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© Recapture Carbon Corporation
Recapture completes implementation of Terra Nova 1 afforestation project in Salta, Argentina.
FOR IMMEDIATE RELEASE
April 18, 2023
Summary:
Salta, Argentina - Recapture, a technology agnostic and utility-scale carbon removal project developer, announces the completion and implementation of Terra Nova 1 (TN1), a first-of-its-kind climate-smart forestry project in Salta, Argentina. TN1 serves as the flagship project in Recapture's Terra Nova Series™, addressing a shortage in the supply of truly bankable nature-based climate solutions that deliver sustainable eco-timber, and kickstarting a 3-year, 100 million dollar strategy to develop carbon removal projects. The implementation of TN1 also marks the beginning of converting Recapture's 250 million ton corporate project pipeline to live projects, with megaton annual removals expected by 2028.
TN1 is the first of many carbon removal projects in Recapture's 250 million ton corporate carbon project developer pipeline that will be converted to live projects, with megaton annual removals expected by 2028. The project combines afforestation with carbon capture, integrating carbon stacking with coppice regeneration to generate positive financial returns and verified carbon removal credits at a profit. The TN1 flagship, which will serve as a blueprint for utility-scale efforts on larger degraded land parcels, is expected to generate up to 1,000 tons of carbon dioxide removal annually alongside double digit internal rate of return (IRR) for investors, with carbon credits issued through the leading carbon registry Verra.
In addition to afforestation with carbon capture, TN1 also includes a 2.5-hectare (6 acres) native species restoration project and 26-hectare (64 acres) avoided deforestation conservation activities on the former corn and tobacco farm.
"The completion of TN1 marks a significant milestone for Recapture and the industry. Our innovative approach to afforestation demonstrates that we can generate positive financial returns and verified carbon removal credits at a profit while ensuring sustainable management practices." - Philip-Michael Weiner, Founding Partner of Recapture
Recapture's eudicot hybrid hardwood trees, which are naturally C4 photosynthesizing, fast-growing, and certified as infertile by the University of Bonn, will be planted on degraded farmlands. Recapture's C4 eudicot hybrid trees are not genetically engineered but have been propagated in the traditional horticultural way by mixing varieties within the same species in seedling labs and greenhouses. The resulting hybrid of the naturally C4 photosynthesizing eudicot species is fast-growing and well-suited to the pre-subtropical climate of Northwest Argentina, making it an ideal tree for the region's afforestation efforts. Compared to other common species used for forestry plantations and carbon sequestration projects, such as conifers, the deciduous nature of Recapture's hybrid trees allows for a biodiverse understory to develop, encouraged by its leaf fall and greater access to sunlight.
"By planting naturally C4 photosynthesizing trees that have been studied by universities around the world for more than four decades, we aim to create a sustainable and responsible model that generates positive financial returns while also addressing the urgent need for carbon removal solutions," said Weiner. "We believe that this approach can be replicated in other regions around the world, and we look forward to developing more projects that deliver both financial and environmental benefits."
TN1 not only addresses the net emissions caused by clear-cutting timber but also provides a bankable project model to sequester gigaton levels of carbon dioxide that need to be removed from the atmosphere in order to scale humanity’s global net-zero targets. By utilizing non-invasive, C4 photosynthesis hardwood trees in concert with an ancient silvicultural technology called coppice regeneration, TN1 is able to continually harvest wood up to 7 times productively from our living trees without disturbing soil carbon or replanting. Meaning the trees can be cut without removing the roots, thereby binding more carbon, and regrowing without the cost and soil disturbance from tilling. This process allows for long-term remediation of environmentally damaged lands with less leakage. Both this and the speed of growth mean Recapture's C4 hybrids can sequester carbon dioxide around nine times quicker than the mixed native woodland that Recapture is also planting.
Reforesting degraded farmland is not a simple process. Many properties like Finca Terra Nova 1 are former corn, soya, and tobacco farms that have invasive plant species such as 'Tithonia diversifolia’ and ‘Merremia tuberosa’. For example, Tithonia diversifolia, known locally as pasto cubano, can grow to 3 meters in just a few months, blocking sunlight from slower-growing native species.
Therefore, well-timed invasive species management during the first year was the first priority for TN1’s long-term land rehabilitation and was managed with precision timing just before planting. In addition, the project incorporates a forest management plan to maximize the utilization of the harvested timber. Any residual timber waste created during pruning, harvesting, and processing the roundwood into sawn timber will be converted into biochar and distributed back on the plantation as a source of fertilizer. The project is developed and managed by a vertically integrated utility-scale carbon project developer, Recapture. The TN1 project is irrigated via groundwater hydrology and powered by a clean energy 15kW solar system to reduce emissions and maximize environmental impact.
The project has undergone a rigorous Environmental Impact Assessment (EIA) required by the Servicio Nacional de Sanidad y Calidad Agroalimentaria (SENASA), which has reviewed and approved the variety of tree being used. The trees will be monitored on an ongoing basis in line with the conditions attached to the EIA.
