Carbon Farming NZ

1. Business / Trading Name: New Zealand Carbon Farming (NZCF) – also referred to as the NZ Carbon Farming Group. The primary operating company is New Zealand Carbon Farming Limited (often branded simply as “NZ Carbon Farming”).

2. Company Number / NZBN: Company No. 8158082; NZBN 9429048981880. Incorporated 9 Feb 2021 as a privately-owned NZ Limited Company (status: Registered). (Note: A predecessor entity of the same name was originally established in 2010.)

3. Registered Addresses: Registered office at Baker Tilly Staples Rodway Auckland, Level 9, 45 Queen Street, Auckland. Corporate office (2024) listed at Carlaw Park, Parnell, Auckland.

4. Founders: Matthew “Matt” Walsh and Bruce Miller co-founded NZ Carbon Farming in 2010. Both are New Zealand entrepreneurs with backgrounds outside traditional farming – Walsh in commodities trading (London) and Miller in tech startups (Silicon Valley) – who pivoted to carbon forestry as a business opportunity.

5. Owners / Shareholding: Privately held by a group of individual investors (no single majority owner). Significant beneficial owners each ~16.7% include co-founders Matt Walsh and Bruce Miller, along with Jane Walsh, Kellie Miller and investor Frank Janssen. Four smaller shareholders (~4.17% each) are Jamie Powell, Matthew Fulton, Glen Martyn, and Alison Nation. (Ownership is split via trusts/holding companies, but ultimately controlled by these NZ-based individuals.)

6. Board of Directors: Matt Walsh and Bruce Miller serve as Directors of New Zealand Carbon Farming Ltd. They have been directors since the company’s incorporation (Feb 2021) and together set strategic direction. No independent or external directors are listed for the main company (as of latest records).

7. Executive Leadership: Peter Casey is Chief Executive Officer (CEO) of NZ Carbon Farming Group. He joined after a career in forestry management and also chairs the NZ Institute of Forestry’s Registration Board. The Chief Forestry Advisor is Bryan McKinlay (with NZCF since 2015). Tayla Westman serves as Corporate Counsel (in-house lawyer) and Environmental Planner. Matt Walsh (Managing Director) and Bruce Miller remain actively involved in day-to-day leadership and major deals.

8. Past Personnel: No former politicians or high-profile public figures are known to have held executive roles. However, NZCF has employed scientific advisors (e.g. AUT Prof. Len Gillman) and forestry consultants. Bruce Miller previously worked at Mighty River Power (a major electricity company) before co-founding NZCF, reflecting corporate ties he brought into the venture.

9. Core Business Activities: NZ Carbon Farming’s core business is establishing large-scale commercial forests (primarily Pinus radiata) on marginal or purchased farmland to earn carbon credits under the Emissions Trading Scheme (ETS). Uniquely, these forests are “permanent” forests – not harvested for timber – instead left to accumulate carbon. NZCF then sells bulk NZU (carbon units) to emitters (e.g. energy companies) needing offsets. It manages the full process: leasing or buying land, planting pines, controlling pests, and trading carbon credits.

10. Assets & Land Holdings: NZCF is one of New Zealand’s largest private land managers. As of 2019 it owned ~28,365 hectares outright, and by 2024 it claims to manage a total forest estate of ~78,000 hectares (including leased land). About 67,000 ha of this is permanent pine forest intended eventually to regenerate into native bush. Major land holdings are spread across North Island hill country (e.g. Wairoa, East Coast, Tararua, Wanganui/King Country) and some South Island sites. NZCF either owns or holds 30–50 year leases on these lands.

11. Subsidiaries & Related Entities: The NZ Carbon Farming Group operates via dozens of subsidiary companies (often named after specific forests or deals). Examples include New Zealand Carbon Farming (Arawera) Ltd, NZ Carbon Farming (Gisborne) Ltd, NZ Carbon Farming (Manganui) Ltd, and NZ Carbon Farming (WT) Ltd (registered 2023) – each likely holding specific land assets. It also formed New Zealand Carbon Leasing Ltd entities (e.g. No. 2 Ltd) for leasing arrangements. Another venture is New Zealand Forest Leasing, a sister company through which Walsh and Miller broker land-lease deals (e.g. a recent $60 million sale-and-leaseback of forests with NZ Rural Land Co, a publicly listed land investor). NZCF additionally owns a 50% stake in NZ AutoTraps, a pest-control technology firm deploying AI-enabled traps across its forests.

