Rise in forest fires is a permanence risk for global carbon markets

NEW DELHI , Nov 16 2022 /PRNewswire/ — Climate Connect Digital (CCD) released a white paper quantifying the permanence risk posed by increasingly intense forest fires across the Indian subcontinent. This will potentially have a significant impact on nature-based carbon projects, and the voluntary carbon markets.

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To read more, download the full white paper here

Sharm El Sheikh, Egypt (November 16, 2022)
This year’s United Nations Conference of Parties (COP 27) in Sharm El Sheikh, Egypt is in full swing, with countries gathering to decide on global action to combat climate change, with a sharp focus on the fulfillment of Article 6.

The CCD delegation visiting COP released a white paper detailing how carbon stocks in forests are affected by rising temperatures, and intensified forest fires across the Indian subcontinental region. This raises concerns for the future health of both natural ecosystems and carbon markets. Current climate trends and future projections are worrying, as the average temperature trend for the past 40 years has seen an increase of 0.5°C, leading to markedly increased weather volatility.

Projections out to 2100 for central In the predicts a significant increase in rainfall of 100 mm and rise in average temperature of 1.2°C. As such, it is expected that the frequency, duration and intensity of forest fires will also worsen.

This poses major risks for nature-based solutions (NBS) projects and carbon project developers. In turn, there will be a direct impact on global carbon registries, which will have to manage the buffers needed to mitigate the associated permanence risk.

Currently, approximately 20% of a project’s carbon credits are set aside in a buffer by registries at the time of issuance, to mitigate the permanence risk. However, this level may be insufficient in the future and have an effect on global markets.

The paper – titled Climate change: impact on rainfall, temperature and forest fires, an Indian perspective – examine the past trends for central In the from 1951 to 2020, and out to 2100. The study highlights the need for similar types of climate analysis to be carried out in other parts of the world.

Based on his findings, Climate Connect Digital began developing tools that enable near-real-time monitoring of forest fires in areas of interest and can generate alerts.

About Climate Connect Digital:

Climate Connect Digital (CCD) is a climate technology company that has been providing innovative technology and consulting solutions to the climate and clean energy domains for over 12 years.

A pioneer in the application of AI to energy and climate technology, its solutions are deployed in multiple networks and manage 12 GW of solar and wind power generation across more than 100 power plants.

With software solutions and expert consultants, CCD enables companies to build and implement strategies to achieve long-term emission reduction targets. Its software tools and expert advisory services also help carbon project developers effortlessly maximize their carbon assets.

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SOURCE Climate Connect Digital (CCD)

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