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1、High-IntegrityVoluntaryCarbonMarkets(VCM):UNDPrammeis in Forest CountriiEmergingIaaIlaa in FCraaUNDPistheleadingUnitedNationsorganizationfightingtoendtheinjusticeofpoverty,inequality,andclimatechange.Workingwithourbroadnetworkofexpertsandpartnersin170countries,wehelpnationstobuildintegrated,lastings
2、olutionsforpeopleandplanet.Learnmoreatundp.orgorfollowatUNDP.TheviewsandrecommendationsexpressedinthisreportdonotnecessarilyrepresentthoseoftheUnitedNations,UnitedNationsDevelopmentProgramme,ortheirMemberStates.Theboundariesandnamesshown,andthedesignationsusedonthemapsdonotimplyofficialendorsementor
3、acceptancebytheUnitedNations.Copyright2021PhotosUnitedNationsDevelopmentProgrammePhotobankUnitedNationsDevelopmentProgrammeOneUnitedNationsPlaza,NewYork,NY10017,USAAllrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformbyanymeans,electronic,mechanica
4、l,photocopyingorotherwise,withoutpriorpermissionofUNDP.AcknowledgmentsThisreportwasdraftedbyAnaKarlaPerea,SeniorIndependentConsultant,withsignificantOntributionsbyAlexisArthur,LeticiaGuimaraes,ElspethHalverson,JenniferLaughlin,CleaPaz-Rivera,andKimberlyTodd,fromUNDP,sClimateandForestsProgramme.Theau
5、thorsaregratefulfortheinsightfulinputsfromexternalreviewersthatgreatlyimprovedthisdocument,includingCatherineDiam-Valla,ClimateChangeTechnicalSpecialist,UNDP;MarkKenber1Co-ExecutiveDirector,VCMI;DonnaLee,SeniorIndependentConsultant;andCharlotteStreck,Director,ClimateFocus.UNDPisindebtedtothegovernme
6、ntrepresentativesandinvitedpaneliststhatparticipatedintheseriesofdialoguesonenvironmentalintegrityforforestsincarbonmarketsheldinAprilandAugust2021,whichprovidedthebasisforthisreport.4 ExecutiveSummary8 Introduction12 PromotinghighintegrityofVCMtransactionsofforestemissionreductionsandremovals14 For
7、estsintheVCM16 TheVCMandtheParisAgreement18 HighintegrityofVCMfortheforestsector24 Countries9perspectivesonaccessinghigh-integrityVCMs26 Addressingenvironmentalintegrityconcerns28 Promotingbroaderaspectsofhighintegrity32 Keymessages36 ReferencesExecutiveSummarystrategicallyengageinVCMs,fortheachieve
8、mentoftheirNationallyDeterminedContributions(NDCs)totheParisAgreement.Forests are crucial to supporting the Paris Agreement objectives, providing opportunities to deploy climate change mitigation action at scale while contributing to increased climate resilience and protection of biodiversity, ecosy
9、stem services, and local livelihoods.High-integrity carbon markets can support climate change mitigation efforts by creating an economic incentive for reducing emissions and enhancing removals from the forest sector in a cost-effective manner, enabling countries to raise their climate change mitigat
10、ion ambition and supporting the transition towards a low-carbon and climate- resilient global economy. While voluntary carbon markets (VCMs) have gained momentum as a means to mobilize significant and much-needed private climate finance for forests, they also face criticism in terms of integrity, in
11、cluding the risk of double claiming.Increased interest in VCMs must be accompanied by efforts to promote high integrity and ensure the use of these markets complements decarbonization efforts under the United Nations Framework Convention on Climate Change (UNFCCC). VCMs can provide important private
12、 sector climate finance to support measures to reduce deforestation and forest degradation, and sustainably manage forests in tropical countries. Many of these countries have made important progress over the past 10 years of REDD+ readiness e什OrtS which they can now build on toi Voluntary carbon mar