12. Clients / Counterparties: NZ Carbon Farming’s main clients are large greenhouse emitters who purchase carbon credits. It describes itself as a supplier of “bulk carbon credits to large energy and oil companies”. For example, NZCF had a long-term contract to sell credits to Mighty River Power (Mercury Energy) under a 15-year deal. Other likely credit buyers include fuel companies and industrials seeking to meet ETS obligations (specific clients are usually confidential, but references include Sealord (fishing company) partnering with NZCF for offsets). On the land side, NZCF’s customers include farmers and landowners: it pays them rent to plant trees on marginal land. Investment groups like MyFarm’s Terra Verde have also partnered with NZCF, whereby investors buy land and NZCF leases it to plant permanent forests.

13. Affiliations & Industry Memberships: NZ Carbon Farming is not publicly listed in the Forest Owners Association (which mostly represents production forestry). Instead, it aligns with carbon market and conservation networks. NZCF executives are active in professional bodies like the NZ Institute of Forestry. The company has cited support from scientific institutions (AUT University, Manaaki Whenua) in developing its pine-to-native methodology. It has cooperated with government agencies (MPI, DOC) on pest control and regeneration trials. NZCF has also been involved in policy forums, making submissions to government on ETS and land use rules. It works alongside some Māori land trusts and at least one iwi (Ngāti Porou) on carbon forest initiatives in eastern regions.

14. Political Engagement & Lobbying: NZCF engages professional lobbyists and consultants to influence policy. Notably, it has been a client of Capital Government Relations, a lobbying firm headed by ex-Prime Ministerial advisor Neale Jones. NZCF representatives frequently submit on legislation – for instance, proposing changes to the ETS forest accounting rules in 2020 – and meet with officials. The company is known to cultivate relationships across the political spectrum, from government ministers to opposition MPs. However, no revolving-door hires (ex-MPs or ministers on staff) are evident to date.

15. Government Subsidies: COVID-19 Wage Subsidy: No record found. NZ Carbon Farming does not appear on published wage-subsidy recipient lists, indicating it did not claim the 2020–21 COVID wage subsidies (likely because its revenue was not as directly impacted by lockdowns). It has not received any known direct government bailout or grants. However, NZCF benefits from indirect government support for forestry/climate: e.g. it profits from the ETS (a government-created market) and could access the One Billion Trees program incentives (though specific grants to NZCF are not public).

16. Government Contracts: NZCF has no known government procurement contracts for goods/services. Its dealings with government are mainly regulatory (ETS, land approvals). It has partnered with government-sponsored programs on pest control; for instance, it is involved in predator control efforts aligned with the Predator Free 2050 initiative on its forests (deploying thousands of traps to fulfill its pest management obligations).

17. Overseas Investment Office (OIO) Filings: While primarily NZ-owned, NZCF has had to engage with the OIO for land deals. The company has utilized the special “Forestry Investor” pathway introduced in 2018 to streamline foreign investment in forests. In practice, NZCF’s land purchases have been approved under this regime. It was highlighted in 2019 as one of NZ’s largest landholders amid concerns about foreign capital: an OIO investigation reportedly examined one NZCF subsidiary’s ownership structure, but ultimate control was traced to NZ-based shareholders Walsh and Miller. (Any foreign minority share – e.g. Frank Janssen’s stake – has been kept under control thresholds.)

18. Regulatory Compliance: NZCF’s forests are enrolled in the Emissions Trading Scheme as post-1989 forest sinks, generating NZUs. The company is subject to ETS rules (monitoring carbon stocks, surrendering units if land is deforested) and Resource Management Act rules for forestry (soil disturbance, wilding pine control, etc.). There have been no major regulatory penalties disclosed against NZCF. That said, regional authorities have scrutinized its forestry practices: e.g. Wellington’s regional council is considering tighter rules on permanent afforestation largely due to NZCF’s expansion, and NZCF has been actively submitting on such plan changes to ensure its operations continue permissibly.

