09:42 AM EDT, 08/12/2021 (MT Newswires) -- Hancock Natural Resource Group, a Manulife Investment Management (MFC.TO, MFC) company, on Thursday said it has acquired 89,800 acres of timberland in the U.S. state of Maine.
The acquired property is a contiguous block of timberlands in Somerset County, Maine, along the border of Quebec.
The "impact-first investment," which was made on behalf of Manulife and John Hancock Life Insurance Company (USA), is an opportunity to integrate natural climate solutions into Manulife's investment decisions, the company said.
The "impact-first" classification refers to 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 to meet its net-zero commitments.
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.
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