In the push for net zero, credit buyers shouldn’t leave the world’s forests behind

Rubicon Carbon supports the call to action made by eight major environmental and Indigenous Peoples organizations in releasing the Tropical Forest Credit Integrity (TFCI) guide. The TFCI guide urges credit buyers to support high integrity avoided emissions projects in order to slow deforestation rates globally. Unfortunately, many have shied away from avoided deforestation projects due to negative press coverage and the perception that they cannot contribute to net zero targets by only avoiding new emissions. The TFCI guidance is an early call for the market to re-evaluate the role of avoided deforestation projects, and Rubicon Carbon is optimistic that standards bodies and other stakeholders will also lend their support in 2023.

Reducing deforestation is not just important for carbon: it’s also critical for maintaining the full range of values that forests provide. Maintaining intact forest cover slows a major release of carbon to the atmosphere, while also supporting millions of vulnerable plants, animals, and ecosystems, particularly in tropical forests. Indigenous People and local communities are at the forefront of forest protection because forests are vital to their livelihoods and cultural heritage. Currently, purchasing high integrity avoided deforestation credits is the main market mechanism companies have to support the preservation of these valuable resources.

For avoided deforestation projects to be truly effective in achieving their goals, and to build confidence in the market, credit sellers and project developers must commit to improving their quality and integrity. Modern technologies and methodological approaches can enhance monitoring and verification, providing better accounting of uncertainty and buffering against exaggerated predictions of deforestation rates. Direct engagement with and support of local communities is critical to ensuring projects achieve their intended impact. Better standardization, including emerging approaches such as jurisdictional REDD+ and revisions to existing project-based methodologies, will help to increase confidence in the market. At Rubicon Carbon, we are closely following these developments and exploring how they can be implemented to ensure the quality of our nature-based offsets portfolio.

While the push towards net zero is important, it should not come at the cost of concerted efforts to reduce emissions from land conversion, preserve biodiversity, and protect cultural resources. The voluntary carbon market should continue to play a significant role in preserving the world's forests. Thanks to initiatives such as the TFCI, we will soon take a significant step towards guidance that will help companies manage these dual efforts. In the meantime, Rubicon Carbon appreciates and supports the TFCI's call to action and encourages buyers to send a powerful message by purchasing high-quality avoided deforestation credits to support "nature positive" offsets.