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Mass Timber Projects: A New Trend in Climate Tech and Real Estate

Mass timber is a type of engineered wood that is made from layers of lumber glued together. It is stronger, lighter, and more fire-resistant than conventional wood, and it has a lower carbon footprint than concrete and steel. Mass timber projects are gaining popularity in the Pacific Northwest, where climate tech and real estate executives are collaborating to create innovative and sustainable buildings.

What is Climate Tech and Why Does It Matter?

Climate tech is a term that refers to technologies and solutions that aim to reduce greenhouse gas emissions, enhance resilience to climate change, and support the transition to a low-carbon economy. Climate tech encompasses a wide range of sectors, such as renewable energy, electric vehicles, carbon capture, and green construction.

Climate tech matters because it is essential for addressing the global climate crisis, which poses serious threats to human health, biodiversity, and economic development. According to the Intergovernmental Panel on Climate Change (IPCC), the world needs to reach net-zero emissions by 2050 to limit global warming to 1.5°C above pre-industrial levels and avoid the most catastrophic impacts of climate change.

How Mass Timber Projects Fit into Climate Tech

Mass timber projects are a form of green construction that can contribute to climate tech goals. According to a report by the U.S. Department of Agriculture, mass timber can store more carbon than it emits during its life cycle, making it a carbon-negative material. Mass timber can also reduce the demand for concrete and steel, which are responsible for about 8% and 7% of global emissions, respectively.

Mass Timber Projects: A New Trend in Climate Tech and Real Estate

Mass timber projects can also offer other benefits, such as:

  • Faster and quieter construction, as mass timber panels can be prefabricated and assembled on site
  • Improved indoor air quality, as mass timber does not emit volatile organic compounds (VOCs) or formaldehyde
  • Enhanced thermal performance, as mass timber can provide insulation and reduce energy consumption for heating and cooling
  • Increased aesthetic appeal, as mass timber can create a natural and warm atmosphere

Examples of Mass Timber Projects in the Pacific Northwest

The Pacific Northwest is a hot spot for mass timber projects, as it has abundant forests, a strong timber industry, and a culture of environmental stewardship. Some of the examples of mass timber projects in the region are:

  • Framework in Portland, Oregon: The first mass timber high-rise building in the U.S., which will have 12 stories and 60 units of affordable housing
  • Catalyst in Spokane, Washington: The first net-zero energy and carbon-ready building in North America, which will have five stories and house the joint campus of Eastern Washington University and Washington State University
  • Origins in Seattle, Washington: The first mass timber office building in Seattle, which will have seven stories and feature a rooftop deck and a rainwater harvesting system
  • Ascent in Milwaukee, Wisconsin: The tallest mass timber building in the world, which will have 25 stories and 259 luxury apartments

A New Real Estate Investment Firm Focusing on Mass Timber Projects

To capitalize on the growing demand for mass timber projects, two climate tech executives from the Pacific Northwest have launched a new real estate investment firm that will focus on developing and financing mass timber buildings. The firm, called Timber Ventures, is co-founded by Gregg Semler and David Kenney, who have backgrounds in clean energy and innovation.

Semler and Kenney said that they see mass timber as a disruptive technology that can transform the construction industry and create positive social and environmental impacts. They also said that they want to leverage their expertise and network to help accelerate the adoption of mass timber in the U.S. and beyond.

Timber Ventures has already secured $50 million in funding from private investors and institutional partners, and it plans to raise another $100 million by the end of 2023. The firm has also identified several potential projects in the Pacific Northwest, California, and the Midwest, and it expects to break ground on its first mass timber building in 2024.

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