Our organizations have been engaged in a collaborative process to address the surging corporate interest in high-quality tropical forest carbon emission reductions and removals credits. The effort, facilitated by Meridian Institute, has focused on differentiating among forest carbon credits and moving the market toward credits with high social and environmental integrity by developing guidance for companies interested in purchasing carbon credits in the voluntary carbon market. (Note: Our current scope does not include several critical interrelated issues, such as carbon credit claims and pricing.)
Carbon credits should be a complement to—not a substitute for— deep decarbonization by companies. Such credits represent one of multiple avenues for companies to accelerate global emissions reductions and help protect and restore tropical forests. Nonetheless, in the face of increasing demand in voluntary markets, we agreed that guidance on high-quality carbon credits is urgent, warranting this focus.
Programs and projects delivering tropical forest carbon credits must meet rigorous environmental quality standards as well as support the full and effective participation of Indigenous Peoples and Local Communities, fully respecting their rights and distributing to them an equitable share of benefits. The purchase of high-quality carbon credits should be limited to those that meet stringent criteria.
DRAFT GUIDANCE FOR COMPANIES
After several months of exchanging our diverse experiences and perspectives, our organizations developed a Draft Consensus Statement on High Quality Tropical Forest Carbon Credits.
We are seeking feedback on our Draft Consensus Statement from diverse stakeholders to ensure the guidance for companies is widely supported, clear, and actionable. We intend to consider the input and issue a final Consensus Statement after the consultation period ends on 15 February 2022. We will then embark on a second phase of work to provide further detailed guidance. The scope and organization of that work will reflect input received during this consultation.
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If you would like to contact us regarding the Draft Consensus Statement on High Quality Tropical Forest Carbon Credits please use this form to submit your questions.