Northeast US Press: Foreign company buys huge swath of the Adirondacks, all to help fight climate change…
For some reason, on reading news that a huge overseas fund looking for green investment has bought a giant stretch of the Adirondacks from American land owners is just a bit dismaying. Some years ago one heard that, in Chile, some natives were going nuts as wealthy US environmentalists bought huge stretches of their forested mountains to stop logging. The move inflamed local worries over sovereignty and foreign meddling. Now, while it looks fine, the same thing’s happening here. Still…. The Tracker thought WE were the ones who were supposed to be out buying up acreage in less developed parts of the world, all to help save said world. Suddenly we’re on the receiving end. Goes around, comes around.
The news is that the Nature Conservancy has sold 92,000 acres of forest to ATP, a Danish pension fund, for $32.8 milion. The buyer gets tax credits for managing the acreage to state conservation standards, including limited and careful, selective logging. Recreational facilities may follow. The conservancy had just bought these parcels, and many others, from a paper company. It’s not clear how, but carbon credits must be involved.
The NYTimes‘s Mireya Navarro has the story, naturally, and includes all the pertinent numbers and word that local communities generally welcome it. The regional press also gave it heavy attention.
Other stories:
- Albany Times-Union- Brian Nearing : Danish twist on Adirondacks, climate change ; This story led The Tracker to this news (at first, I thought hey the TU has a scoop, but not so). Aided by a detailed press release from the seller, it’s a good write-up.
- Business Week – Mary Esch: Danish investors buy 92,000 acres in Adirondacks ;
- Rochester Democrat and Chronicle – Luke Rosiak: Danish investors buy Adirondack land ;
- Schenectady Gazette – Kathy Bowen : Danish fund buys 92,000 acres in Adirondacks; provisions would allow for much public use ; She quotes a Nature Conservancy man saying this means “whole mountain ranges..” will eventually come open for public access ;
- Lake Placid News – Mike Lynch : 92,000 acres of Adirondack timberlands to be sold by The Nature Conservancy ;
Dept of Missed Scoopettes: Essentially the same news has already circulated in specialty and newsletter press. Sharp-eyed reporters at general media outlets could have gotten a jump on it. An example is at London Based Responsible Investor – Hugh Wheelan: ATP seeds €400m sustainable forestry investment programme / Fund to buy FSC certified timberland in North America, Australia, New Zealand and EU ; and this one at Global Pensions – Giovanni Legorano: ATP set to invest $500m in forestry ;
Grist for the Mill: Nature Conservancy-New York Press Release ;
Pic source ;
-CP
