FOR IMMEDIATE RELEASE For more information contact:
August 25, 2021 Jayne Brady, email@example.com
Bluesource Partners with the State of Michigan and DTE Energy on the First Carbon Offset Program in the U.S. on State Forest Lands
Project Demonstrates Growing Interest in Responsible Forest Management from State Agencies and Utilities
Salt Lake City, Utah (August 18, 2021) — Bluesource, North America’s leading carbon offset developer, today joined the Michigan Department of Natural Resources (Michigan DNR) and DTE Energy Co, in announcing the first carbon offset program transaction in the United States on state forest lands. DTE Energy Co. will buy the carbon credits created by the Michigan DNR’s Big Wild Forest Carbon Project. Bluesource developed and manages the carbon project for the Michigan DNR and handles all technical carbon project development activities as well as the commercial sales of the resulting credits.
“Bluesource projects have reduced hundreds of millions of tons of GHGs over our 20-year history, and we can’t scale without the climate finance provided by progressive companies like DTE,” said Bluesource Vice President of Environmental Markets Ben Massie. “Their long-term investment in credits from Michigan DNR’s Big Wild Forest Carbon Project gives DTE customers an impactful way to reduce their natural gas carbon footprint while at the same time driving sustainable forest management and value within the state.”
The Bluesource/Michigan DNR Big Wild Forest Carbon Project is the first-of-its-kind in the nation to leverage the carbon storage capacity of trees in state forests. The pilot project generates carbon offset credits from sustainable forest management activities on more than 100,000 acres of the celebrated Pigeon River Country State Forest – known as “The Big Wild” – in the northern Lower Peninsula. The carbon project commits the DNR to sustainable forest management over the life of the project, ensuring carbon sequestration above a “business-as-usual” scenario that wouldn’t have otherwise happened without DTE’s investment.
DTE Energy (NYSE: DTE) has agreed to buy all of the carbon credits generated by the project during its first 10 years providing more than $10 million in carbon revenue to the State of Michigan. Revenue to the state is anticipated to start next Spring when the first credits are generated.
“We hope that other states and public lands follow MI DNR’s lead and recognize that a change to progressive forest management, with an eye to promoting carbon stocking, not only nets revenue but allows for continued recreation, boosts the local economy, conserves water resources, and provides continuing educational opportunities,” added Massie.
To learn more about Bluesource and our carbon offset development services, visit our website at www.bluesource.com.
About the Partners
Bluesource is the most experienced and most diversified corporate climate and energy advisor providing innovative, trusted environmental services and products in North America.
The Michigan Department of Natural Resources is committed to the conservation, protection, management, use and enjoyment of the state’s natural and cultural resources for current and future generations. Online at Michigan.gov/DNR