A CIFOR-ICRAF researcher measures tree diameters in a tropical peat swamp forest in Central Kalimantan, Indonesia as part of forest carbon monitoring. Photo by Sigit Deni Sasmito/CIFOR-ICRAF ” data-medium-file=”https://i0.wp.com/forestsnews.cifor.org/wp-content/uploads/2024/03/39961511571_1c8aeda3d1_c.jpg?fit=566%2C378&ssl=1″ data-large-file=”https://i0.wp.com/forestsnews.cifor.org/wp-content/uploads/2024/03/39961511571_1c8aeda3d1_c.jpg?fit=622%2C415&ssl=1″>
A CIFOR-ICRAF researcher measures tree diameters in a tropical peat swamp forest in Central Kalimantan, Indonesia as part of forest carbon monitoring. Photo by Sigit Deni Sasmito/CIFOR-ICRAF
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Carbon markets have been variously lauded as a critical part of addressing the climate crisis, and criticized as empty greenwash. Either way, they’re moving some serious cash: the global carbon credit market traded value was almost USD 1 trillion in 2022, and is tipped to reach USD 2.68 trillion by 2028.
They work by allowing individuals, companies, governments, and other organizations to offset some of their greenhouse gas emissions by funding projects that reduce or remove greenhouse gas (GHG) emissions from the atmosphere.
The ethics and implications of doing so are complex. For a start, there are legitimate concerns with purchasers buying credits in place of prioritizing their own emission reductions, leading to accusations of ‘greenwashing’, and hampering any ambition at an urgently needed fast and dramatic drawdown of emissions – after all, 2030 is only six years away, and the planet has already warmed more than 1.5 degrees Celsius in 2023.
Meanwhile, many carbon credit programmes’ sequestration claims have not stood up to critique, putting buyers’ green credentials into question: oil and gas giant Shell, for instance, was recently criticized for counting over a million discredited carbon credits towards its climate goals.
At the Center for International Forestry Research and World Agroforestry (CIFOR-ICRAF), we’ve followed carbon markets and projects for years, starting in 2009 with our work on REDD+. Now, we’ve put together a list of principles for engagement in carbon markets, that can help to bring about projects that make positive impacts for people and landscapes – and avoid some of the common pitfalls that have made the media of late.
Principles for engagement with carbon markets and programmes
Integrity: Climate change mitigation in the productive sectors – including energy, transport,