Researchers call Australia carbon credit scheme a ‘catastrophe’

Subject: Environment

Section: Climate Change

Carbon Credit Scheme of Australia:

The scheme covers almost 42 million hectares, an expanse larger than Japan, making it one of the world’s most extensive natural carbon offset initiatives.
Since 2013, it’s claimed that these forests have absorbed over 27 million tonnes of carbon.
The country aims to reduce carbon emissions by 43% by 2030 from 2005 levels, targeting net-zero emissions by 2050.

Issues with this carbon credit scheme:

Despite being prone to climate-induced natural disasters, Australia is a significant exporter of gas and thermal coal.
Australia’s per capita carbon dioxide emissions are among the highest globally at 15.3 tonnes, surpassing U.S. levels.
This overview encapsulates the recent critical examination of Australia’s carbon credit scheme, highlighting its alleged inefficiencies and the broader implications for the country’s climate policy and international commitments.

Research Methodology:

Utilizing satellite imagery to monitor forest growth, the study reveals substantial discrepancies in the reported carbon sequestration, casting doubt on over 27 million tonnes of absorbed carbon claims.

Key Findings:

A major reforestation project aimed at carbon offset in Australia‘s Outback is found to be significantly underperforming, described by researchers as a “catastrophe” and “gross failure.”
Nearly 80% of the targeted land for native forest regeneration showed stagnant growth or diminishing woodlands, challenging the effectiveness of these carbon offset efforts.
Despite questionable outcomes, Australia has claimed millions of tonnes in carbon credits from these projects, intended to counteract emissions from polluting industries.

Source: TH