Accelerating high-integrity carbon markets
The vital role that the LEAF Coalition is playing in protecting tropical forests and helping prevent climate change was highlighted in a special event on accelerating high-integrity carbon markets, hosted by the US Department of State in Washington D.C. to mark Earth Day.
John Kerry, Former United States Special Presidential Envoy for Climate, and John Podesta, Senior Advisor to the President for International Climate Policy opened the event with keynote remarks outlining the importance of high integrity carbon markets as a key tool to mobilize private sector finance in the fight against climate change.
A panel dedicated to the LEAF Coalition was moderated by Sue Biniaz, Principal Deputy Envoy for Climate Change.
Here are our key take outs:
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1. There's no feasible pathway to a net-zero and nature-positive world without halting and reversing tropical deforestation.
Jurisdictional crediting provides the most viable option for mobilizing the levels of finance needed by tropical forest countries.
2. LEAF delivers end-to-end integrity that corporate buyers can trust.
Eron Bloomgarden, CEO and Founder of Emergent, highlighted how the LEAF Coalition was built as a high integrity platform to counter previous criticisms of the market. LEAF only buys credits that meet the high-integrity standard ART TREES, has robust criteria for buyers and strict rules on credit re-sale, with any additional profits flowing back to forest countries.
Bloomgarden also called on more corporates to invest in high-integrity carbon credits, pointing out that there a few other sources of income to support forest protection.
3. Investing in forests helps supports corporate climate and nature goals and helps future-proof businesses.
Forest protection is essential to keeping 1.5ºC alive. But for a company that relies on agriculture, forest protection is vital to the bottom line. Helga Flores Trejo, Vice President of International & Multilateral Affairs at Bayer AG, explained that although Bayer is decarbonizing on the path to net-zero, it also needs to invest in forests protection to support the food systems of the future. This is why Bayer chose to participate in the LEAF Coalition.
4. Forest country governments are generating high integrity jurisdictional credits but more finance is needed to sustain ongoing forest protection.
Alongside Ghana, Costa Rica was the first country to sign agreements with LEAF in 2023 to supply high integrity forest carbon credits to corporate buyers. It has moved from 25% to 50% forest cover in the past 30 years, becoming a global climate and nature leader. But as Franz Tattenbach, Environment and Energy Minister shared, this transformation requires continued funding.
5. REDD+ payments to developing countries support local livelihoods and continued climate mitigation.
Johnson Cerda, an Indigenous Kichwa of the Ecuadorian Amazon and member of the GEF/NGO Committee representing the Indigenous Peoples of Latin America, explained how initiatives like LEAF provide an alternative income to the extractive industries, putting a financial value on standing forests.
Cerda also emphasised how vital the participation of Indigenous Peoples and local communities is to the success of jurisdictional REDD+ programs, sharing how the LEAF consultation process provides communities with the opportunity to fully participate.
6. A Call to Action
Richard Verma, Deputy Secretary of State for Management & Resources, spotlighted LEAF as a pioneering, high-integrity approach with the potential to help mobilize the finance needed to end deforestation. Echoing the rallying cry from all participants:
For more information on the LEAF Coalition please click the link below to get in touch with a senior member of our corporate engagement team:
Join Us
Visit www.leafcoalition.org to find out how your company can join the coalition of corporate climate leaders working to end tropical deforestation.