Both Recapture and its project partners comply with all SENASA Plant Health controls for the import of the trees. This is to ensure that all plant material has been officially inspected, complies with legal requirements for entry into Argentina, and is free from quarantine pests and diseases. The trees will be regularly monitored for any pests or disease, and the overall impact of the surrounding woodlands. The trees are also propagated and grown in sterile conditions before being exported. Each shipment is supplied with a phytosanitary certificate to declare disease-free as per importation regulations.
The TN1 project is also expected to have a positive impact on biodiversity, compared to other common species used for forestry plantations and carbon sequestration projects, such as conifer and eucalyptus. The trees are deciduous, which allows undisturbed development of mycorrhizal networks to develop, encouraged by its leaf fall and the greater access to sunlight during much of the year compared to traditional commercial forestry cultivation in Argentina. In addition, no clearcutting or soil disturbance methods will be used during the coppice process. Finally, at the end of the last harvest, the project lands will be intercropped with native species of trees and plants while being protected under a conservation easement.
"As part of the EIA, biodiversity impacts are considered, and key stakeholders such as the local communities have been consulted. Overall, the change from the existing baseline of degraded farmland previously used for transgenic corn and tobacco should be very positive," said one of Recapture’s Founding Partners Trey Pringle.
The carbon credit verification process is a critical aspect of Recapture's carbon removal projects. To ensure that the carbon removals from Terra Nova 1 are accurately quantified and meet the highest industry standards, Recapture will work with an independent third-party verifier to conduct a rigorous verification process. The verification will follow the latest afforestation methodology and will be carried out according to the Verra Verified Carbon Standard (VCS), a leading and widely recognized standard for carbon credits. This rigorous process will ensure that the carbon credits generated by the project are accurately quantified and meet the highest industry standards for carbon removal, providing confidence to buyers of the credits that they are supporting credible and impactful climate action.
To ensure that the benefits of its carbon removal projects extend beyond carbon sequestration and into the broader realm of climate adaptation. TN1 incorporates Recapture's One Percent to Co-benefits™, with 1% of project revenues reinvested into climate adaptation co-benefits local to all projects. As part of this model, 1% of project revenues will be reinvested into small-scale, low-budget climate adaptation co-benefits locally to ensure more equitable development.
Examples of potential climate adaptation co-benefits projects that could be implemented in Salta, Argentina, where the Terra Nova 1 project is located, include:
Recapture is committed to working with local partners and communities to identify and prioritize co-benefits projects that are tailored to the specific needs of the region and have the greatest potential to contribute to climate resilience and equity.
Recapture's innovative approach to afforestation demonstrates that it is possible to generate positive financial returns and verified carbon removal credits at a profit while ensuring sustainable management practices. The Terra Nova Series™ addresses a shortage in the supply of truly sustainable timber, with TN1 serving as the flagship project in a 3-year, 100 million dollar strategy. TN1 is the first of many carbon removal projects in Recapture's 250 million ton corporate project pipeline that will be converted to live projects, with megaton annual removals expected by 2028.
For more information about Recapture's carbon removal projects and sustainability initiatives, please visit the project overview page.
For more information about Recapture's carbon removal projects and sustainability initiatives, please visit the company's website at www.recapturecarbon.com.
Recapture is a technology-agnostic, utility-scale carbon removal project developer that aims to accelerate the world's transition to net-zero emissions. The company's mission is to make carbon removal a viable, accessible, and profitable climate solution by developing and implementing innovative projects that remove carbon dioxide from the atmosphere, store it safely and permanently while earning a positive return for multiple stakeholders. Recapture is committed to developing sustainable carbon removal solutions that benefit local communities and the environment, and it seeks to establish long-term partnerships with landowners, investors, and stakeholders to create a sustainable future.
The company has assembled a team with decades of experience in agriculture, forestry, finance, and engineering to develop and operate its projects. Recapture is committed to creating value not just for its shareholders, but for all stakeholders, including project partners, local communities, and the planet.
MEDIA CONTACT:
For further information, please contact Philip-Michael Weiner
Email: press@recapturecarbon.com
Trey Pringle and Phil Weiner founded Recapture in 2017. They are longtime friends and colleagues who have decades of experience in conservation finance, project development and enterprise operations.
Trey Pringle is a design technologist, software developer, and serial company builder who founded his first company out of college and grew it into a profitable multi-million-dollar business with locations in the US and South America. He is an experienced CEO who has built and launched products in global markets as well as advised and invested in over 15 companies. He has lived in South America, where he co-founded the OSO Accelerator in Santiago, Chile to support entrepreneurs solving challenges for the LATAM market.
Phil has worked with companies of all sizes worldwide, including Virgin Unite, Carbon War Room, Rocky Mountain Institute, and Rockefeller Foundation, to grow their impact through behavior change and meaningful, enduring design. He has launched multiple award-winning consumer products for growing food and has been involved in developing 45,000 hectares of conservation finance projects throughout South America. He has also helped raise $260M+ for early-stage ventures he strongly believes in.
Recapture’s team has additional experience across international development, fund administration, and has collectively raised and managed over $1.75 billion in capital. Our team is also supported by a group of global partners including Verra, Ernst & Young, Solar Impulse Foundation, MWE, and K2 Intelligence to ensure effective quality risk management and measurable impact for customers.