Forest Invest

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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)
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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.

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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.

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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.

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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.