Forestry Investment – Improved forest management, reforestation and independent verification of carbon sequestration for forest project developers are the expected outcomes of a new standard for the verification of forest carbon projects across America.
The board of the California-based Climate Action Reserve (CAR) voted for the final adoption of its Forest Project Protocol this week, which is expected to boost the credibility of US forest-based carbon credits in the voluntary carbon market.
Until CAR arrived at its decision, the Chicago Climate Exchange voluntary carbon trading regime was the main market opportunity for forest owners interested in pursuing carbon credits for preserving or sustainably managing their trees.
Non-profit citizens’ conservation organisation American Forests has welcomed the revised and updated Forest Project Protocol, claiming it establishes “a model for environmental credibility” that can be applied to state, county, municipal, and private forest lands nationwide.
“American Forests is coordinating the first public lands reforestation project to seek approval under the Climate Action Reserve’s Forest Project Protocol,” notes a statement from the group.
It goes on to explain that the organisation will provide conifer reforestation to 2,500 acres of the fire-damaged Cuyamaca Rancho State Park, generating more than 500,000 metric tons of carbon offsets.