New Mapping Tool Helps Spot Sources of High-Quality Nature-Based Carbon Credits
SINGAPORE – A new mapping tool to identify where natural ecosystems like rainforests and mangroves can be conserved has been launched to identify potential sources of carbon credits.
Carbon credits refer to permits that companies or countries can buy, for example, from a forest conservation project in Indonesia, to offset their greenhouse gas emissions. Each credit represents one tonne of emissions.
The platform, known as Carbon Prospecting, was launched by the Center for Nature-based Climate Solutions (CNCS) at the National University of Singapore (NUS) and the Satellite Data and Geospatial Analytics business of ST Engineering, Geo-Insights.
Professor Koh Lian Pin, Director of NUS CNCS, said the platform focuses on forests at risk of deforestation and identifies carbon-rich areas to help policymakers and investors develop projects to tap into a potential source of credits. high quality carbon.
As trees trap carbon dioxide from the atmosphere for storage, existing forests can be a source of carbon credits, which can be calculated by measuring the amount of CO2 the trees have sequestered.
The platform allows users to compare the amount of high-quality carbon credits that can be generated in different parts of the world.
For example, it shows that Indonesia and Malaysia are among the best countries to avoid carbon emissions by protecting their forests.
The platform also allows users to calculate the estimated yield of carbon credits and their financial return on investment, depending on the conditions they are looking for, such as project duration, project operating costs and their expected carbon price.
In addition, the platform quantifies the potential benefits of conserving tropical forests, such as their impact on biodiversity, the supply of drinking water for the inhabitants of the region and their food security.
Having such information on co-benefits allows buyers to better assess the quality of carbon credits, Professor Koh said.
“Demand for high-quality nature-based carbon credits often exceeds supply. Thus, such a platform can help developers shorten the often complicated and costly process of identifying carbon project sites that would offer the most great benefits for the climate, biodiversity and the people who live in the region,” he added.
The platform was launched on September 22 at the World Economic Forum – Champions for Nature event in New York during Climate Week NYC 2022.
It is based on recently published peer-reviewed studies and ongoing research by CNCS researchers, and will help fill key research and development gaps that have impeded the implementation of climate-based solutions. on nature on a global scale.
These gaps include uncertainties about where the most promising carbon stocks are located, how future increases in carbon prices will improve the economic prospects of nature conservation, and where natural ecosystems most benefit people. society, Professor Koh noted.