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Forest Invest

Shauna Matkovich
Forest Invest
Latest episode

97 episodes

  • Forest Invest

    Natural Capital Investment: What Happens Beyond Timber and Carbon Objectives with Cakey Worthington

    10/08/2026 | 1h
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    Aurora Sustainable Lands
    Aurora on LinkedIn

    Today, I'm joined by Cakey Worthington, Senior Vice President of Sustainability and Natural Capital at Aurora Sustainable Lands. In this conversation, Cakey explains how Aurora has evolved from a carbon-focused investment strategy into a broader natural capital approach—one that values biodiversity, water, recreation, and other ecosystem services alongside financial returns. We discuss why carbon stewardship is replacing carbon maximization, how active forest management can strengthen both ecological resilience and long-term investment performance, and what investors should look for when evaluating natural capital asset managers. Cakey also shares how Aurora integrates field data, AI, remote sensing, and biodiversity monitoring across 1.65 million acres of forestland and why partnerships, transparency, and measurable outcomes will shape the future of institutional forest investment.

    "Our investors didn't invest in a fund—they invested in Aurora. That gives us the freedom to think beyond short-term returns and make management decisions that improve forest health, carbon outcomes, and ecosystem value for decades."

    0:00 – Intro & favorite tree (the American white oak)
    2:48 – Cakey's background and Aurora's origin story
    8:01 – Investor profile and company structure
    10:49 – From carbon strategy to natural capital
    13:27 – What "natural capital" signals for the industry
    16:56 – Harvesting operations and the evolving carbon strategy
    19:42 – What to look for in a natural capital asset manager
    23:56 – Data collection and operational decision-making
    32:03 – Ecosystem services: insurance, communities, and other stakeholders
    33:23 – Carbon stewardship vs. carbon maximization
    40:08 – Lessons from adaptive, landscape-scale management
    42:44 – Combining field data, remote sensing, and AI for monitoring
    50:56 – The ISFC Natural Capital Project
    53:37 – Balancing commercial returns with ecological outcomes
    55:50 – Optimism for the future of natural capital
    58:46 – Advice for investors new to forest investment
    59:44 – Where to learn more about Aurora Sustainable Lands

    Founding Director and Host: Shauna Matkovich - The ForestLink
    Producer and Editor: Magdalena Laas - Unscripted Creatives

    Nature by MaxKoMusic/Soundcloud
    Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
    Ambient Documentary by Sound Guru (Pixabay)
    Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.
    Hosted on Acast. See acast.com/privacy for more information.
  • Forest Invest

    Scottish Forestry Investment: Timber Security, Commercial Forestry & the Future of Productive Forests with David Robertson

    03/08/2026 | 51 mins.
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    Scottish Woodlands
    David Robertson on LinkedIn

    Today, I'm joined by David Robertson, Director of Investment and Business Development at Scottish Woodlands. In this conversation, David provides an inside look at Scotland's commercial forestry sector, explaining how productive forestry, biodiversity, and climate objectives can work together rather than compete. We discuss Scotland's timber supply, afforestation ambitions, forest investment opportunities, and how the UK remains heavily reliant on imported wood products. David also shares his perspective on balancing timber production with carbon projects, the evolution of modern plantation design, and why productive forests remain critical to long-term climate and economic resilience. We explore the challenges of public perception, community engagement, and the realities of managing forests in Scotland's unique landscape and climate.

    "The best advisors you can get are people who've got muddy boots but clean spreadsheets."

    00:00 – Introduction and guest welcome
    03:10 – David Robertson's background and Scottish Woodlands
    06:07 – Scotland's forests: native vs commercial forestry
    08:58 – Timber production, imports, and future supply challenges
    11:15 – Government planting targets and afforestation ambitions
    15:01 – Who invests in Scottish forestry?
    17:13 – Timber production vs carbon projects
    19:14 – Modern forestry: biodiversity and mixed-species planting
    22:40 – Land ownership, leases, and carbon agreements
    24:42 – Public access and Scotland's right to roam
    26:57 – Community concerns and public perception of forestry
    31:14 – Anti-forestry activism and the challenge of communication
    32:48 – Why clear-cutting is still necessary in Scotland
    39:17 – Changing public opinion through engagement
    40:28 – Continuous cover forestry: opportunities and limitations
    45:05 – The future of Scottish forestry over the next 20 years
    48:38 – Advice for new forestry investors
    50:57 – Where to learn more and closing remarks

