“For many the term ‘REDD’ has become synonymous with a carbon financing approach where reducing emissions from forests by developign country actors is supported by developed country actors buying carbon credits, potentially to meet their own emissions reduction obligations.”
Greenhouse gases in the atmosphere reached record highs in 2007, according to the World Meteorological Organisation. The price of European carbon emissions permits remains low. Meanwhile, the carbon market could be swamped by credits from carbon offsets, leading to a price collapse, according to a forthcoming report by Carbon Trust.
On the eve of the Poznan UNFCCC Conference of Parties, even pro-market and cautious expert groups are starting to sound alarm bells about the possible impacts of cheap ‘offsets’ on existing carbon markets.
A new report by Friends of the Earth International published today takes a critical look at REDD. The report concludes that “The REDD proposals currently on the table are intended to generate profits for polluters, not to stop climate change. They must be replaced with a commitment to stop deforestation once and for all.”
The way in which forests are defined will be a crucial factor in determining whether REDD serves a truly useful purpose in helping to protect the world’s forests or, alternatively, is simply used as a means of supplementing the incomes of logging and industrial plantation companies.