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Forestry important for US carbon plan
09/04/2010
A London analyst has reported that US projects to convert bare land into forest and keep current woodland healthy could provide 60 per cent of available offsets for a US cap and trade plan on greenhouse gas emissions.
The comments were made by Trevor Sikorski, director of carbon markets at Barclays Capital in London. His research found that the overall supply of domestic offsets in the US could reach an annual 250 million short tons by 2020. It also revealed that US agriculture and forestry projects could provide 150 million short tons of the offsets needed. This is due to the fact that trees absorb carbon dioxide from the atmosphere.
Mr Sikorski commented: "Given the political importance of forestry and agriculture in the United States ... (such) offsets will be included in any federal cap-and-trade system.”
In markets where cap-and-trade is currently in force, including the European Union, polluters may choose to invest in offsets rather than cut their own emissions.
Senators in the US are now drafting a compromise climate and energy bill, which is due to be released around 22 April, which happens to coincide with the 40th anniversary of Earth Day.
The comments were made by Trevor Sikorski, director of carbon markets at Barclays Capital in London. His research found that the overall supply of domestic offsets in the US could reach an annual 250 million short tons by 2020. It also revealed that US agriculture and forestry projects could provide 150 million short tons of the offsets needed. This is due to the fact that trees absorb carbon dioxide from the atmosphere.
Mr Sikorski commented: "Given the political importance of forestry and agriculture in the United States ... (such) offsets will be included in any federal cap-and-trade system.”
In markets where cap-and-trade is currently in force, including the European Union, polluters may choose to invest in offsets rather than cut their own emissions.
Senators in the US are now drafting a compromise climate and energy bill, which is due to be released around 22 April, which happens to coincide with the 40th anniversary of Earth Day.
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