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Corporations attempting to reduce their carbon footprint in the short run are restoring forests as a way of offsetting the carbon they release into the atmosphere. But some of these initiatives may be less effective than advertised. They are alleged to have inflated the amount of carbon saved from corporate ownership or claimed to protect land that was never under threat of logging. For example, California’s offset program accounts for offsets based on averages that may not fully capture the complexity of how much carbon is actually being captured in the trees. A new company, Pachama, is attempting to improve the marketplace for forest carbon credits, making them more transparent and accurate, by using satellite imagery and artificial intelligence. It has attracted $15 million of funding so far for product development, and Amazon’s Climate Pledge Fund is an investor, according to Techcrunch.
Why this Matters: In 2020, companies bought more than 93 million carbon credits, equivalent to the pollution from 20 million cars in a year, a 33% increase over 2019. But in order to be effective, it’s crucial that these credits are actually reducing overall emissions. A new analysis from CarbonPlan, a San Francisco nonprofit that analyzes the scientific integrity of carbon removal efforts, took a hard look at California’s forest offset program, and now argues that a large fraction of the credits in the program do not reflect real climate benefits. But too much negative press may keep offset markets from growing just as they are getting started.
Saez Gil, the founder and CEO of Pachama, told TechCrunch: “Restoring nature is one of the most important solutions to climate change. Forests, oceans and other ecosystems not only sequester enormous amounts of CO2 from the atmosphere, but they also provide critical habitat for biodiversity and are sources of livelihood for communities worldwide. We are building the technology stack required to be able to drive funding to the restoration and conservation of these ecosystems with integrity, transparency and efficiency. We feel honored and excited to have the support of such an incredible group of investors who believe in our mission and are demonstrating their willingness to support our growth for the long term.”
By Ashira Morris, ODP Staff Writer Earlier this year, Ecuador’s new President Guillermo Lasso issued decrees to expand oil and mining projects in the Amazon. Indigenous communities from the country’s rainforest are now suing the government in an effort to stop these projects, calling them a “policy of death,” according to reporting by Reuters. Community […]
By Ashira Morris, ODP Staff Writer The giant sequoia trees in California’s Sequoia National Park are over 1,000 years old and could live another 2,000 years, but climate change-fueled fires are killing them. The trees can usually withstand the flames, but the intensity of recent fires has been overpowering. Last year’s Castle Fire killed up […]
By Amy Lupica, ODP Daily Editor As wildfires and deforestation grip the Amazon rainforest, Indigenous communities are urging world governments to pledge to protect 80% of the forest by 2025. The groups launched their campaign at a biodiversity conference in France, where experts from around the world are laying the groundwork for the UN’s delayed […]
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