The deadline for participants to take place in the third auction of the Woodland Carbon Guarantee is fast approaching. Applicant farmers and land managers are invited to apply by 11 October, ahead of the auction which is due to take place between 26 October and 1 November 2020. £10M is available in this auction for the creation of new woodlands.
Successful bidders are offered the option to sell woodland carbon via Woodland Carbon Units (WCUs) to the government over a period of 35 years for a guaranteed income (subject to validation and verification to the Woodland Carbon Code). The second auction which closed in June 2020, saw 27 contracts offered by the Forestry Commission, stimulating 1,517 hectares of new woodland, with an average price of bid accepted of £19.71.
This third auction includes a new feature whereby 75% of the budget is ring-fenced for 'predominantly native woodland' projects.
Woodlands have an obvious role in soaking up carbon dioxide from the atmosphere and contributing to the achievement of net zero in the UK, but they also provide a raft of benefits for wider society and biodiversity.
Third Woodland Carbon Guarantee auction now open for applications