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Allocates 89,800 acres of forested land in Maine for carbon sequestration and storage
helping progress Manulife's climate action plan
BOSTON, Aug. 12, 2021 /CNW/ - Hancock Natural Resource
Group, a Manulife Investment Management company, today announced
the acquisition of 89,800 acres of timberland in the U.S. state of
Maine. The impact-first investment
was made on behalf of John Hancock Life Insurance Company
(U.S.A), and its parent, Manulife
(collectively "Manulife"). The acquisition is an opportunity for
Manulife to integrate natural climate solutions into its investment
decisions and work towards its climate action plan.
This investment is classified as impact-first with the core of
the investment thesis centered on the timberlands being used
primarily to store carbon. Manulife reserves the option to sell the
carbon credits as offsets or use the carbon removals as insets for
the purpose of meeting the firm's net zero commitments.
"We are well-positioned to seek positive climate impact and to
invest in assets to create carbon sequestration and other
conservation opportunities derived from forests for the benefit of
our clients," said Tom Sarno, global
head of timberland investments, Manulife Investment Management. "We
believe impact-first investments can meet the needs of those who
are interested in offsetting carbon emissions and who may value
other positive environmental or social impacts as well as
generating financial returns."
"We are pleased to have the opportunity to acquire a significant
impact-first asset which continues the execution of our climate
action plan we shared in May when we committed to accelerate the
development of investment strategies for those interested in
natural climate solutions that capture even more carbon per dollar
invested," said Sarah Chapman,
global chief sustainability officer, Manulife. "We're proud to
share that Manulife is net zero in our operations due to the carbon
removals from our substantial owned and operated forests and
farmland outweighing emissions. We are confident this asset
will continue to meet the objectives of carbon sequestration and
positive climate impact for our portfolio."
Manulife Investment Management's global timberland and
agriculture portfolios have removed an average of 2.24 million
metric tons of CO2 from the atmosphere annually over the
past 5 years.
"The amount of carbon a forest can store is directly
proportional to the volume of timber in that forest," added
Brian Kernohan, chief sustainability
officer, Private Markets, Manulife Investment Management. "Advanced
light detection and ranging technology for timber volumes in our
forests now allow us to measure forest carbon sequestration with
improved accuracy - providing investors with even more quantifiable
data for carbon storage. We are committed to the proactive
management and stewardship of these timberlands to help meet both
return and sustainability objectives."
The acquired property is a contiguous block of timberlands
located in Somerset County, Maine
along the border of the province of Quebec, Canada with a diverse mix of naturally
regenerated spruce-fir and northern hardwood tree species. It has
been named "Blueback" for the highly sought-after subspecies of
Arctic char native to the lakes there. A portion of the lands will
also be used for sustainable stewardship practices as a working
forest. Additionally, the lands are subject to a working
forest conservation easement and offer unique recreation
opportunities given the scenic lakes, rivers, and ecological
features of the region.
About Manulife Investment Management
Manulife
Investment Management is the global wealth and asset management
segment of Manulife Financial Corporation. We draw on more than a
century of financial stewardship and the full resources of our
parent company to serve individuals, institutions, and retirement
plan members worldwide. Headquartered in Toronto, our leading capabilities in public
and private markets are strengthened by an investment footprint
that spans 18 geographies. We complement these capabilities by
providing access to a network of unaffiliated asset managers from
around the world. We're committed to investing responsibly across
our businesses. We develop innovative global frameworks for
sustainable investing, collaboratively engage with companies in our
securities portfolios, and maintain a high standard of stewardship
where we own and operate assets, and we believe in supporting
financial well-being through our workplace retirement plans. Today,
plan sponsors around the world rely on our retirement plan
administration and investment expertise to help their employees
plan for, save for, and live a better retirement.
As of June 30, 2021, Manulife
Investment Management's assets under management and administration,
including assets managed for Manulife's other segments, totaled CAD
$1.0 trillion (US $834 billion). Not all offerings are available
in all jurisdictions. For additional information, please visit
manulifeim.com.
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SOURCE Manulife Investment Management