TORONTO — A U.S. subsidiary of Manulife Financial Corp. has bought 36,000 hectares of timberlands in Maine that will be used for carbon sequestration.
Financial terms of the deal by Hancock Natural Resource Group were not immediately available.
The company says the timberlands will be used primarily to store carbon.
Manulife says it reserves the option to sell the carbon credits as offsets or use the carbon removal to help meet the firm’s net zero commitments.
It also says a portion of the trees on the land will be harvested using sustainable practices.
The property is located in Somerset County in Maine along the border with Quebec.
This report by The Canadian Press was first published Aug. 12, 2021.
Companies in this story: (TSX:MFC)
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