Reducing greenhouse gas emissions is not enough to reverse global warming. Ending deforestation is an equally if not more important objective, and achieving it will require innovative sources of financing that provide direct compensation for protecting the Earth’s intact forests.
A more radical level of accountability is needed for carbon markets. It is also time to establish minimum price floors, in order to crowd out poor-quality offsets and actors, especially for the Global South, says Simon Zadek.
Critics who dismiss voluntary carbon markets as greenwashing are overlooking people who are in desperate need of climate finance. Yes, carbon markets have problems that need fixing. But they are an essential solution for communities on the frontline of climate change.