Greenpeace says adding forests to carbon market will derail efforts to tackle global warming

Market-based mechanism for reducing greenhouse gas emissions would crash carbon prices by swamping the market with cheap credits, claims a new report from Greenpeace. The environmental group said low carbon prices would “derail global efforts to tackle global warming” and cause “developing countries losing out on billions of dollars a yearfor investment in clean energy technologies”.

“If these countries don’t get incentives for a switch to low-carbon technologies, through carbon markets and funds, emissions will continue to rise,” it said.

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Greenpeace fears a market-based REDD mechanism (Reducing Emissions
from Deforestation and Degradation) would allow industry to continue
spewing emissions offset by avoided deforestation carbon credits.

The concern is not new — it played a critical part in the exclusion of
forest conservation in the Kyoto Protocol. Failure to include forestry
from Kyoto effectively removed financial incentives for countries to
preserve their forests. Since then more than 100 million hectares (250
million acres) of tropical forests have been leveled.

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