Biggest Threat to Our Carbon Budget?
“Though not yet final, a high-profile UN group seems to side with nature when it comes to removing carbon.”
Biggest Threat to Our Carbon Budget?
Though not yet final, a high-profile UN group seems to side with nature when it comes to removing carbon.
The historic wildfire that is still raging in Canada has burned 13 million acres of land.
Meanwhile, a study in California shows that global warming led to a significant loss in carbon stored in deep layers of soil in the forest.
Tech giant inks a 7 million carbon credit deal with a global climate finance firm to ramp up natural carbon removal solutions while an EV startup hoping to earn carbon credits from EV charging faces huge criticism.
Then a global alliance is developing the world’s first coal-to-clean carbon credit program.
There are plenty of exciting stories unfolding. Let's dive in!
Wildfires Continue to Burn
Wildfires are common but the fires still raging in Canada are not. The 400+ fires have already burned about 13 million acres of land since the first ones started last week.
It's unusual for such a historic wildfire to occur so early in the season, which typically starts in July or August.
What’s more alarming is that estimates suggest that wildfires in Canadian boreal forests will increase by 150% by 2050, while in the U.S., that would be 169%.
Predictions further show that if this trend continues, intensifying wildfires may consume a large portion of the world’s carbon budget, which is running too low right now.
We’re Losing Carbon Faster
Soils are one of the biggest allies we have in sequestering carbon from the air.
But a recent study by a team of scientists from the Berkeley Lab and the University of Zurich discovered a concerning truth about them.
They found that only 4.5 years of warming one-meter-depth plots of soil at 4°C (7°F) resulted in major changes in carbon stocks at over 30 cm depth (12 inches) below the ground.
Their finding is a big reveal on how much humans could rely on forests and soil in terms of capturing carbon naturally. It may also change how nature-based carbon removals are being accounted for.
Removing 7 Million Tonnes of CO2
Meta has been investing millions into various carbon removal initiatives to reach its 2030 net zero targets. Its recent deal is with a global climate firm Aspiration from which the tech giant will buy almost 7 million carbon credits.
The credits will be from different carbon projects managed by Aspiration involving all sorts of ecosystem restoration such as reforestation, agroforestry, and sustainable agriculture.
The credits will be delivered from 2027 to 2035.
This partnership shows the scale at which companies consider nature-based carbon credits as part of their climate and sustainability agenda.
Claiming Credits not Due?
While Tesla has been amassing billions of revenue from carbon credits sales, a California-based EV startup Rivian is hoping to earn carbon credits for its chargers.
There’s nothing wrong with that because Verra has approved similar projects on EV charging systems and has already issued credits for them.
However, Rivian, the popular EV maker, is facing significant criticism from market experts for claiming carbon credits for EV chargers used by customers at their homes.
It raises questions on who has the right to claim the climate impact of using the EV chargers - should it be the manufacturer or the buyer?
Shifting from Coal to Renewable
For the first time, a team of global experts that formed the “Coal to Clean Credit Initiative” (CCCI), is developing a “coal-to-clean” carbon credit program.
Their goal is to incentivize the transition away from coal-fired power plants to renewable energy in emerging economies.
The group includes the Rockefeller Foundation, Global Energy Alliance for People and Planet (GEAPP), with support from South Pole, Climate Policy Initiative (CPI), and Rocky Mountain Institute (RMI).
If this program can be applied to most of the currently operating coal power plants (over 2100 globally) and results in their earlier closure, the potential emission reductions could be immense