19. Environmental Claims: NZCF portrays itself as an environmentally positive enterprise – “Preserving our planet for future generations” is its slogan. It claims its pine forests are managed as a “nurse crop” to transition into biodiverse native forest over time. The company highlights efforts in pest eradication, native understory planting, and research trials to facilitate regeneration. It also touts millions of tonnes of CO₂ removed by its forests and positions itself as a major contributor to NZ’s climate targets. These claims, however, are met with skepticism by some experts.

20. Social Responsibility & Philanthropy: NZ Carbon Farming has provided philanthropic funding for scientific research and conservation. For example, it funds trials on native forest regeneration and sponsors innovation in pest control (through NZ AutoTraps) to reduce forest predator impacts. These contributions can be seen as efforts to “give back” and improve the ecological credibility of its operations.

21. Political Donations: No disclosed political donations from NZ Carbon Farming or its principals were found in public records. Neither the company nor Walsh/Miller appear among major donors to political parties (above the public disclosure threshold) in the past decade. NZCF tends instead to wield influence via lobbying and policy engagement rather than direct party funding. (If any donations were made below disclosure limits or indirectly, they have not been reported.)

22. Media and Public Relations: Historically NZCF kept a low public profile – avoiding media attention while quietly acquiring land. As carbon farming became controversial, the founders gave rare interviews (e.g. NZ Herald, 2021) to defend their model. The company maintains a polished website with case studies and an “Insights” blog positioning its work positively. In contentious situations, NZCF tends to respond via written statements. It has occasionally hired PR consultants for damage control – for example, engaging communications advisors when regional media reported community concerns about its forests. Despite this, critics accuse NZCF of poor transparency, noting that much of what is known comes from investigative journalism rather than proactive disclosure.

23. Controversies: NZ Carbon Farming has attracted significant controversy and criticism:

    • Rural Community Impacts: Farmers neighboring NZCF forests complain of pest animals invading their farms, increased wild deer, pigs and goats breeding in untended pine stands, and alleged inadequate pest control by NZCF. Tensions boiled over in Otago in 2024 with reports of stock wandering into NZCF blocks being shot by forestry contractors, and police mediating community meetings over NZCF’s pest management failures.

    • Fire Risk: Permanent pine forests can pose fire hazards. In 2020, a massive wildfire ripped through NZCF’s Fairview forest (Waitaki Valley) after a pine fell on power lines, nearly destroying a neighboring farm. Locals blamed the lack of firebreaks; NZCF insisted it had proper fire management, though half the forest burned. Charred pine skeletons remain, raising fears of future fires.

    • Land Use Change Concerns: NZCF has been at the forefront of converting sheep & beef farms into carbon forests. Rural lobby groups accuse it of “gutting” farming communities – pointing to closed farm operations, lost jobs, and depopulation when NZCF buys farms for forestry. Politicians in farming electorates have echoed that NZCF’s rapid expansion is “altering landscapes forever” and reducing NZ’s food production capacity.

    • Greenwashing Allegations: Critics question NZCF’s signature promise that its pine plantations will regenerate into native forest. A prominent farmer called this claim “bullshit”, noting that in harsh dry country, pines more likely give way to gorse and broom, not lush native bush. Scientists acknowledge native transition is unproven at NZCF’s scale and will require intensive intervention over decades. There are no legal penalties if NZCF fails to transition to natives, fueling skepticism that the “eventual native forest” narrative is more PR than guaranteed outcome.

    • Community Relations: Several local councils and iwi have sparred with NZCF over its practices. In Tairāwhiti, concerns arose that carbon forests might not pay future rates or maintain infrastructure, effectively “stranding” communities. Some locals describe NZCF as absentee landowners who provide minimal local employment (studies show carbon forestry yields only ~2 jobs per 1000 ha vs ~17 in sheep & beef farming). NZCF contests this, claiming it employs dozens in forest management and pest control, but distrust persists in some areas.

24. Legal Disputes: NZ Carbon Farming has been involved in high-profile legal battles over carbon contracts. In 2015, it sued Mighty River Power (MRP) for $34.7 million, alleging a contract clause required MRP to buy almost double the agreed carbon credits due to a change in ETS forestry accounting. The case went to the High Court: NZCF’s managing director Matt Walsh argued NZCF was simply enforcing its rights, while MRP saw it as an opportunistic claim. The Court of Appeal ultimately rejected NZCF’s interpretation, siding with MRP that doubling the credits was never the parties’ intent. This defeat cost NZCF legal fees and underscored the uncertainties in carbon contracts. Another case (NZCF v Laidmore, 2015) involved a dispute with a landowner – details were not widely reported, but it likely concerned land/lease terms. There are no known criminal or regulatory prosecutions of NZCF; its disputes have been commercial in nature.

