There’s More than Meets the Eye in the Climate Fight, and Facts Count

I read with, let’s say, interest, the piece by Adam Cruise, “The great carbon market racket — a drive for the commodification of nature where local communities lose out” in Daily Maverick.

The article paints the entire voluntary carbon market (VCM) as a failure based on isolated cases and overlooks the essential role these markets play in supporting global climate efforts.

As the new CEO of Verra, the nonprofit that manages the world’s leading voluntary carbon markets program, the Verified Carbon Standard (VCS) Program, let me say upfront: there’s no denying that some carbon offset projects have fallen short of their goals, and we should absolutely hold those responsible accountable.

But to claim the entire system is a “racket” is an oversimplification that does more harm than good.

The VCM is a critical tool for mobilizing climate finance, particularly in regions where traditional funding mechanisms are unavailable or insufficient. It supports projects that protect vital ecosystems, create economic opportunities for local communities, and contribute to global emissions reductions.

In the Global South alone, a region in urgent need of financing and support, the VCM has positively impacted millions of lives.

And the evidence is clear.

Earlier in 2024, for example, 10 west African countries (nine of which are “Least Developed Countries”) signed a letter supporting carbon credits as a tool to address the climate crisis.

UN secretary-general António Guterres also reiterated his support for “high-integrity” carbon markets. These endorsements came amid push-back from staff at some Global North NGOs, sending a clear message that many on the front lines of climate change see carbon credits as a critical solution.

Let’s make this practical by highlighting a real example. At Verra, we’re showcasing success stories like the International Small Group and Tree Planting Program (TIST), which empowers smallholder farmers in Kenya, Uganda, Tanzania, and India to combat climate change by planting trees, restoring degraded land, and improving local ecosystems.

Farmers participating in TIST receive prepayments for the carbon captured by their trees and 70% of the profits when the carbon credits are sold on the global market. To date, TIST has helped more than 250,000 farmers plant more than 25 million trees, sequestering more than seven million metric tonnes of CO2.

These are the kinds of success stories too often overlooked in critiques of the VCM, though they may not always make the headlines.

What has made the headlines, however, is the misleading claim that 94% of credits from Verra’s rainforest projects offer no benefit to the climate: something Adam Cruise reiterates in his piece.

This claim has been widely debunked by peer-reviewed research, including a study published in Nature Climate Change, which found that REDD+ projects, far from being ineffective, are among the highest-integrity natural climate solutions available.

In 2022, another study of 40 REDD+ projects found that, in the first five years of implementation, deforestation within project areas was reduced by 47%, and degradation rates were 58% lower.

The examples are countless.

Cherry-picking data and amplifying discredited claims serves no one, least of all the communities and ecosystems these projects are designed to protect.

For our part at Verra, we are continuously improving. Late in 2023, we unveiled a transformative new methodology for protecting forests. It builds on a system that covers activities ranging from halting illegal logging to creating alternative livelihoods for forest communities.

To date, this system has protected tens of thousands of hectares of the world’s forests and funnelled hundreds of millions of dollars into communities across the developing world.

Now, I don’t claim that the VCM is perfect. In a perfect world, we wouldn’t need it, because we’d have a globally mandated system to mitigate the devastating effects of climate change.

But we don’t.

And so, we need to make tangible progress where it matters most, driven by an understanding of the consequences of inaction.

Yes, there have been missteps, and at Verra we are taking them seriously. I am personally committed to addressing the issues within the system while ensuring the market continues to deliver real, tangible benefits.

But the focus should be on continuous improvement, not condemnation.

We simply cannot afford to dismantle one of the most powerful tools for driving climate action, not to mention positive socioeconomic and wider environmental benefits, especially in regions where it’s creating real change for the people who need it most.