Goldman Sachs Sells $12M in Carbon Offsets in Largest Such U.S. Deal So Far

October 12, 2009

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Goldman Sachs marketed $12 million worth of carbon offsets to CE2 Carbon Capital in what Goldman Sachs is calling the largest publicly announced U.S. offset deal so far, reports Reuters.

CE2 Carbon Capital is a U.S. investor and owner of carbon-based assets and commodities.

Goldman Sachs sold the offsets on behalf of Blue Source, a company that generated the offsets from projects aimed at preventing forests from being cut down, as well as carbon capture projects at landfills and coal mines. Goldman Sachs is a minority partner in Blue Source.

The forestry offsets came from tree stands that were protected by convincing farmers in North Carolina not to cut down the trees.

The amount of offsets involved in the deal was not revealed.

This is only the latest deal in recent weeks that is encouraging offsets to be sold from U.S. forest lands.

The “Carbon Canopy” project is geared toward preserving forests in the southern U.S. by encouraging landowners to change management practices and explore using forests as carbon sinks that can be marketed as carbon offsets. Staples, Home Depot and the Dogwood Alliance, among others, are involved in the Carbon Canopy.

In California, Sierra Pacific Industries has entered the carbon market in a deal to preserve redwoods and other trees and to sell carbon offsets to power companies and investors.

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Reader Comments

Didn’t anyone read the news that Sierra Pacific Industries – the largest clearcutter in California – had to admit in the Union Democrat newspaper that this project did not really have not have tons of “giant sequoias” growing that it would “preserve.” In fact the trees were fairly recently planted. Furthermore, rumor has it that most of SPI’s land in this carbon project is land that has been clearcut by SPI or burned and replanted into tree plantations that lack older trees that sequester more carbon mass. Buyers of forestry carbon credits would serve their own credibility well if they bought credits from only FSC certified forests and forests that were not clearcut and converted from biodiverse healthy forests into tree plantations.

S. Robinson | October 12th, 2009

Carbon Offsets? What a steaming load of bullsh*t.

Roark | October 14th, 2009

Which protocols are being used for the generation of emission reductions from this forest project that was brokered by Goldman Sachs? What is the time horizon for the credit generation? Is it a forest managment project type with respective protocols or is it an avoided deforestation project? I’d like to see more explanation about the nature of this deal if possible. Thanks!

Tatiana Alves | October 20th, 2009

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