25. Financial Profile: NZ Carbon Farming’s financials are not publicly disclosed (as a private company). However, media estimates suggest substantial revenues from carbon credit sales. By 2021, NZCF was generating roughly 2.6 million NZUs per year. At 2021’s carbon price (~NZ$50–$60/tonne), annual gross revenue would exceed NZ$130 million. The carbon price spike to ~$85 in 2022 likely yielded windfall profits. NZCF’s land acquisitions (tens of thousands of hectares) have been capital-intensive – often funded via debt or joint ventures. A listed entity, NZ Rural Land Co, spent $60m on land leased to NZCF, indicating NZCF’s model of partnering with investors to avoid tying up its own capital in freehold land. The company’s profitability is closely tied to carbon prices: it flourished when NZU prices soared, but recent policy shifts causing price drops pose a financial risk (NZU prices fell sharply in late 2022–2023, testing NZCF’s resilience).

26. External Relationships: NZCF operates in a broader ecosystem of carbon forestry players. It has notable competitors and collaborators:

    • Competitors: Maori Carbon Collective / Foundation – launched 2022 by Sir Mark Solomon, Hone Harawira, Michelle Boag, and others – aims to plant 150,000 ha in carbon forests. This group, with heavy political connections, can be seen as a rival model. Similarly, Dryland Carbon (Air NZ, Contact, Genesis, Z Energy joint venture) invests in carbon forests. These entrants increase competition for land and influence.

    • Corporate Buyers: NZCF maintains relationships with corporations seeking offsets (energy companies, etc.), often under confidentiality. One public example is a deal with Sealord (NZ’s largest fishing company) for long-term carbon credit supply.

    • Industry & NGOs: NZCF has drawn ire from Federated Farmers (farming lobby) and praise from some climate advocates who view carbon forestry as a necessary evil. It walks a fine line: working with government on climate goals while being lambasted by rural community groups.

    • Scientific Community: The company works with ecologists and universities on its regeneration strategy (for credibility and knowledge). For instance, it has an “independent team of forest scientists” advising its native regeneration programme.

27. Government Influence and Policy Impact: NZ Carbon Farming’s rise has directly influenced NZ policy debates on land use and climate:

    • Its aggressive land buys were a case study in the unintended outcome of the OIO’s “Special Forestry Test”, prompting the government to reconsider controls on farmland-to-forest conversions.

    • Concerns about permanent exotic forests (largely due to NZCF) led the Labour Government in 2022 to propose banning new permanent pine forests in the ETS. NZCF fought this, making submissions warning it would undermine NZ’s 2050 net-zero target. The final decision was to delay the ban, a partial win for NZCF.

28. Integrity & Ethics: NZCF’s business raises ethical questions around “integrity washing” – using climate change commitments as cover for profit. Critics note that while NZCF markets itself as a climate savior regenerating natives, its actual practice is monoculture pine plantations for maximum credits. The long-term native forest promise lacks accountability mechanisms. Some describe NZCF’s model as corporate greenwashing and “environmental gaslighting” – convincing the public these pine plantations are green solutions, while reaping lucrative carbon payments. Furthermore, conflicts of interest arise when influential figures are involved: for example, NZCF funding Dr. Wiles (a prominent scientist) could be seen as buying social license. The company’s engagement of political insiders (lobbyist Neale Jones) also raises questions: is NZCF leveraging undue insider influence to protect its business? These issues underscore calls for greater transparency and regulation in the carbon forestry sector.

29. Transparency & Accountability: As a private company, NZCF has minimal reporting obligations, which has drawn criticism given its outsized impact on land use and climate policy. Watchdog groups argue NZCF should disclose more information – e.g. long-term forest management plans, carbon credit buyers, and progress on native regeneration. Thus far, data emerges only via OIA requests, investigative journalism, and local testimony rather than from NZCF itself. This opacity has fueled speculation that NZCF prioritizes short-term profit (selling NZUs at high prices) over its touted 100-year ecological vision. In response to criticism, NZCF insists it is playing a legitimate role in meeting NZ’s climate targets and that “sunlight” (scrutiny) should equally be cast on big emitters buying its credits, not just on those planting the trees.

