Scientists Report: Market Based Carbon Trading Scheme Fails To Protect Forests Or Reduce Poverty
Murphy DEP Now Developing A Similarly Flawed Carbon Credit Scheme
According to a UN Report (which I can’t seem to find on line, but heard reported on BBC this morning), the UN’s carbon trading scheme failed to protect forests or reduce poverty: (credible source here):
Market-based approaches to forest conservation like carbon offsets and deforestation-free certification schemes have largely failed to protect trees or alleviate poverty, according to a major scientific review published on Monday.
The global study—the most comprehensive of its kind to date—found that trade and finance-driven initiatives had made “limited” progress halting deforestation and in some cases worsened economic inequality.
Drawn from years of academic and field work, the report compiled by the International Union of Forest Research Organizations (IUFRO), a group of 15,000 scientists in 120 countries, will be presented at a high-level UN forum starting Monday
As a heads up, my NJ readers should know that last year, during Senator Smith’s Forestry Task Force deliberations, the Murphy DEP stated that they were developing a forest carbon credit scheme to manage NJ’s forests.
This type of market based program would likely be funded by the Regional Greenhouse Gas Initiative (RGGI), which provides 10% of DEP’s share of RGGI allowance sale revenue to carbon storage and sequestration.
A politically powerful and well connected to DEP NJ based billionaire, Peter Kellogg already has enrolled his Hudson Farm lands in a private carbon credit – trading program.
Kellogg provided over $300,000 to fund NJ Audubon’s “forest stewardship” logging project at Sparta Mountain – a joint project with DEP.
Kellogg also paid for $5,000 per week DEP managers junkets.
Kellogg is a former Wall Streeter like our NJ Governor Phil Murphy, so his money, his land, and his connections have had undue influence on DEP’s flawed forestry policy.
Given the DEP statement about developing a carbon credit program, Kellogg’s support for such a program, and the availability of significant RGGI funding, it is very possible if not likely that Senator Smith will amend his current proposed forestry legislation to authorize the Murphy DEP’s carbon credit schemes.
DEP could also attempt to adopt such a carbon credit program via regulations or informal guidance in the absence of authorizing legislation. DEP currently implements a “14 step process” to manage NJ’s forests on public lands in the absence of authorizing legislation and regulation, so anything is possible from the arrogant pro-logging bureaucrats at DEP.
I urge readers to contact Smith and DEP Commissioner LaTourette to tell them to avoid going down this failed market based path and instead pursue real planning and regulatory measure to preserve all of what’s left of NJ’s forests, on public and private land.
The UN is holding an annual conference on forests, starting today. You can watch live starting at 10 am, see: