High-integrity carbon markets can help fight climate change, bring economic benefits to communities, and restore natural environments, according to the Nature Conservancy’s acting Singapore director, Thomas Brzostowski.
Brzostowski told a Singapore carbon market and investor forum hosted by Australia’s Carbon Market Institute: “The science is really clear, there’s going to be no path to reach global climate goals without unlocking the power of nature-based solutions for climate, it’s just that simple.”
“Forests, wetlands, grasslands, mangroves, and other ecosystems serve as vital carbon sinks. And protecting these ecosystems, restoring degraded habitats, and supporting farmers and landowners with regenerative land use practices has the potential to realise about one-third of the emissions reductions needed to limit global warming and keep the climate within safe boundaries,” Brzostowski said.
“But even though these ecosystems are a large part of the solution to climate change, only about 8% of global climate finance currently goes to nature-based solutions,” he added.
To better equip local communities to participate in carbon markets and benefit from them, the Nature Conservancy last month teamed up with seven other groups, including Mandai Nature, WWF Singapore, Conservation International, and the Wildlife Conservation Society to launch the Southeast Asia Climate and Nature-based Solutions Coalition, Brzostowski said.
Based in Singapore, the Coalition aims to accelerate investment in high-quality, high-integrity nature-based projects in the region that have the potential to generate carbon credits.