Sources:

[1] Kate Newton & Guyon Espiner, Green Rush: Foreign forestry companies NZ’s biggest landowners, Radio New Zealand (RNZ), 7 Oct 2019. https://www.rnz.co.nz/news/in-depth/400289/green-rush-foreign-forestry-companies-nz-s-biggest-landowners

[2] NZ Carbon Farming owners Matt Walsh, left, and Bruce Miller, right, own or lease more than 100,000 hectares of pine trees. (Photo caption), North & South Magazine, 14 May 2022. https://northandsouth.co.nz/2022/05/14/you-have-now-entered-carbon-country/

[3] Tess Brunton, Allegations of stock shooting, poor pest management in Clutha forestry blocks, RNZ News, 27 Aug 2024. https://www.rnz.co.nz/news/country/526324/allegations-of-stock-shooting-poor-pest-management-in-clutha-forestry-blocks

[4] North & South Magazine, You Have Now Entered Carbon Country (feature article), by Ollie Neas, 14 May 2022. https://northandsouth.co.nz/2022/05/14/you-have-now-entered-carbon-country/

[5] Jamie Gray, Millions at stake: What does the future hold for carbon?, NZ Herald (Premium), 24 Sep 2021. https://www.nzherald.co.nz/business/markets/millions-at-stake-what-does-the-future-hold-for-carbon/2SB4QSHQCMSTRSRS4Z5AWNINZI/

[6] Otago Daily Times, Calls for balance as carbon farming gains in popularity, 27 Sep 2021 (via National Library findNZarticles index). https://natlib.govt.nz/records/48529216

[7] NZ Carbon Farming (Case Study) – Spreading the investment, NZ Carbon Farming website, 15 Sep 2023. https://nzcarbonfarming.co.nz/spreading-the-investment/

[8] Bryce Edwards, Launching the NZ Lobbying & Influence Register, LinkedIn article (The Integrity Institute), 7 Apr 2025. https://www.linkedin.com/pulse/launching-nz-lobbying-influence-register-bryce-edwards-dzzdc

[9] Todd Corporation – NZ Lobbying & Influence Register, The Democracy Project (Substack by Bryce Edwards), Apr 2025. [Excerpt via web search showing register fields]. https://democracyproject.substack.com/p/todd-corporation

[10] New Zealand Companies Office, Company Register Record: New Zealand Carbon Farming Limited, NZBN 9429048981880, Company No. 8158082 (Registered 09 Feb 2021). https://www.nzwao.com/companies/new-zealand-carbon-farming-limited-2/

[11] Oversight Solutions Ltd, Beneficial Ownership Report for New Zealand Carbon Farming Limited, data as of 3 Dec 2024. https://oversightsolutions.co.nz/profile/NEW-ZEALAND-CARBON-FARMING-LIMITED

[12] NZ Institute of Forestry, Profile of Peter Casey (Registration Board Chair & NZCF CEO), NZIF.org.nz, 2023. https://www.nzif.org.nz/about-us/registration-board/ (Peter Casey mentioned as CEO of NZ Carbon Farming)

[13] LinkedIn – Geoff Booth, NZ Carbon Farming Forestry & its poor responsibility to pest & wildlife management (op-ed), 17 Sep 2024. https://www.linkedin.com/pulse/nz-carbon-farming-forestry-its-poor-responsibility-pest-geoff-booth-sisvc

[14] RNZ News, East Coast farmland crumbles after carbon group takes over, Newsroom (Aaron Smale) via inkl.com, 26 Mar 2023. https://www.inkl.com/news/east-coast-farm-collapses-after-maori-carbon-group-takes-over

[15] NZ Parliament Hansard, Climate Change Response (Emissions Trading Reform) Amendment Bill — In Committee, Hon James Shaw remarks on NZ Carbon Farming’s proposal, 3 June 2020. https://www.parliament.nz/en/pb/hansard-debates/rhr/combined/HansDeb_20200603_20200603_12 (see lines 1435–1476)

