'Biodiversity, the climate, and Indigenous people or local communities are losing out on what should have been a system to drive meaningful financial flows to the forest conservation projects that so desperately need it,' said one expert.
, an environmental watchdog on Friday released research from experts at the University of California which shows that trying to offset fossil fuel emissions with popular forest carbon credit projects "is a pipe dream."—funded by Carbon Market Watch —explains, "The voluntary carbon market generates credits, each nominally equivalent to one metric ton of carbon dioxide reduced or removed from the atmosphere, from a wide range of projects around the globe.
Over the past two decades, more than $3 billion has been poured into REDD+ and nearly half a billion carbon credits have been awarded, yet "deforestation is still continuing at an alarming rate," the report notes. Berkeley researchers' analysis of four methodologies that have generated almost all REDD+ credits—under Verra, the largest voluntary carbon market registry—revealed that estimated GHG emissions reductions were dramatically exaggerated.
The creation of low-quality carbon credits is further fueled by exaggerated estimates of the quantity of carbon stored within the trees that are protected by projects. Inigo Wyburd, a CMW policy expert on global carbon markets, said that "we welcome Verra's willingness to engage with our research and hope that it will take on board our findings and implement all of our recommendations."
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