To Protect or Restore? The Big Forest Question

Last week in New York, we were delighted to welcome an audience of over one hundred including senior sustainability professionals, carbon markets actors and influential civil society organizations for a lively and engaging discussion on the need to both protect and restore forests, the barriers to corporate engagement and possible solutions. 

The panel, moderated by Giulia Carbone, Director of the NCS Alliance, brought together the heads of the two largest advance commitment initiatives focused on nature, Julia Strong of Symbiosis and Eron Bloomgarden of the LEAF Coalition, climate scientist, Dr Sarah Federman of Carbon Direct, Jennifer Tauli Corpuz, of Nia Tero, representing the perspective of Indigenous Peoples, and Tim Christophersen of Salesforce, a member of both coalitions. Here’s our key take outs from the session. 

 

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Key Takeouts

1. Protection and Restoration of forests are both vital.

The science has long been clear on this, and there was strong audience consensus that the private sector has a vital role to play, with 83% stating that both protection (via emissions reductions) and restoration (via removals) should be prioritized in corporate sustainability strategies. But the ongoing debate about reductions vs removals continues to stifle action. It’s time to put this to bed and move forward with both approaches. 

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2. Integrity – Is the puzzle almost solved? To wait for perfection will mean waiting forever.

We cannot let the perfect get in the way of the good. Initiatives like the ICVCM (supply side) and VCMI (demand side), as well as the greater involvement of regulators are all building confidence in the integrity of both reductions and removals credits and the broader voluntary carbon markets. Continuous improvement is important but the levels of integrity we now have are good enough to support action. 


3. Indigenous Peoples cannot be left on the sidelines.

Indigenous Peoples have been managing forests sustainably for thousands of years, this knowledge is key and should not be ignored. By bringing together cultures and respecting the rights of all, forest protection and restoration programs will not only be more successful, but will deliver a range of social and nature benefits far beyond carbon. 

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4. Education and building confidence are among the key barriers to investment.

While many corporations are keen to integrate forest protection and restoration into their sustainability strategies, a lack of confidence and knowledge to make informed decisions on the right investments were raised as key barriers by many in the room. Potential solutions raised, included education tools to help businesses understand the process and support in making the business case internally, particularly for SMEs. The idea of a Coalition, specifically aimed at SMEs was also raised. 


5. Advance Market Coalitions provide safe spaces.

Other challenges raised included, lack of clarity on forward pricing, fears of greenwashing allegations, lack of transparency and cost of monitoring outcomes. Speakers agreed that investing to support nature is complex and nuanced and that we should not let the perceived risks of action, prevent action. Both LEAF and Symbiosis were specifically created to provide ‘safe spaces’ for corporations to come together to take collective action, to learn together and unlock the finance needed to support forest protection and restoration, building strong pipelines of high integrity reductions and removals credits. 

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6. Compliance is coming.

The voluntary carbon markets are only needed because governments have been slow to act. But the panellists agreed that greater regulation is inevitable. Engagement in the carbon markets now, can help companies build the skills and knowledge to prepare for regulation. 


7. There is no time to wait.

Echoing the overall theme of New York Climate Week ‘It’s time,’ all panellists stressed the need for urgent action now, and for far more players to step up and get involved. The event ended with a rally cry for everyone in the room to each recruit ten colleagues or companies to support forest protection and restoration.

"Not by next Climate Week, but this Climate Week. Today. Now." 

 

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