[16] National Business Review (NBR), Carbon farmer sues MRP over $34.7 million in ETS credits row, by P. Bennett (BusinessDesk), 1 Sep 2015. https://www.nbr.co.nz/carbon-farmer-sues-mrp-over-34-7-million-in-ets-credits-row/ (summarizing NZCF v. Mighty River Power High Court case)

[17] Buddle Findlay law update, ‘Commercial common sense’ in contractual interpretation (NZCF Ltd v MRP [2015] NZCA 605), 20 May 2016. https://www.buddlefindlay.com/insights/commercial-common-sense-in-contractual-interpretation/ (case analysis)

[18] Scoop News, Foreign forestry companies NZ’s biggest landowners (Press Release + RNZ report excerpt), 7 Oct 2019. https://www.scoop.co.nz/stories/HL1910/S00030/foreign-forestry-companies-nzs-biggest-landowners.htm

[19] RNZ News, Overseas Investment Office approves sales of four farms for conversion to forestry, 30 Jun 2023. https://www.rnz.co.nz/news/country/493292/oio-approves-sales-of-four-farms-for-conversion-to-forestry

[20] Farmers Weekly, Exotic forests encouraged to go native, by Richard Rennie, 1 Nov 2021. https://www.farmersweekly.co.nz/news/exotic-forests-encouraged-to-go-native/ (mentions NZCF directors behind NZ Forest Leasing and $60m NZRLC deal)

[21] NZ Herald, Farmers welcome proposed changes to NZ carbon farming regime, 8 April 2022. https://www.nzherald.co.nz/business/farmers-welcome-proposed-changes-to-nz-carbon-farming-regime/TBMLDKLUPYAG4B6X3UOK7V5KHA/ (policy proposal to restrict permanent exotics)

[22] Ministry for the Environment, Summary of Submissions: National Direction for Plantation and Exotic Carbon Afforestation, August 2022. (NZ Carbon Farming Group’s submissions noted in summary). https://www.mpi.govt.nz/dmsdocument/51730-Summary-of-Submissions-National-direction-for-plantation-and-exotic-carbon-afforestation

[23] University of Auckland News, Magic mushrooms: Siouxsie Wiles hunts for antibiotics in fungi, 8 Sep 2021. https://www.auckland.ac.nz/en/news/2021/09/08/antibiotics-fungi.html (Siouxsie Wiles thanking NZ Carbon Farming for funding)

[24] Stuff.co.nz (via Muckrack), Siouxsie Wiles: Low immunisation rates mean measles is on the march (opinion column), 23 Apr 2023. https://www.stuff.co.nz/opinion/ (byline notes her research “currently funded by … NZ Carbon Farming”)

[25] Anderson Lloyd (law firm), Sealord secures long term carbon credit deal with NZ Carbon Farming (client news), 2021. https://www.al.nz/updates/ (mentions wage subsidy context and Carbon Farming client)

[26] Bryce Edwards, Capital Government Relations – Lobbying Register entry (DemocracyProject Substack), c. 2025. (Lists NZ Carbon Farming as a client; notes no wage subsidy record for Capital GR). https://democracyproject.substack.com/ (Lobbying register snippet)

[27] Bernard Hickey, The Kākā newsletter, 2023. (Discussion of Neale Jones’ work for NZ Carbon Farming, and NZCF not responding to inquiry). https://thekaka.substack.com/ (as referenced via web search snippet)

[28] Ministry for Primary Industries & Te Uru Rākau, Regulatory Impact Statement: A redesigned NZ ETS permanent forest category, March 2022. (Discusses NZCF’s position and impacts of exotic vs native forests in ETS). https://www.treasury.govt.nz/publications (treasury RIS documents)

[29] Greater Wellington Regional Council, Hearing Evidence of Ainsley McLeod for NZ Carbon Farming Group (Plan Change 1 hearing), 6 May 2025. https://www.gw.govt.nz/assets/ (NZCF evidence summary stating 78,000 ha estate, etc.)

[30] RNZ News, Climate Commission warns on forestry offsets, 24 Jun 2021. https://www.rnz.co.nz/news/national/445543/climate-change-commission-warns-nz-could-hit-carbon-sink-saturation (risks of over-reliance on afforestation for offsets, referencing permanent forests).

Spot anything in this entry that is wrong? Please either leave a comment at the end or email, in confidence: bryce@democracyproject.nz