February, 2024: "There is no solution to climate change without ending deforestation"
Wildlife Works
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Welcome to Wildlife Works’ February Newsletter. In this edition we cover key voluntary carbon market updates for the month, a shocking report on the 500 institutions with the greatest impact on deforestation, a novel study on migratory wildlife, and climate news stories we're following.
MARKET INSIGHTS
Abatable ’s annual overview of REDD+ project developers revealed that over 100 new project developers started issuing credits in 2023. Wildlife Works is the largest REDD+ project developer, and second largest nature-based solutions project developer by credits issued. It's a positive sign that more projects to protect nature are in development, but these projects will only be sustainable if corporates have the confidence to invest.
Two major initiatives aimed at giving corporates confidence in carbon credits made important steps forward this month. The Science Based Targets initiative (SBTi) published their long awaited guidance on “Beyond Value Chain Mitigation.” Critically, this publication ends the misinterpretation that the SBTi does not recommend companies invest in carbon credits today.
One reason that companies are currently hesitant to purchase and retire carbon credits is that it is not clear what they can claim from doing so. Language such as "carbon neutral," which implies a company is having no net negative impact because of carbon credit use, often risks accusations of greenwashing. The Voluntary Carbon Market Integrity Initiative's use of Platinum, Gold and Silver claims avoids this type of implication. By ensuring that companies are on track to reduce their emissions, the VCMI claim also protects against the argument that companies are using credits as a "license to pollute." Consultancy 贝恩公司 have become the first company to make a claim under the VCMI.
To make their “Platinum Level” claim, Bain & Co have demonstrated that they are on track to meet science-aligned climate targets and have retired carbon credits equivalent or greater than 100% of their remaining emissions. The carbon credits they've retired also meet the VCMI’s definition of high quality, which is Core Carbon Principle (CCP) approved. CarbonPulse reports that more than 900 million carbon credits are under review for the high-integrity CCP label. This may sound like a lot of credits, but as Rich Gilmore points out , if all companies offset just 10 percent of their fossil fuel emissions - the minimum level under the VCMI Claims Code Of Practice - the global inventory of carbon credits would be exhausted within 11 weeks.
Corporates have the power and influence to stop tropical deforestation at scale, and they must act faster. The nonprofit Global Canopy has been tracking the 500 institutions with the greatest impact on deforestation, and has found that they’re failing . Thirty percent of companies on the list don’t even have a single, publicly-available deforestation commitment. As Nikki Mardas, Global Canopy’s executive director said, “There is no solution to climate change without ending deforestation.” While we continue to fight against deforestation in the supply chains of everyday products, investing in REDD+ carbon credits is an immediate opportunity to prevent deforestation, fight climate change, and protect endangered wildlife by driving funds to marginalized forest communities, today.
CLIMATE NEWS STORIES WE'RE FOLLOWING
Indonesia's New President: 3 Takeaways for the Climate
500 Companies and Banks Could Stop the Destruction of Tropical Forests
How Taylor Swift's Purchase of Carbon Credits Can Provide Lessons to Other Buyers
THE IMPORTANCE OF CONNECTION
Many wildlife species embark on vast journeys to survive. From the monarch butterfly’s multi-generational migration to the humpback whale’s oceanic odyssey, to the African elephant’s endless pursuit of water, species need ecological connectivity to gain access to sites where they can feed, breed, and survive the seasons.
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But as the world becomes more connected for humans, it’s in turn becoming more restricted for many migratory species.
This month, the first-ever State of the World’s Migratory Species report was launched by the United Nations. The report revealed that nearly half (44%) of listed species are showing population declines and more than a fifth of listed migratory species are threatened with extinction. Habitat fragmentation, such as roads, trains, and other human development that blocks migration routes, is one of the greatest threats to migratory species. This is one of many reasons why the Kasigau Corridor REDD+ project, which connects Tsavo East and Tsavo West National Park, is critical for protecting biodiversity. More than 2000+ elephants, among many other migratory species, utilize the corridor each year.
However, conservation wouldn’t be possible by just protecting the 200,000 hectares of the Kasigau Corridor with traditional "fortress" methods. In order for conservation to be sustainable, it must put local communities in an equitable leadership position to co-create alternative incomes to poaching and deforesting.
POACHER TO PROTECTOR
“Poacher to Protector ,” a new short film by Wildlife Works, shares the story of Lombe IIungu. Lombe had relied on the treacherous work of poaching to support himself and his family. But after the Wildlife Works Mai Ndombe REDD+ project began, he was hired to use his knowledge of the forest and the poacher's mindset to protect the very species he once hunted.
At Wildlife Works, we believe that we have no right to preach to those at the sharp edge of human-wildlife conflict in the developing world. In order to solve the twin biodiversity and climate crises, we must have a nuanced understanding of the pressures that lead to deforestation and commercial wildlife hunting. High-quality REDD+ projects are one of the most direct and viable climate finance mechanisms to create sustainable, alternative sources of income.
WILDLIFE WORKS UPDATES
Verra Releases their Review Hold on the Kasigau Corridor REDD+ Project
Wildlife Works' Involvement in the Southern Cardamom REDD+ Project
Business Development & Management
8 个月Great initiatives and approaches to climate change mitigation! Keep trailblazing. With communities at the core of operations, the future looks bright. Wildlife indeed, works.