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A new way to count carbon credits
Carbon credits are permits that allow the owner to emit a certain amount of carbon dioxide or other greenhouse gases.
Representative Image / Unsplash
An innovative strategy emphasizing forest preservation and improved carbon credit evaluation systems was developed by a group of researchers from Cambridge, Exeter, and the London School of Economics. The method introduces a lease-like valuation system for carbon credits.
The project was spearheaded by Srinivasan Keshav, Robert Sansom professor of Computer Science at the University of Cambridge, Anil Madhavapeddy, professor in the University of Cambridge’s Department of Computer Science and Technology, and Dr. Tom Swinfield, a prominent researcher at the University of Cambridge’s Department of Zoology.
Explaining the significance of their research Keshav said, “Our new approach has the potential to address market concerns around nature-based solutions to carbon offsetting, and lead to desperately needed investment.”
Madhavapeddy added, “Nature-based carbon solutions are highly undervalued right now because the market doesn’t know how to account for the fact that forests aren’t a permanent carbon storage solution. Our method takes away a lot of the uncertainties.”
This open method encourages comparisons between different conservation projects and provides more effective means of addressing the issues. Researchers emphasized that tropical forests help fight climate change by absorbing carbon dioxide. But because this storage isn't permanent, people aren't eager to invest in carbon credits for tropical forests, despite it being cheaper.
Their work focused on nature-based solutions in combating climate change, with a specific emphasis on leveraging the carbon-absorbing capacity of trees. Keshav's team used sophisticated technology like satellites and AI to measure how much carbon tropical rainforests soak up.
They then use this information to make trustworthy carbon credits that raise money to protect these important places. This not only helps trap more carbon but also helps plants and animals in these forests. Their efforts are aimed to establishing a scalable system for carbon offset credits to instill trust and confidence among consumers and investors.
Addressing the urgent need for transformative action, Keshav emphasized the gravity of the climate crisis, labeling it the greatest challenge of our time. The research highlighted the significance of reshaping energy-intensive systems, which would not only impact the infrastructural aspects but also help in the transition to electric vehicles.
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