Farmers and land managers in England can apply for a scheme to create new woodlands in a bid to tackle climate change.
The Forestry Commission announced £10m will be available in the third auction of the Woodland Carbon Guarantee.
Launched in November 2019, the Woodland Carbon Guarantee is a £50m scheme that aims to accelerate the rate of woodland planting and remove carbon dioxide from the atmosphere.
It allows new tree planting projects registered with the Woodland Carbon Code to sell verified Woodland Carbon Units to the government for a guaranteed price set by reverse auction over 35 years.
The next online auction is due to take place from 26 October to 1 November and applicants must sign up by 11 October.
Before applying, participants will need to be registered with the Woodland Carbon Code, which provides the tools and information required to plan woodland and calculate the amount of carbon that it will remove from the atmosphere.
The second auction, which closed in June, saw 27 contracts offered by the Forestry Commission – which equates to 1,517ha of new woodland.
The outcome of the second auction, along with the first, showed positive signs from projects in parts of the country such as the South West and East, where tree planting has been lower in recent years.
The average price of bids accepted in the second auction was £19.71 per woodland carbon unit.
Forestry Minister Lord Goldsmith said: “I urge all land managers to consider planting roots and to sign up to the Woodland Carbon Guarantee as we rebuild our country to ensure a greener and more resilient future.”