13、kets in this report refer to carbon market transactions that are undertaken by entities on a voluntary basis, not as a result of any policy-related regulatory national and/ or international requirement.Thisreportcompilesandelaboratesoncriticalissuesfortropicalforestcountriestoconsiderintheirengageme
14、ntassuppliersofhigh-integrityforestcarboncreditstoVCMs.Thereport:(1)presentskeyelementsforhigh-integritycarbonmarketsfortheforestsector;(2)highlightsopportunities,challenges,andpossiblesolutionsrelatedtotropicalcountries,accesstohigh-integrityVCMs,identifiedthroughaseriesofdialoguesfacilitatedbytheU
15、nitedNationsDevelopmentProgramme(UNDP)in2021,and(3)outlinespotentialwaystoimproveandfacilitatetropicalforestcountries*accesstohigh-integrityVCMs.Highlights14Scaled-upREDD+finance,alongsidecarbonmarkets,isneededtopromotethelong-termsustainabilityofclimatemitigationeffortsintheforestsector.2High-integ
16、rityVCMsprovideopportunitiestomobilizesignificantprivatefinancetoprotectforestsandsupportthetransitiontowardsalow-carbonandclimate-resilientglobaleconomy.3Highintegrityiscommonlyassociatedwithenvironmentalintegrityrisks(i.e.carbonaccounting.)Additionalelementsneedtobeconsideredforanintegratedandholi
17、sticapproachtoensurehighintegrity,suchas:policyalignmentwithcountries,NDCsandotherrelevantpolicyframeworks;directinginvestmentstoprogrammesandprojectswithdemonstratedpositivesocialandenvironmentalimpacts;strengtheninglocalgovernanceandrespectingIndigenousPeoplesrights;andsecuringtheclarityandlegitim
18、acyofcorporateclaims.5VCMstandardshavecreatedopportunitiestoimplementforestsectormitigationactionatscale,goingbeyondproject-basedactivitiestoSupportjurisdictionalREDD+implementation.HighlightsAligningprojectandjurisdictionalVCMinitiativeswithnationalREDD+frameworkscanhelpcountriesoptimizeaccesstodif
19、ferentclimateandcarbonfinancesourcesandpromoteaconsistentapproachtomeethigh-integrityrequirements.7Tropicalforestcountriesidentifyaskeychallenges:thediversityofcarbonmarketstandardswithdifferentrequirements;thelackofclarityonhowtheVCMrelatestoArticle6oftheParisAgreementandNDCaccounting;thealignmento
20、fVCMproject-levelinitiativeswithnationalREDD+frameworks;andlimitedopportunitiestoengagedirectlywiththeprivatesectorinVCMdiscussions.UNDPisassistingcountriestoaddressthesechallengesthroughcarbonmarketreadinessandVCMaccessstrategies.Thisincludesassessingoptionsforengagementinhigh-integrityVCMsinaccord
21、ancewithnationalcircumstancesaswellasprovidingsupporttomeetVCMrequirements,suchasenhancingMRVcapabilities,policyalignment,andstrengtheninginstitutions.9UNDPalsoaimstostrategicallyconnectnationalgovernmentswithpotentialdonors/buyersandfacilitatehigh-integritycarbonmarkettransactions,andhostcountrydia
22、loguestoprovidetechnicalinformationandshareknowledgeonVCMs.IntroductionForestsarekeytosupportingtheachievementoftheParisAgreementgoaloflimitingtheincreaseintheglobalaveragetemperaturetowellbelow2,aimingat1.5.Itisestimatedthattheagriculture,forestry,andotherlanduse(AFOLU)sectorcontributes23%ofgreenho
23、usegas(GHG)emissionsglobally,withestimatesrisingto80%ofGHGemissionsinsomedevelopingcountries(IPCC2019;Satoetal.2019).ForestsarealsocrucialfordevelopingcountriestoachievetheirNationallyDeterminedContribution(NDC)targets.AsofJuly2021,75%oftheneworupdatedNDCsincludedmitigationmeasuresintheAFOLUsector,w
24、ithmanydevelopingcountrieshighlightingREDD+asprioritymeasures(UNFCCC2021).However,emissionsfromdeforestationandforestdegradationhavecontinuedtorise,andglobalforestlosscontinuesatanalarmingrateofaround10millionhectaresperyear(FAO2020).Climatefinanceprovidedforforest-relatedmitigationrepresentsbetween
25、0.5and5%oftheinvestmentrequiredtoharnessthemitigationpotentialoftheforestsector,underscoringtheneedtoenhancesupporttoforestcountries(NYDF2021).Carbonmarketscanhelpaddresstheexistingclimatefinancegapandprovideopportunitiesfortropicalforestcountriestodiversifyfundingsourcesandincreaseinvestmentinthefo