    Founding Director and Host: Shauna Matkovich - The ForestLink
    Producer and Editor: Magdalena Laas - Unscripted Creatives

    Nature by MaxKoMusic/Soundcloud
    Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
    Ambient Documentary by Sound Guru (Pixabay)

    Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.
    Hosted on Acast. See acast.com/privacy for more information.
  • Forest Invest

    The Impact Advantage of Investing in Naturally Regenerating Forests with Jim Hourdequin

    27/07/2026 | 53 mins.
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    The Lyme Timber Company

    Today I'm joined by Jim Hourdequin, CEO and Managing Director of The Lyme Timber Company, one of the pioneers of institutional timberland investing and impact forestry. As the company celebrates its 50th anniversary, Jim reflects on the investment philosophy that has guided Lyme since 1976 and explains why naturally regenerating forests create unique opportunities to deliver both attractive investment returns and meaningful conservation outcomes. We discuss how conservation easements have become a cornerstone of Lyme's strategy, why the firm invests beyond the forest gate into logging businesses and sawmills, and the opportunities and trade-offs presented by forest carbon markets. Finally, Jim shares why evergreen investment structures, patient capital, and investing in people are essential ingredients for building resilient forests—and resilient forest businesses.

    "We have to make logging safer. We can't expect people to work eighty-hour weeks. If we invest in people, pay attractive wages and adopt better technology, we'll recruit outstanding professionals and build stronger forestry businesses over time."

    00:00 – Introduction and Lyme Timber's 50-year anniversary
    02:30 – Jim Hourdequin's background and the evolution of Lyme Timber
    06:30 – Building a long-term investment philosophy in timberland
    11:30 – Pioneering impact investing through conservation
    17:00 – Conservation easements: how they work and why they matter
    29:55 – Carbon markets: opportunities, limitations, and trade-offs
    36:40 – Investing beyond forests: strengthening the timber supply chain
    40:55 – Mechanized logging, safety, and innovation on steep terrain
    45:05 – Addressing labor shortages and the future of forestry operations
    47:45 – Lyme's new evergreen fund and long-term vision
    51:45 – Advice for new forest investors and closing remarks

    Founding Director and Host: Shauna Matkovich - The ForestLink
    Producer and Editor: Magdalena Laas - Unscripted Creatives

    Nature by MaxKoMusic/Soundcloud
    Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
    Ambient Documentary by Sound Guru (Pixabay)
    Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.
    Hosted on Acast. See acast.com/privacy for more information.
  • Forest Invest

    Take-aways from London Climate Action Week 2026 - carbon market demand is strengthening with Jen Stebbing

    06/07/2026 | 47 mins.
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    Jen Stebbing on LinkedIn
    Sotora Global
    AFF's Permanence Trust's preliminary findings
    Climate Collective
    SHIFT-CM's Buffer Pools & Beyond
    RMI
    Nature's Echo - Prof. Thomas Crowther

    Today, I'm joined once again by Jen Stebbing, CEO and Co-Founder of Sotora Global, to unpack the biggest conversations from London Climate Action Week 2026 and what they mean for forest investors, carbon markets, and nature finance.
    Jen shares why this year's discussions marked a noticeable shift from questioning whether carbon markets work to focusing on how to scale them with greater integrity. We explore the emerging demand signals from corporate buyers, the evolving role of standards such as SBTi, and why a communications gap—not necessarily a market gap—may be holding back investment confidence.

    We also take a deep dive into one of the week's most promising developments: the concept of Contracted Durability and the Permanence Trust, an innovative approach that could fundamentally change how reversal risk is managed in forest carbon markets. Along the way, we discuss portfolio approaches to climate investing, REDD+, forest carbon pricing, nature-based removals versus avoided emissions, and why protecting existing forests remains just as critical as planting new ones.

    If you want a concise overview of where climate finance, forest carbon, and nature markets are heading—and what investors should be watching next—this episode provides an invaluable temperature check from one of the sector's most connected voices

    "I think there's now a communications gap between where carbon markets actually are and where people think they are. Much of the public narrative is still stuck in 2023, while the market itself has moved forward substantially."

