BROCKVILLE – The United Counties of Leeds-Grenville will sell carbon credits on a large forest in North Grenville.
County council entered into a century-long carbon development and marketing agreement Thursday (June 24) with Bluesource Canada, described as an industry leader in the carbon offset market.
The nearly 15,000 acre Limerick Forest (6,000 hectares) in North Grenville is near Oxford Station.
The county estimates it will rake in $4.7 to $7.7 million in the first 30 years ($156,667 to $256,667 per year) of the 100 year agreement.
County Forest Manager Geoff McVey says the upper-tier municipality is being “rewarded for maintaining or increasing the forest stock” while insuring the forest is maintained without have to go to taxpayers for money.
The agreement doesn’t do anything physically to the forest, other than generate money to maintain it, while allowing pollution-causing companies to offset their carbon footprint.