http://www.greenpeace.org/usa/press-center/releases2/greenpeace-report-shows-that-f Greenpeace Report Shows that Forests in Carbon Markets Would Derail Climate Action
March 30, 2009
Bonn, Germany, International — Including forest protection measures in carbon markets would crash the price of carbon by up to 75 percent and derail international efforts to tackle global warming, according to a new report commissioned by Greenpeace. The group says that lower costs for relatively abundant forest credits would dilute carbon markets, discouraging needed investments in clean technologies.
Greenpeace says carbon markets should be focused on driving clean and renewable technologies in key industrial sectors; and that developed countries should make an additional “tropical deforestation commitment” to help finance forest protection in developing countries.
The study shows direct inclusion of forest credits into the carbon markets could lead to developing countries like China, India and Brazil losing out on tens of billions of dollars a year for investment in clean energy technologies. If these countries do not get incentives for a switch to low-carbon technologies, through carbon markets and funds, their emissions will continue to rise, leading to devastating climate change.
The report was released at the United Nations climate meetings in Bonn last night as part of the ongoing negotiations to reduce emissions from deforestation and degradation in developing countries (REDD). Deforestation, mostly in tropical forests, accounts for about 20 percent of global greenhouse gas emissions. Ending deforestation is one of the quickest and most cost effective ways of tackling climate change.
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The report concludes that including REDD credits in carbon markets would:
- Cut the price of carbon by up to 75 percent, driving the developed world to buy cheap offsets instead of making necessary energy reductions at home;
- Drastically reduce investments in clean and renewable technologies in both developed and developing countries
- Cause a “lock in” effect where dirty technologies, like coal fired power plants, continue to be built and operated for years; this in turn could increase the long term costs of combating climate change.
- Slash the number and value of energy credits, so countries like China and India would get less money for sustainable development policies (an estimated $10 billion per year for China alone);
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">Read Greenpeace reports here.
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