NEWS

The market for carbon offsets, which had grown to nearly $2 billion in 2022, plummeted by 61% to $723 million in 2023. The decline occurred after a number of scientific and media assessments showed that many offsetting schemes do not help mitigate climate change or biodiversity loss.

The IRS will publish a proposed rule for the Clean Electricity Production Credit and Clean Electricity Investment Credit. The rule outlines the pathway for combustion and gasification technologies, like biomass, to be evaluated via a lifecycle analysis as required by the Clean Air Act. The guidance ties electricity generation to net zero carbon emissions.

Cabinet sales volume fell by 6.3% year-to-date through April. The value of cabinets sold dropped by 6.9%. April sales volume was down by 2.5% vs. March.
 
Read more: April Trend of Business Report →

DHA joined about 60 other members of the Hardwood Federation members in May for the Hardwood Federation annual fly-in. We met with more than 100 offices in the House and Senate during the day and with hardwood industry allies over dinner. The timing couldn't be better: the House Agriculture Committee began its markup of the proposed farm bill right after our in-person meetings about why key initiatives in the bill are essential for our industry. 
 

Last week, the U.S. Department of Agriculture's Animal and Plant Health Inspection Service (APHIS) announced the implementation of Phase VII of the Lacey Act. This extends coverage to a wider range of products. Now, declarations will be required for all plant products, including wooden furniture and timber, unless they are made of 100% composite materials.