in the second auction of the Woodland Carbon Guarantee. Land managers across England are encouraged to sign up to the scheme by the 5th June, ahead of the action which is taking place online from the 8th to the 19th June.
Launched in November 2019, the Woodland Carbon Guarantee is a £50 million scheme that aims to help accelerate woodland planting rates and permanently remove carbon dioxide from the atmosphere.
Successful participants will be offered the option to sell Woodland Carbon Units to the government over 35 years at a guaranteed price set by auction and protected against inflation, providing new income for land managers who help businesses compensate for their carbon emissions.
This announcement follows the success of the first auction which closed in February 2020 and saw 18 contracts offered by the Forestry Commission to help stimulate the creation of 182 hectares of new woodland, specifically to help combat climate change.
The outcome of the first exploratory auction in February paves the way for larger scale projects to secure funding in forthcoming auctions. A series of auctions will take place every six months for up to five years.
For more information on the Woodland Carbon Guarantee scheme and how to apply, please click here to see the original .gov.uk article.