As forest companies in Canada are struggling to come through a period of record low commodity prices, US exchange rate challenges, and worldwide recession, it is unlikely that a carbon strategy would be a top priority. This paper explores the reality that even as a company operates in a harsh business environment, a carbon strategy is helpful in moving to a more sustainable and financially competitive future. In the context of stakeholder theory and competitive forces both inside and outside the company's industry, there is evidence to show that moving toward a low carbon future is in their best interest over the long term. Considering this, the study looks at the possibility of direct investment in forestry carbon projects from a financial perspective. Specifically, the analysis is based on hypothetical afforestation, fertilization, and select seed projects with harvesting treatments based in the interior of British Columbia. The results indicate that due to the substantial uncertainty and poor expected returns, forest carbon projects may not be a wise investment for forest companies at this time. However, there are various steps that companies can make to transition themselves to a low carbon future. These include carbon footprinting and the development of green programs, targets, and goals within the company's operations. These actions can lead to first mover advantages within the forest industry and prepare the firm for more onerous demands in the future. These demands would include regulatory emission constraints or preparing for the implementation of a cap and trade system. --P. ii.