Investment managers who have bought up forestland are going tree by tree to figure out whether they should be felled for timber or kept up for carbon-credit generation. Growing demand for credits means investing in forests isn’t just about producing timber, but it can take a lot of legwork to determine what role each tree should play in a portfolio, as well as ensure it is delivering its promised environmental benefit if left standing. “If you invest in a forest, the question we ask is, ‘How do you manage wood products versus carbon?’” said Brian Kernohan ...