TY - JOUR
T1 - The status of forest carbon markets in Latin America
AU - Blanton, Austin
AU - Mohan, Midhun
AU - Galgamuwa, G. A.Pabodha
AU - Watt, Michael S.
AU - Montenegro, Jorge F.
AU - McTavish, Freddie
AU - Carlsen, Sheena Camilla Hirose
AU - Valasquez-Camacho, Luisa
AU - Bomfim, Barbara
AU - Pons, Judith
AU - Broadbent, Eben North
AU - Kaur, Ashpreet
AU - Direk, Seyide
AU - de-Miguel, Sergio
AU - Ortega, Macarena
AU - Abdullah, Meshal
AU - Rondon, Marcela
AU - Wan Mohd Jaafar, Wan Shafrina
AU - Silva, Carlos Alberto
AU - Cardil, Adrian
AU - Doaemo, Willie
AU - Ewane, Ewane Basil
N1 - Copyright © 2023. Published by Elsevier Ltd.
PY - 2024/2/14
Y1 - 2024/2/14
N2 - Tropical rainforests of Latin America (LATAM) are one of the world's largest carbon sinks, with substantial future carbon sequestration potential and contributing a major proportion of the global supply of forest carbon credits. LATAM is poised to contribute predominantly towards high-quality forest carbon offset projects designed to reduce emissions from deforestation and forest degradation, halt biodiversity loss, and provide equitable conservation benefits to people. Thus, carbon markets, including compliance carbon markets and voluntary carbon markets continue to expand in LATAM. However, the extent of the growth and status of forest carbon markets, pricing initiatives, stakeholders, amongst others, are yet to be explored and extensively reviewed for the entire LATAM region. Against this backdrop, we reviewed a total of 299 articles, including peer-reviewed and non-scientific gray literature sources, from January 2010 to March 2023. Herein, based on the extensive literature review, we present the results and provide perspectives classified into five categories: (i) the status and recent trends of forest carbon markets (ii) the interested parties and their role in the forest carbon markets, (iii) the measurement, reporting and verification (MRV) approaches and role of remote sensing, (iv) the challenges, and (v) the benefits, opportunities, future directions and recommendations to enhance forest carbon markets in LATAM. Despite the substantial challenges, better governance structures for forest carbon markets can increase the number, quality and integrity of projects and support the carbon sequestration capacity of the rainforests of LATAM. Due to the complex and extensive nature of forest carbon projects in LATAM, emerging technologies like remote sensing can enable scale and reduce technical barriers to MRV, if properly benchmarked. The future directions and recommendations provided are intended to improve upon the existing infrastructure and governance mechanisms, and encourage further participation from the public and private sectors in forest carbon markets in LATAM.
AB - Tropical rainforests of Latin America (LATAM) are one of the world's largest carbon sinks, with substantial future carbon sequestration potential and contributing a major proportion of the global supply of forest carbon credits. LATAM is poised to contribute predominantly towards high-quality forest carbon offset projects designed to reduce emissions from deforestation and forest degradation, halt biodiversity loss, and provide equitable conservation benefits to people. Thus, carbon markets, including compliance carbon markets and voluntary carbon markets continue to expand in LATAM. However, the extent of the growth and status of forest carbon markets, pricing initiatives, stakeholders, amongst others, are yet to be explored and extensively reviewed for the entire LATAM region. Against this backdrop, we reviewed a total of 299 articles, including peer-reviewed and non-scientific gray literature sources, from January 2010 to March 2023. Herein, based on the extensive literature review, we present the results and provide perspectives classified into five categories: (i) the status and recent trends of forest carbon markets (ii) the interested parties and their role in the forest carbon markets, (iii) the measurement, reporting and verification (MRV) approaches and role of remote sensing, (iv) the challenges, and (v) the benefits, opportunities, future directions and recommendations to enhance forest carbon markets in LATAM. Despite the substantial challenges, better governance structures for forest carbon markets can increase the number, quality and integrity of projects and support the carbon sequestration capacity of the rainforests of LATAM. Due to the complex and extensive nature of forest carbon projects in LATAM, emerging technologies like remote sensing can enable scale and reduce technical barriers to MRV, if properly benchmarked. The future directions and recommendations provided are intended to improve upon the existing infrastructure and governance mechanisms, and encourage further participation from the public and private sectors in forest carbon markets in LATAM.
KW - Afforestation/reforestation
KW - Carbon credits
KW - Carbon pricing initiatives
KW - Compliance carbon markets
KW - Emission trading systems
KW - Forest carbon
KW - Voluntary carbon markets
KW - Carbon/metabolism
KW - Forests
KW - Humans
KW - Carbon Sequestration
KW - Latin America
KW - Ecosystem
KW - Conservation of Natural Resources/methods
UR - http://www.scopus.com/inward/record.url?scp=85182511545&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85182511545&partnerID=8YFLogxK
UR - https://www.mendeley.com/catalogue/a07fbbff-65cd-3ed3-85a3-e91c8d4f2bbd/
U2 - 10.1016/j.jenvman.2023.119921
DO - 10.1016/j.jenvman.2023.119921
M3 - Article
C2 - 38219661
AN - SCOPUS:85182511545
SN - 0301-4797
VL - 352
JO - Journal of Environmental Management
JF - Journal of Environmental Management
M1 - 119921
ER -