Credit credibility threatens forests / May 2023
Our perspective in Science magazine appeared this week on the credibility of carbon credits and its importance for tropical forest protection. This was a collaborative effort with colleagues from across conservation science, economics, and computer science to address one of the most pressing issues in climate finance. We argue that improving the quantification methods behind carbon credits is not just a technical issue but an existential one for forest protection. If credits don't accurately represent their environmental benefits, the entire voluntary carbon market risks collapse, which would be catastrophic for tropical forests that depend on this financing. The piece calls for robust, scientifically-grounded methodologies to ensure that carbon credits can genuinely contribute to climate mitigation rather than providing false assurance.
Addressing global warming requires increased investment in conserving and restoring carbon-dense natural habitats. Some companies that emit carbon have turned to certified carbon credits to offset their environmental impact. However, the effectiveness of carbon credits depends on the methods used to quantify them. If carbon credits do not accurately represent their environmental benefits, relying on them could exacerbate climate change. To ensure that carbon credits are robust, the methods used to calculate them must be improved.