Farmers and land managers across England are being encouraged to apply for the Woodland Carbon Guarantee scheme, which will see £10 million made available for them to create new woodlands to tackle climate change.
Those who wish to apply are urged to do so before the closing date of April 30, 2023, ahead of the seventh auction which will take place online between May 15-21, 2023.
Administered by the Forestry Commission, the Woodland Carbon Guarantee is a £50 million scheme that aims to accelerate woodland planting rates and permanently remove carbon dioxide from the atmosphere.
£10 million of this fund is being made available and, following the online auction process, successful bidders will be offered the option to sell carbon in the form of Woodland Carbon Units.
Woodland Carbon Units are a financial value given to each tonne of carbon stored and successful bidders will be able to sell this to the UK government over 35 years at a guaranteed price against inflation.
Following customer feedback, the Forestry Commission has said that it made some changes to the seventh auction which includes the removal of project categories with the aim of making it easier for customers to access.
The commission also change the publication of the reserve price (£30/Woodland Carbon Unit) to give prospective applicants more confidence and clarity to apply, it said.
Chief executive of the Forestry Commission, Richard Stanford, said the Woodland Carbon Guarantee has continued to grow in its success, supporting the creation of 2,810ha of new woodland to combat the impact of climate change.
“I strongly encourage farmers, foresters and land managers across England to submit their applications to the guarantee ahead of the application deadline on April 30,” he said.