“In this commentary, we share some perspectives on how to ensure high-ambition and high-integrity with respect to demand for and supply of credits. Crucially, we argue that companies’ investments in NBS should only qualify for consideration as carbon credits if the company can demonstrate that it is doing all that it should to eliminate carbon emissions from its operations and value chains, aligned with Science-Based Targets. The remainder of this commentary describes why, and how this would work.“
More than 1,500 companies have committed to net-zero emissions by mid-century, as have 11,000 cities and at least $9 trillion in private assets under management. This raises crucial questions as to how much offsetting of carbon can take place in mid-century and, more importantly, how much can take place on the path to get there. The January 2021 report of the Taskforce on Scaling the Voluntary Carbon Market suggested a market of 1-5 Gigatons of CO2e by 2030, with perhaps two-thirds directed at Nature Based Solutions (NBS), meaning that tens of billions of dollars of investment in NBS are potentially at stake.