The market for carbon offsets needs to be increased massively and quickly and standardized, according to Karen Fang, Head of Global Sustainable Finance at the Bank of America. Don’t let perfect be the enemy of the good she said in an interview with CNBC. According to her, using offsets is not a sign of being lazy, it’s a reality of decarbonisation goals set by companies and governments.

The Bank of America analyzed recently that achieving net-zero emissions by 2050 could require as much as a fifty fold increase in the offset market. At the very low-end the market for offsets will quadruple, the bank said.

Read more on www.cnbc.com

A new study by Oxfam, called “Tightening the Net” shows here is a very real risk that the explosion in net zero commitments will fuel a new surge in demand for land, particularly in low- and middle-income countries, which would lead to mass displacement and hunger. Lees meer

In a recent report of the World Economic Forum and McKinsey it was estimated that Natural Climate Solutions have the potential to deliver up to one third of the net-emission reduction required to stay on track for a 1,5-2 degrees scenario by 2030. A large part of that reduction potential (60%) comes from avoided deforestation, while only 15% comes from reforestation. This reflects the fact that avoided deforestation offers up to nine times as much potential low-cost abatement as reforestation.

www3.weforum.org/docs/WEF_Consultation_Nature_and_Net_Zero_2021.pdf

In a recent article in The Conservation the author Bonnie Waring states that if we maximize the storage capacity of the earth’s vegetation (especially by planting trees), we’d sequester about ten years of global emissions at current rate.

After that there could be no further increase in carbon capture. In addition, large scale planting can have a devastating effect on biodiversity. To avoid such damage, we must refrain from establishing forests where they naturally don’t belong and avoid ‘perverse incentives’ to cut down existing forest in order to plant new trees. Keeping in mind that naturally established forests contain more species of plants and animals than plantation forest and often contain more carbon.

So it makes sense to prioritize saving existing mature forests over planting new trees and to be realistic about the potential of nature based solutions

More reading:  https://theconversation.com/there-arent-enough-trees-in-the-world-to-offset-societys-carbon-emissions-and-there-never-will-be-158181

Since the formal start of the REDD+ Business Initiative in 2013, its members collectively  purchased CO2 credits from REDD+ projects to the equivalent of 16,1 MtCO2. Lees meer

The  Taskforce on Scaling the Voluntary Carbon Market (TSVCM), launched in September 2020, is a private sector-led initiative working to scale an effective, efficient and functioning voluntary carbon market to help meet the goals of the Paris Climate Agreement. Lees meer

A delegation of CEO’s, representing the REDD+ Business Initiative and FSC NL, visited Executive Vice President of the European Commission Frans Timmermans on March 3d. The reason for the visit was the Communication “Stepping up EU Action to Protect and Restore the World’s Forests” (July 2019).

Our message was that the emphasis in this Communication on deforestation-free supply chains is important, but needs to be complemented with instruments that give the still standing forests an economic value, like REDD+ and FSC-certification. This is essential for building a sound business case for the conservation and sustainable use of forests to the benefit of local communities. Therefore we asked the Commission to consider formal integration of REDD+ in EUs climate policy (including the use of market mechanisms) and a mandatory use of sustainable EU market.

Mr. Timmermans welcomed our approach and our views and asked the participating companies to actively share their motivations and results in company networks and industry organisations as it will support the transition to a Green Economy. The discussions with the Commission is ongoing.

www.ec.europa.eu/info/sites/info/files/communication-eu-action-protect-restore-forests_en.pdf