What is Drylandcarbon?

Drylandcarbon is a Kiwi carbon forestry operation designed to help New Zealand meet its climate change commitments through forestry on land where trees are the best use of land. We have a preference for rotation forestry and for partnerships with landowners.


Who is behind Drylandcarbon?

Drylandcarbon is a partnership of four kiwi companies: Air New Zealand, Contact Energy, Genesis Energy and Z Energy. They seek carbon credits from the forestry operations to meet their compliance surrender obligations under the New Zealand Emissions Trading Scheme.

The Partnership is managed by a Lewis Tucker & Co management enterprise. Lewis Tucker is an advisory and investment banking firm specialising in the agribusiness and forestry sectors. It has a wide variety of clients and anchors its service offering on being a reliable transparent advisory partner to investors and participants in the agribusiness and forestry sectors.

The principals behind this initiative, Christopher Morrison and William Leckie, collectively have over 35 years’ experience in the investment, enterprise management and capital markets sectors in New Zealand. They are individuals with proven track records.


Why would I farm carbon?

New Zealand will simply not meet its climate change commitments without forestry. There is a lot of land in New Zealand which is economically marginal, difficult to farm and often contributing to poor environmental outcomes. This land is well suited to carbon forestry, potentially delivering much greater returns to farmers than continued farming of poor-quality, economically marginal land.


Why Drylandcarbon?

Not all carbon forestry organisations are the same – far from it. Forestry is a long-term commitment and Dryland carbon has objectives and values clearly aligned to New Zealand’s rural sector.

Dryland carbon will not plant productive, high-quality pastoral farmland and has walked away from such transactions. But we will work with farmers to plant the steep, erosion-prone parts of a farm which are unsafe and uneconomic to farm.

We seek to be the trusted, transparent forestry and carbon farming partner of choice.

  • Knowing who you are dealing with: Dryland carbon is backed by four kiwi companies, all committed to transparency, environmental best-practice and to supporting local communities.
  • Genuine partnership: Dryland carbon prefers a long-term partnership model - farmers retain ownership of the land and receive an annual lease payment. Dryland carbon provides the capital and manages the planting, forestry, ETS operations and administration.
  • Managing risk: Under this model, Dryland carbon manages the risks in a transparent partnership with landowners, leaving them free to focus on the rest of their farming business.
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Why are we doing this?

A partnership with Dryland carbon can improve land profitability, productivity, environmental outcomes and support rural communities.

Through our commitments to partnerships and rural communities, Dryland carbon is the clear partner of choice for landowners considering diversifying into forestry and carbon farming.

FOR FARMERS

A partnership with Dryland carbon offers farmers the choice to:

  • Retain ownership of their land
  • Diversify and potentially increase income streams
  • Improve returns from marginal land
  • Support succession planning and debt reduction through higher incomes
  • Capture potential environmental benefits from forestry on marginal land
  • Focus on and intensify farming on their more productive land
  • Allow regeneration of native forest where planting of exotic forestry is not suitable
  • Reduce risk through outsourcing management of forestry operations and participation in carbon markets.

FOR NZ INC

A forestry partnership with Drylandcarbon will generate a number of significant benefits to New Zealand:

  • High sequestration of carbon from the environment, helping New Zealand meet its climate change commitments
  • See the right tree planted in the right place – on marginal, uneconomic land where forestry is the best environmental and economic use of the land
  • Significantly improved environmental outcomes, including improving land suitability sediment run off and water quality
  • Allows marginal land to make better economic contribution to the benefit of farmers, tangata whenua and rural communities.
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Governance

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Paul Foley BCA (Accounting), LLB, CFInst

Chairman

Paul is a company director and lawyer based in Wellington with a reputation for innovative thinking, providing the input that has enabled complex transactions to be worked through to a successful conclusion.  He has had over 30 years’ experience as a corporate lawyer across services, investment, manufacturing and resource-based industries with governance roles in the funds management and oil and gas sectors, including as Chair of a listed ASX company.  Paul is now a consultant with MinterEllisonRuddWatts and Executive Chair of Booster Financial Services Limited, a locally owned fund manager with $3b+ under management and one of the appointed default KiwiSaver providers.

Paul is a Chartered Fellow of the NZ Institute of Directors.

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MIKE PETERSEN BAgr (Production and Management), CMInst

Independent

Mike Petersen is an award-winning farmer and industry leader in the New Zealand agribusiness community. Mike owns and operates a finishing farm in Hawke's Bay, which he has managed since New Zealand’s agricultural reforms in the late 1980s. Mike also has governance roles with a number of New Zealand farming businesses and agribusinesses servicing the rural sector and has served as New Zealand’s Special Agricultural Trade Envoy since July 2013.

 Mike has extensive insights into global trends and market opportunities and has represented New Zealand’s agricultural sector in a range of different contexts internationally. Some of these experiences include being part of trade delegations, presenting at international conferences, and in constituency building around achieving comprehensive outcomes in various FTA negotiations, including the China New Zealand FTA, CPTPP, Brexit, a new Europe New Zealand trade agreement and the Pacific Alliance. 


