BOSTON – 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
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.
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 17 countries and territories. 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 March 31, 2021, Manulife Investment Management had CAD $764.1 billion (US $607.6 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit .