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.