26、restsectorsIfdesignedwithhighintegrity,carbonmarketscanlowerthecostsofclimatechangemitigationactionsbyimplementingactivitiesinplaceswhereitismostcost-effectivetodoso,supportingtheincreasedambitionofmitigationtargets,andenablingthetransitiontowardsalow-carbonandclimate-resilientglobaleconomy.Promotin
27、ghighintegrityinforestcarbonprojectsPolicyapproachesandpositiveincentivesforactivitiesrelatedtoreduc-ingemissionsfromdeforestationandforestdegradation,andtheroleofconservation,sustainablemanagementofforests,andenhancementofforestcartx)stocksindevelopinguntries2Carbonfinancereferstotherevenuegenerate
28、dbyprojectsthroughsaleofcarboncreditsinmarket-basedapproaches(Gupta2016).Itisdifferentfromreslts-basedfinance,whichinthecontextofREDD+,isunderstoodasex-postpaymentsmadeonthebasisofemissionreductionsthathavebeenachievedandverified(Schneideretal.2018).andprogrammespresentsparticularchallenges,asthesea
29、reimplementedincomplexsocialandenvironmentalcontextsandgenerallyhavehigherrisksofreversalsandleakagethanprojectsinothersectors(Chagasetal.2020).Ifpoorlydesigned,carbonmarketscandiminishtrustandunderminedecarbonizationeffortsandinsteadincreaseemissionsandcostsofabatement(Schneideretal.2020;WB2018).Is
30、suanceofforestcarboncreditsunderinternationalmarket-basedprogrammeshastakenplaceprincipallyinvoluntarycarbonmarkets(VCMs),whichhasprompteddiscussionsoverthelastdecadeontheextenttowhichtherulesandproceduresinplacearesufficienttoassuretheircredibilityandintegrity.Thesediscussionsarebeingreexaminedinth
31、econtextofincreasedinterestinVCMs,alongsidediscussionsonvoluntarycooperationapproachesunderArticle6oftheParisAgreement,toidentifywaystopromoteintegrityinVCMsandtocomplementotherdecarbonizationeffortsundertheParisAgreement.Tropicalforestcountrieshavemadeimportantprogressoverthepast10yearsofREDD+readi
32、nessefforts,whichprovidesabasisfortheirstrategicengagementinhigh-integrityVCMsfortheachievementoftheirNDCs.Thisreport,buildingontheinputsandperspectivessharedduringaseriesofdialoguesfacilitatedbyUNDPin2021(Box1),aimstoinformandsupporttheseefforts.Thereportisstructuredasfollows:Section2outlinesthepri
33、nciplesassociatedwithhigh-integrityVCMsandhowthesecanbeappliedinforestprogrammesandprojects;Section3highlightstropicalforestcountries,perspectivesonopportunities,challenges,andpossiblesolutionsrelatedtoaccessinghigh-integrityVCMs;andSection4presentstheconclusionsandkeymessages.3) Private sector inte
34、grity expectations and willingness to pay for higher- cost units.In addition, the dialogues highlighted forest countries* perspectives on challenges and opportunities in accessing VCMs.2) Aligning project and jurisdictional VCM initiatives with national REDD+ frameworks.Box1.Dialogueswithtropicalfor
35、estcountriesonemergingissuesinVCMsTofostertheengagementofrepresentativesfromtropicalforestcountriesinglobaldiscussionsonpromotingthehighintegrityofVCMs,UNDPconductedaseriesofdialogueswithrepresentativesfromforestcountriesintheLatinAmericaandCaribbean,Asia-Pacific,andAfricanregions.Twoglobaldialogues
36、wereorganizedinApril2021,onAChieVingEnVironmemalIntegtitVforFOreStSinCarbOnMarkets,followedbythreeregionaldialoguesinAugust2021tofurtherexploreintegrityissuesidentifiedbyforestcountriesandtofacilitatetheattainmentofcredible,robust,andeffectiveVCMtransactions.Inparticular,theregionaldialoguesfocusedo
37、n:1)Doublecounting,particularlydoubleclaiming.PromotinghighintegrityofVCMtransactionsofforestemission12High-IntegrityVoluntaryCarbonMarkets(VCM):EmergingIssuesinForestCountries2.1.ForestsintheVCMCarbonmarketscanprovidefinanceforprojectsorprogrammesintheforestsectorthroughthepurchaseofcreditstomeetbo
