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

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Chapter 2: VCM project types and standards The recent trend of steep growth in credits traded may continue, but some stakeholders are concerned that the VCM in forestry credits might collapse or stall because the deal for a future inter-governmental climate agreement is not expected until about 2020. 12 So it is important to ask why private sector investors are still engaged in this market and what makes forestry projects so interesting (see Box 3). Box 3: Why would anyone invest in the forestry VCM? Investors choose forestry VCM projects for many reasons. A 2009 survey of 141 corporate buyers of forestry offsets found that the top reasons for choosing forestry credits were: • They address two major global problems – deforestation and climate change – at the same time. • Forestry projects can help to enhance a company’s public image, because forested ecosystems provide visually appealing images. • They result in tangible land-use changes, and have a more visible impact than other kinds of carbon offset projects. • They appeal to a wide variety of audiences, because they also offer co-benefits, such as biodiversity, conservation, poverty alleviation and human rights advancement. Individual empowerment: The biggest reason to go for forestry VCM projects? “The voluntary carbon markets provide individuals — not just corporations and large organizations — with a means of participating in the fight against climate change in a way that the compliance markets do not. In particular, some environmentalists view the voluntary carbon markets as an important tool for educating the 12 See “Forests and Climate Change after Durban: An Asia-Pacific Perspective’ (FAO/ RECOFTC, 2012) 45
Community guidelines for accessing forestry voluntary carbon markets public about climate change and their potential role in addressing the problem.” Source: “Investing in Forest Carbon: Lessons from the First 20 Years”. January 2011, Forest Trends, The Katoomba Group, Ecosystem Marketplace, and Bio-Logical Capital. The forestry VCM is a diverse and dynamic system that is changing all the time, so it is wise to keep the following points in mind: Expect the price of carbon to be low, and volatile The value of a carbon credit changes all the time. It can change based on general trends in the market, but its value also depends on the kind of standard used to certify the carbon credits generated through the project. Forest carbon credits are generally worth less than carbon credits from other kinds of VCM projects, such as renewable energy projects. One reason is because forest carbon that has been sequestered can be re-emitted into the atmosphere, i.e. it has less permanence (see Glossary). Project developers should expect the price of carbon to change between the time they begin the project and the time they are ready to start selling carbon credits. As Table 2 shows, the value of forestry VCM carbon credits has increased recently, while the price paid for energy-based credits has dropped. 46
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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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Climate Change Adaptation 5 Adjustm
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5 Project implementation: field wor
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6 Identifying, managing and quantif
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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 Grants Give name of the org
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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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