A considerable number of state and local governments are now enrolling public forests in carbon offset projects that are deemed dubious. This endeavor has the potential to earn them millions of dollars but will deliver only very few new climate benefits. It will offer minimal help in the fight against climate change while the big corporations are being credited for reducing carbon emissions.
This undertaking precisely illustrates that the carbon market delivers the lowest benefits than what is projected. Initially, the intention was to use these markets as a way for corporations to cut down on their carbon footprints. But obviously, this isn’t what’s happening.
Inked Agreements
Along with five counties in Wisconsin, the whole state of Michigan has just finished inking agreements with Blue Source in Salt Lake City. These governments signed up with the carbon development firm to create an estimated 800,000 acres of projects. This is around three times more public forests than what is now generating carbon credits in the U.S.
Later this year, up to the next, these projects are expected to start selling credits. Aside from these, at least a dozen more counties in Wisconsin and various other states are now considering following suit. Interviews with public officials and county documents can attest to this.
These agreements are anticipated to generate approximately 10 million carbon credits over the next ten years. This is equivalent to one year of pollution from a large coal power plant or the emissions from over ten million vehicles. These government agencies can get credits from these reductions in emissions and sell them to companies. These corporations, in turn, can subtract the volume of pollution from their lodgers.
However, these claims are expected to be significantly exaggerated. For every single carbon credit, one ton of carbon dioxide is represented. These will be absorbed due to the promise of payments that cause landowners to change their practices. Public records reviewed tell us that overseers of these public forests have no plans to change the management of their trees.
The data was gathered from records reviewed by Bloomberg Green as well as interviews with forest managers. They will then capitalize on the weak rules governing the carbon markets to gain payments for the continued forest practices they have been using for decades.
Impending Surge
The carbon industry is sure to feel the impending surge in dubious offsets, and it will be a problematic eventuality. In contrast, the offsets market has seen more than $1 billion in waves for the very first time. After a flurry of criticisms, this has cast doubts on its future.
Last month, Bloomberg Green reported on the revelation of a U.S. timber executive that most of these offset projects are defrauding the climate. On the other hand, controversy is still very much alive in the offsets industry in Australia. It comes right after a key official described these carbon offsets as shams.
Blue Source usually takes between 10 to 33% of a carbon offset project’s proceeds. Thus, it stands to earn millions of dollars from these newly-signed agreements. According to Joshua Strauss, Blue Source executive vice president, these projects meet the highest quality standards.
Climate-Friendly Practices
Supposedly, public forest carbon offset projects should bring about climate-friendly practices even in the event of the absence of carbon payments. In addition, experts on carbon projects say that these have to be based on realistic situations to make the climate claims trustworthy.
County officials in Wisconsin will lock in the foregoing practices for years to come. If ever carbon prices get high enough, they can compete with timber values. This will encourage harvesting less down the road, according to Mike Peterson, Washburn County forest administrator.
