By Chris Lang, August 29, 2012. Source: redd-monitor
A new briefing by the Rainforest Foundation UK argues against creating an international carbon market to finance REDD. The briefing is released just before a UN meeting in Bangkok, that will discuss potential options for financing REDD.
The policy briefing, which is available below, is structured around five main critiques of trading forest carbon:
1. It is highly questionable whether a forest carbon market will reduce the cost of tackling climate change or generate billions for forest protection.
2. The proposed forest carbon market is distorting ‘readiness’ preparations for REDD so that they are more focused on creating a tradable asset than outcomes that are beneficial for forests, forest peoples and biodiversity.
3. The ownership of forest carbon – the underlying asset of the proposed market – is contested and unclear, and its trade is particularly susceptible to fraud.
4. Potential REDD emissions reductions credits may not represent genuine reductions in greenhouse gas emissions, due to inflated baselines and leakage. Trading them in an offset market could lead to increased total global carbon emissions, and prolong existing heavily polluting activities.
5. Alternative financing options and approaches exist and are viable.