Meet the Team

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Directors

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William Leckie (Will) – MASTER’S IN FINANCE, BCOM

Director

Will is one of the principals behind Drylandcarbon (alongside Chris). Will is not involved in the day to day management of Drylandcarbon but provides assistance to Colin as and when required, along with general governance of the entity.

In Will’s day-to-day role he manages the Lewis Tucker team alongside Chris Morrison, an Agri-focused professional advisory business. Prior to joining Lewis Tucker in 2014, Will worked for Todd Corporation in the Corporate Development team with Chris where he was a senior member of the team whose role included deal origination, execution, investment and sector analysis, strategy development, capital management and raising capital for investee companies in New Zealand and offshore. Prior to joining Todd, Will was at Summerset Group Holdings where he assisted in the facilitation of its successful IPO in 2011. This followed a graduate career with AMP Capital.

 
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Christopher Morrison (Chris) – MBA, B Ag Sci.

Director

Chris is one of the principals behind Drylandcarbon. Chris is involved in the governance of Drylandcarbon.

In Chris’ day-today role he is Managing Director of Lewis Tucker, which he founded in 2013. Prior to Lewis Tucker, Chris spent over 20 years across two tenures at the Todd Corporation, during which time Chris headed the Corporate Development Team charged with the responsibility of originating, acquiring, managing and divesting assets in both New Zealand and offshore. Chris’ wider roles included oversight of strategy development, executing major transactions and proactively managing investments that required competence in senior governance roles. Chris also had 3 years at HRL Morrison & Co in the mid-90’s and as a graduate, worked in the horticultural export sector for PGG Wrightson’s.

Beyond providing oversight of Lewis Tucker, Chris is the Chairman of Veterinary Enterprises Group and, a Director of FarmIQ. Chris also has pastoral farming interests in the Wairarapa.


Team

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Colin Jacobs – CHARTERED ACCOUNTANT (ICAS), BACHELOR OF ACCOUNTANCY HONS.

General Manager

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Colin is responsible for the day to day oversight and management of Drylandcarbon.

Colin joined Drylandcarbon in 2019 and having previously spent 7 years leading teams across the energy and logistics sectors in New Zealand and the UK. These roles included providing governance and financial leadership on sale and purchase transactions at The Todd Corporation and New Zealand Post. Prior to arriving in New Zealand in 2012, Colin spent 5 years in Audit and Assurance Services at Ernst & Young in Scotland.

Colin is a member of the Institute of Chartered Accountants Scotland (ICAS) and has an Honours degree in Accountancy from the University of Glasgow.

 
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Fintan Phillipps (Fin) – DIP AG, AGRICULTURE. BAPPL SCI, AGRIBUSINESS

Chief Operating Officer

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Fin joined Drylandcarbon in 2019 bringing with him a deep understanding, passion and knowledge of the NZ agricultural industry.

Fin spent eight years working in senior leadership roles within Farmlands and Landcorp. These roles included strategic management, environmental and financial performance, leadership of large teams, and responsibility for health and safety. Fin also had responsibility for the management of large multiple farm development projects.

Prior to Landcorp Fin spent seven years living in London working in procurement and supply chain management for BP, his passion and interest have however always been in agriculture, having spent much of his early life living and working on farms.

 
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James Harty, CA - BCom, LLB, Barrister and Solicitor of the High Court of New Zealand

Investment Manager

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James’s primary responsibilities for Drylandcarbon include initial land and ETS mapping and financial modelling to support the evaluation of new acquisition and landowner Joint Venture opportunities.

James joined Lewis Tucker in 2019 from KPMG Wellington where he worked in the Deal Advisory and Tax teams. During his time at KPMG James worked on numerous buy-side and sell-side assignments, undertook sector analysis, due diligence, and M&A advice across a range of industries.

Through his work at Lewis Tucker, James has developed significant analytical skills in relation to land use economics across the horticulture and agriculture industries which enable him to accurately and efficiently assess land opportunities against the Partnership’s objectives and obligations to the communities in which it operates.

 
 

Lewis Tucker & Co

Lewis Tucker & Co reports to Colin and provides strategic and technical advice to the Partnership. Key responsibilities include the identification and negotiation of land acquisitions and Joint Ventures, development and maintenance of the Portfolio financial model, as well as commercial advice with respect to technical corporate finance, stakeholder management, and ETS regulatory interface. These services are led by Associate, Tom Wynne-Lewis, who holds a Masters of Finance and has a strong background in primary sector investment banking and advisory. Having grown up on a hill country sheep and beef station in Central Hawkes Bay, Tom believes that forestry on marginal land has an important role to play in providing landowners with diversification of income and enabling capital flexibility to assist with family succession or reinvestment into high quality land.