38、thcomplianceand/orvoluntaryreductiontargets(Box2).VCMshavebeengainingmomentumwithasignificantincreaseinnet-zerocommitmentsfromtheprivatesector.In2020,thenumberofnet-zeropledgesfromnon-stateactorsmorethandoubled,and1,565companiesadoptednet-zerotargets(NewCIimateInstitute&Data-DrivenEnviroLab2020).The
39、secommitmentsorclimatetargetstypicallytranslateintosomedemandforcarboncredits,whichcanpotentiallysupporttheimplementationofdevelopingcountries*NDCs.Forest-basedmitigationactivitieshavebeenapopularVCMprojecttypeintermsoftransactedvolumeandprice(Figure1).In2021(throughAugust),forestryandlanduseproject
40、srepresentedaroundhalfofthetotalvolumetransacted,whilein2020and2019thiscategoryrepresented28%and37%,respectively(ForestTrendsEcosystemMarketplace2021).TransactedvolumesofREDD+creditsgrewsignificantlyfrom2020-2021,signalingincreasedbuyerinterest(ibid).Intheperiod2016-2021,projectsundertheforestryandl
41、andusecategorywereamongthehighestpricedatanaverageofUSD4.39,significantlyhigherthanprojectsintherenewableenergyandenergyefficiencycategories(USD1.40andUSD2.38respectively)andonlysurpassedbyprojectsunderthehouseholddevicescategory(USD4.92).41Currently,theextenttowhichpricesindicatethequalityofcarbonc
42、reditsisnotclearasinformationisnotalwayspubliclyavailable.AsinterestinVCMsrisesandcompaniesincreasinglyvaluehigh-integritycredits,pricedifferentiationwilllikelyoccur,resultingintheneedtoimprovethetransparencyofVCM4Datafrom2021representsavailableinformationuntilAugust.Source:DatampilationfromForestTr
43、endsEsystemMarketplace:StateoftheVoluntaryCarbonMarketreports2021,2019and2017.Box2.VoluntarycarbonmarketsVCMsrefertothecollectivetransactionsofcarboncreditstrackedworldwidethatarenotpurchasedtomeetmandatoryGHGreductionobligationsorpredeterminedtargetsunderaregulatedorcompliancemarket.Thevoluntarycar
44、bonmarketplaceencompassesmanydiscretetransactionsofcreditspurchasedwiththeintenttoclaimcarbonneutralityorotherenvironmentalpledges(ForestTrends2021).VCMsaretypicallyassociatedwithlessbureaucracyandlowertransactioncoststhanregulatedmarkets,allowingflexibilitytoimplementprojectsintheforestsectorthatma
45、ydirectlyreachsmallholdersandlocalcommunitiesindevelopingcountries,contributingtoimprovedlivelihoods.AcarboncreditconstitutesthereductionorremovalofonemetrictonofCO2orGHGequivalentbeyondbusinessasusualthatisusedtocompensateforemissionsthatoccurelsewhere(VCMI2021).Whilethetermscarboncreditsandcarbono
46、ffsetsareoftenusedinterchangeably,carboncreditscanbeusedforpurposesdifferentfromoffsetting.Therationaleforusingacarboncreditasanoffsetisthatitcanenableequivalemitigationoutcomeswhiledeliveringfinancewhereitiscriticallyneeded,asmostofthecarboncreditsupplycomesfromdevelopingcountries(Streck2021;VCMI20
47、21).Ifdesignedappropriately,carboncreditsusedforoffsettingcanalsogenerateenvironmentalandsocialco-benefitsandcontributetosustainabledevelopment.Offsettingcannotreplaceemissionreductioneffortsthatareurgentlyneeded,andregulationtomandateemissionsreductionsshouldincreaseovertime.Severalindependentstand
48、ardshavesurfacedtoprovidecredibilityandfostertrustintheVCM,servingaqualityassurancefunctionforthepast15years(VCMI2021).Independentstandardsareoftenprivateandnon-governmentalorganizationsthatestablishthesetsofrulesforthecreationandissuanceofcarboncreditsthroughvariousmethodologiesandprocedures.Byadhe
49、ringtothesepractices,projectdevelopersandjurisdictionsaimtocertifyemissionreductionsandremovalsachievedbytheirinitiativesintotradablecarboncredits.transactions,includingthepricepaidforforestcarboncredits(VCMI2021).Whilemanyvoluntarycarbonmarketstandardssupportforest-basedclimatechangemitigationattheprojectscale,standardssupportingajurisdictionala
