The early and intense wildfire season is impacting a controversial tool used to fight climate change: forest carbon offset projects. Read on.
As of June 23, crews had suppressed the fire so it was no longer spreading. Mosaic said that assessing the emissions from the area that was burned “will take some time.” They will be incorporated into future carbon accounting and be independently verified. Still, Iannidinardo described the “disturbance” as “negligible.”
The project has already issued 1.4 million credits, an amount equivalent to the total emissions of Sierra Leone in 2021. They’ve been bought by U.K.-based AI company Dataiku, global insurance firm Aspen and the American Institute for Foreign Study, a travel and insurance company, among others, according to Bloomberg Green analysis of public data. There’s currently no information to indicate any of those companies’ credits have been impacted by this year’s fire.
That assessment is “mind-boggling,” said William Anderegg, director of the Wilkes Center for Climate Science and Policy at the University of Utah. Fires are a “really dramatic risk” that forest offset projects face, he said, along with other risks such as drought stress and insect outbreaks.
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