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Offsetting projects with high forest loss still on the market

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Unearthed or enjoy below

🗞️ Driving the news: The Tumring project in central Cambodia, aimed at preserving a large rainforest spanning 68,000 hectares, is under scrutiny due to significant deforestation within the project area, not well-documented in official reports
• Despite being promoted by the Cambodian government as a wildlife corridor for endangered species and a source of carbon credits, doubts linger about the accuracy of reported forest conservation efforts

🔭 The context: An investigation by Unearthed and Climate Home into Verra-certified offsetting projects exposes notable disparities between self-reported forest loss and satellite analysis, especially evident in the Tumring project
• The findings indicate that Tumring lost more than 20% of its trees casting doubt on the efficacy of carbon credits in neutralizing emissions and challenging the offsetting industry's credibility

🌍 Why it matters for the planet: The investigation highlights transparency challenges in the carbon offsetting industry, with discrepancies in monitoring and reporting potentially affecting climate change mitigation
• As the global carbon market expands, ensuring greater transparency and accuracy in assessing the social and environmental impacts of offsetting schemes becomes increasingly vital for maintaining credibility

⏭️ What's next: The push for transparency and standardized monitoring in the carbon offsetting industry is growing, as organizations like the Integrity Council for the Voluntary Carbon Market stress the need for publicly accessible project information
• Overcoming monitoring challenges is vital for bolstering the industry's credibility and ensuring effective climate impact assessment

💬 One quote: "The technologies to largely resolve issues like underreporting or overcrediting already exist and are being deployed" (Samuel Gill, Sylvera co-founder and president)

📈 One stat: A satellite analysis using the Global Forest Watch platform identified 14,000 hectares of deforestation in the Tumring project area between 2015 and 2019, while the project's official documents reported only 3,450 hectares of forest loss during the same period, underscoring the discrepancies in reporting and monitoring

Click for more news covering the latest on carbon

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