Making money from gas-grabbing woodland
Last year the government launched a new scheme to pay woodland owners for the carbon dioxide sequestered and stored by newly planted woodland.
The scheme allows applicants to sell their carbon dioxide to the government in the form of Woodland Carbon Units, for a guaranteed price every five or ten years until 2055/56.
The prices are set through an online reverse auction whereby applicants submit the price that would make their scheme financially viable, the first of which closed to bidding on February 14. However, if applicants prefer they can still sell the WCUs on the open market.
Grants for woodland creation and maintenance for woodland areas over three hectares (7.5 acres) are available through the Countryside Stewardship Scheme, which offers a range of complementary grants and options.
For those interested in larger scale and more commercial projects, funding is available through the Woodland Carbon Fund. Successful applicants can receive funding towards the costs of establishing productive woodland with 70 per cent of the area planted with productive species, and a minimum area of 10 hectares (about 25 acres). There is also a £1,000 per hectare capital grant available in the fifth year following successful establishment.
The Woodland Carbon Guarantee can be applied for along with any of these grants and can act as an additional financial incentive for planting new woodland.
Ben Dutton BSc (Hons), graduate surveyor, Halls Holdings Limited
