Date: 18 Aug 2021 New scheme for companies to plant forests and offset carbon Bank of Ireland has created a funding scheme for companies to plant native trees across the country and record the environmental and social benefits of the new woodlands as part of their new sustainability reporting requirements, including carbon offsetting. This nature-based funding solution for large scale non-commercial afforestation projects will allow companies to calculate the impact of woodland projects they are funding in terms of carbon sequestration, enhanced biodiversity and through the creation of a public amenity. The credit has been designed in line with the detailed and science-based criteria developed for afforestation projects in delegated acts issued under the Taxonomy Regulation (Regulation (EU) 2020/852) and to meet the upcoming EU Corporate Sustainability Reporting Directive which will be an auditable requirement for corporates. The Woodland Nature Credit was developed for Coillte and Forestry Partners to plant native woodlands across Ireland. The new forests will be planted and managed by a new entity being established by Coillte and Forestry Partners, a carbon offsetting social enterprise. The first tranche of the new product was announced on the 17th August with AXA Ireland financing the planting of 600,000 native trees through the purchase of €2 million of credits.