FIT 2024 Carbon Project

FIT 2024 Carbon Project is a plantation forestry project located across the Great Southern and South West regions of Western Australia. The project areas are distributed across two primary zones: the Shire of Boyup Brook (approximately 20-30km north of Bridgetown and near Wilga) and the Shire of Plantagenet (approximately 15km southwest of Tambellup). Registered in February 2024, the project covers a total area of approximately 504 hectares.

The project is operated by The Trust Company (Australia) Limited as trustee for the Forestry Investment Trust (FIT). FIT is a major investment vehicle managed by New Forests, a leading global investment manager of nature-based real assets. The project operates under the Plantation Forestry Methodology Determination 2022, which allows for carbon credits to be generated by establishing new timber plantations or converting existing short-rotation plantations (typically harvested for woodchips) into long-rotation plantations (harvested for sawlogs).

The region surrounding Boyup Brook and Bridgetown is a historic timber stronghold, characterized by high rainfall and lateritic gravel or loamy soils ideal for Pinus radiata (Radiata Pine) and Eucalyptus globulus (Blue Gum). The Plantagenet sites near Tambellup are situated in a mixed farming zone with slightly lower rainfall, often utilizing sandy loams and duplex soils.

A key feature of this project is its dual approach: establishing new forests on land that has been clear for at least seven years, and converting existing plantations to longer rotations. Documents filed with the Shire of Boyup Brook for properties associated with the Forestry Investment Trust indicate a focus on "Pine sawlog" production. This shift to long-rotation sawlogs sequesters carbon for longer periods compared to short-rotation woodchip crops, as the carbon remains stored in the timber products (like housing frames) long after harvest.