In defence of nature-based carbon markets

(Eco Business, 10 Apr 2023) Though carbon-offset schemes are riddled with complexity, there is no question that they pay for something that matters. Far from being a secondary concern, supporting the natural systems that manage the stocks and flows of carbon through the planet’s ecosystems is essential to humans’ survival.

Voluntary markets for carbon offsets have recently come under fire, with critics questioning the efficacy of contracts that aim to reduce atmospheric carbon dioxide relative to what would have happened in the contract’s absence. The biggest concerns are about “nature-based” projects involving various land-use changes – such as protecting forests, planting new ones (afforestation), and so forth.

But these instruments’ imperfections are no secret. For well over two decades, ecologists and foresters have been working to develop more sophisticated methods to satisfy economists’ faith in market instruments, and they have made good progress. Though offset schemes are still riddled with complexity, there is no question that they pay for something that matters.

Imagine seeing what the atmosphere sees. The Intergovernmental Panel on Climate Change’s Sixth Assessment Report provides an outline of the planet’s carbon cycle, which makes evident the fundamental role of plants’ conversion of CO₂ into cellulose and back on a massive scale. Terrestrial photosynthesis alone draws down 113 billion tonnes of carbon every year. By comparison, humanity added about 11 billion tonnes of carbon to the atmosphere last year.

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Eco Business, 10 Apr 2023: In defence of nature-based carbon markets