    00:00 – Introduction and overview of London Climate Action Week
    01:00 – What London Climate Action Week is really like
    03:33 – The biggest takeaway: markets and finance are working
    05:16 – Missed sessions, FOMO, and key workshops on permanence
    06:28 – Permanence, durability, and the Permanence Trust explained
    10:04 – Demand-side challenges and signals from carbon buyers
    12:42 – New standards, policy developments, and future demand drivers
    16:47 – Reframing carbon market risk for investors
    18:33 – Why buyers remain cautious despite growing confidence
    20:27 – Portfolio investing and emerging buyer strategies
    22:08 – Practical successes and innovations from the field
    24:23 – REDD+, governance improvements, and social value measurement
    25:46 – The true cost of high-integrity forest carbon
    26:56 – Major announcements and promising new initiatives
    28:00 – Policy discussions and the European outlook
    30:22 – Investor preferences across forest carbon project types
    33:28 – Super pollutants as an entry point to carbon markets
    35:36 – Behind-the-scenes conversations and AI in climate finance
    37:01 – Frustrations and three key messages from the week
    38:29 – Looking ahead to London Climate Action Week in 2036
    40:13 – Book recommendation and final reflections
    40:51 – Revisiting the Permanence Trust and contracted durability
    46:47 – Investment advice for newcomers to forest finance
    47:44 – Closing remarks and where to learn more

    Founding Director and Host: Shauna Matkovich - The ForestLink
    Producer and Editor: Magdalena Laas - Unscripted Creatives

    Nature by MaxKoMusic/Soundcloud
    Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
    Ambient Documentary by Sound Guru (Pixabay)
    Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.
    Hosted on Acast. See acast.com/privacy for more information.
  • Forest Invest

    From the Vault: Plantation Carbon Forestry in Australia with Andrew Morgan

    29/06/2026 | 50 mins.
    The ForestLink newsletter sign-up
    SFM Agribusiness

    From the Asset Vault: In this conversation, I'm joined by Andrew Morgan, Managing Director of SFM Agribusiness, one of Australia’s leading forest management operators - both for traditional timberland management and more recently, in plantation forest carbon projects. We explore the evolution of Australia’s compliance carbon forestry market and the benefits and challenges of the system's standards and methodological approaches for generating Australian Carbon Credit Units (or ACCUs). Andrew explains the mechanism of the market, pricing, and who the main buyers are. He goes on to describe SFM's “ActivAcre” model and how it is enabling landowners to partner with institutional investors for new forest investments. Andrew walks us through the logistic, regulatory, and social factors impacting land aggregation and how carbon credits are reshaping institutional forestry portfolios in Australia.

    "If you'd asked me 3 or 4 years ago, carbon and a carbon strategy weren't even considered by most institutional investors when looking at larger assets. It's now a really important part of the value. Traditionally, it was the land and the tree crop. There's now land, tree crop, and carbon. And it could be forming 20 - 30% of the total valuation."

    00:12 – Introduction and guest overview
    00:48 – Andrew Morgan's background and SFM Agribusiness
    03:17 – History of carbon forestry in Australia
    06:31 – The four plantation carbon methodologies explained
    09:06 – Why Australia needs more plantation forests
    10:46 – How Australia's carbon market works
    13:48 – Carbon credit buyers and market demand
    15:20 – Voluntary vs compliance carbon markets
    16:22 – Strengths and weaknesses of the compliance system
    20:39 – Future supply and demand for Australian carbon credits
    21:50 – Lessons from developing plantation carbon projects
    23:44 – The Active Acre landowner partnership model
    29:37 – Landowner engagement and scaling plantations
    30:52 – Landowner concerns and long-term risk
    35:21 – Institutional investor perspectives
    38:39 – Evaluating land and building project pipelines
    40:51 – Why major emitters invest directly in carbon projects
    42:22 – Unlocking Australia's plantation forestry potential
    44:34 – Emerging trends in carbon, biomass and biodiversity
    48:51 – Advice for new forest investors
    50:11 – Closing remarks and where to learn more

    Founding Director and Host: Shauna Matkovich - The ForestLink
    Producer and Editor: Magdalena Laas - Unscripted Creatives

    Nature by MaxKoMusic/Soundcloud
    Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
    Ambient Documentary by Sound Guru (Pixabay)

    Sign up now for the ForestLink’s newsletter, where you’ll receive technical advice, reflections, and best-practice guidance to support you with your forest-linked investment strategy or business straight to your inbox.
    Hosted on Acast. See acast.com/privacy for more information.
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About Forest Invest
Meet experts in forest investment from different corners of the forestry asset class. From investors to entrepreneurs, market players to service providers. Tune in to hear stories from the trenches, insights and best practice guidance to build your toolbox for creating profitable and impactful forest investments. Hosted on Acast. See acast.com/privacy for more information.
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