New forest mooted for British Columbia

Crimson Bioenergy has signed an agreement with the Pacific Carbon Trust (PCT) for the afforestation of non-productive farmland in order to develop a permanent mixed-wood forest.

PCT has agreed to buy up to 56,000 of the greenhouse gas offsets expected to result from the project over a 10-year period starting in 2013. PCT will also have a right of first refusal to purchase any amounts over and above the 56,000 offsets that may accrue from the project

The performance of the contract is subject to Crimson obtaining financing for the project on or before December 31, 2012.

The newly planned forest will be base near Fort St. John, British Columbia.