Community guidelines for accessing forestry voluntary carbon ... - FAO

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Chapter 2: VCM project types and standards 2.4 What can the forestry VCM deliver? Table 1: Strengths and drawbacks of the voluntary carbon market VCM strengths Flexibility: A variety of approved standards exist, and project developers can choose the standards and methods most appropriate for their situation. Less rules to comply with: Easier and faster to register a project and sell carbon credits compared to the compliance carbon market. Cheaper: Lower transaction costs. VCM drawbacks Lack of credibility: Some standards lack credibility, meaning credits may be more difficult to sell. Greater risk: Higher potential to fall victim to unreliable buyers or sellers. Enforcement of rules is often weak. Low price: Unless associated with a credible standard, VCM carbon credits are worth less than those on the compliance market. The voluntary carbon market is ‘voluntary’ because the investors in this market have decided, of their own accord, to pay for carbon credits. They are not legally required by any government or international institution to reduce their carbon emissions. Instead they are motivated by a sense of Corporate Social Responsibility (CSR). This means, in theory, that the voluntary carbon market should have fewer barriers to setting up projects than the compliance market. Table 1 above presents some of the strengths and drawbacks of the Forestry VCM. 43
Community guidelines for accessing forestry voluntary carbon markets The market for forest carbon credits has been steadily increasing over the past ten years. The volume of forest carbon credits traded on the VCM nearly doubled between 2008 and 2009 alone 11 . In 2010, forest carbon credits constituted 42 percent of the total volume of carbon credits traded on the VCM. This increase happened during the global economic crisis, a period when the total volume of carbon credits traded over the VCM (not just forestry projects) declined from 127 MtC0₂e to 94 MtC0₂e. However, the average price for carbon in 2010 was US$6/ tC0₂e, down from US$6.50/ tC0₂e in 2009, while the average price for land-use carbon credits (including forestry) has increased (see Table 2). Figure 5 below illustrates the significant increase in the volume of forestry carbon credits of different types of activities in recent years. The steep rise over the last three years is mainly due to a boom in the number of REDD projects. Figure 5: Historical volumes of land-use credits traded by project activity Source: Forest Trends & Ecosystem Marketplace. State of the Forest Carbon Markets 2011: From Canopy to Currency. September 2011, p. 34 11 Peters-Stanley. 2011. Back to the Future: State of the Voluntary Carbon Markets 2011. Forest Trends, Ecosystem Marketplace. 44
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RAP PUBLICATION 2012/16 Community g
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Foreword The impacts of climate cha
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Table of Contents Foreword iii Acro
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List of Boxes Box 1: Grouped projec
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SFE SFM SOC SOP UNFCCC USAID VCM VC
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Afforestation, Reforestation & Re-v
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5 Project implementation: field wor
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ANNEXES 171
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ANNEX I Part 1: Project description
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ANNEX I Describe the current and al
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ANNEX I Project Proponent(s) Name o
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ANNEX I Current status of acceptanc
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ANNEX I Baseline scenario What woul
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ANNEX I poverty alleviation, foreig
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ANNEX I Part 4: Institutional detai
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ANNEX I Incentive systems List exis
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ANNEX II Annex II: VCS PD template
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ANNEX III Annex III: Example outlin
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ANNEX III 3.4.5. Non-timber forest
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