Understanding the “Carbon Cowboys” Phenomenon

Mar 23, 2024

The Intricacies of Carbon Credit Schemes

A recent The Guardian article shed light on entities dubbed as ‘carbon cowboys’, spotlighting their involvement in lucrative carbon credit schemes. At the heart of this narrative is the Kariba REDD+ project near Lake Kariba, Zimbabwe, launched in 2011 by South Pole and Carbon Green Investments. This initiative promised to conserve vast forest areas to sequester carbon, alongside offering substantial community benefits, including investment in infrastructure and job creation.

The Reality Behind Kariba REDD+

While the Kariba REDD+ project boasted of generating over £85m from carbon credit sales, verified by Verra, the world’s leading carbon certifier, discrepancies emerged. Investigations by Renoster revealed the threat of deforestation might have been exaggerated, questioning the actual value of the carbon credits generated. Moreover, the local communities saw minimal benefits, with the majority of profits not reaching those it intended to assist.

The Fallout and Lessons Learned

Following these revelations, South Pole exited the scheme, and its CEO resigned. The controversy surrounding Kariba REDD+ highlights the importance of verifiability in carbon offset projects. For potential buyers, the allure of exotic offset schemes must be balanced with the reality of their impact and legitimacy. Meanwhile, UK landowners may find an opportunity to develop more transparent and verifiable local schemes, offering a reliable alternative to these problematic ventures.

A Call for Transparency and Verification

The ‘carbon cowboys’ saga underscores the critical need for transparency, accountability, and genuine environmental impact in the carbon trading market. As the demand for carbon credits grows, so does the imperative for robust verification processes to ensure that these initiatives deliver on their promises to both the planet and local communities.

Register your land today and join a growing community of landowners and users who are connecting with buyers of carbon, nitrate and BNG offsets, as well as receiving complementary professional advice on ecological stewardship and monetisation of land. 

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Marc Garfield
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