The early and intense wildfire season is impacting a controversial tool used to fight climate change: forest carbon offset projects. Read on.
Companies and countries are increasingly relying on carbon offsets to reach their emissions targets, a tool used in an attempt to compensate for their climate pollution by investing in projects that reduce or remove emissions elsewhere. But climate scientists and activists say the instruments, including those based on forests, aren’t generally effective at mitigating climate change, despite decades of experimentation and improvement.
Under the rules of the offset registry Verra, whose standard Mosaic uses, the company has 30 days to report any damage to its forests and up to two years to submit a “loss report” detailing its impact. As a type of insurance mechanism against wildfires and other risks, project developers must contribute a portion of their credits to what’s known as a buffer pool.
Mosaic said its risk assessment is based on the fact that “the project is geographically and ecologically diverse and distributed,” meaning the likelihood of widespread damage due to fires or something else measures as “insignificant.”
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