A new variation of carbon credits, which puts more focus on biodiversity protection and income generation, is attempting to get the carbon market back on track.The methodology for the new initiative called Balance focuses on climate mitigation by making sure that the biodiversity and social aspects of carbon projects succeed first.The voluntary carbon market has faced widespread criticism in recent years for a lack of transparency as well as allegations of greenwashing and human rights abuses.
How can the beleaguered carbon market be saved?
Carbon market pioneer Daniel Morrell’s solution is straightforward: Go back to the market’s roots by focusing less on carbon and more on biodiversity generation and community welfare. It might be easier said than done; nonetheless, he is giving it a shot.
Morrell recently launched Balance, a new avatar of the carbon credit that puts the focus primarily on biodiversity protection and generating new sources of income for local communities. With a three-pillared methodology, he plans to address biodiversity loss, poverty and climate breakdown with the aim of keeping forests intact long after projects have wrapped up.
“Tackling any one of these in isolation is ineffective as they are structurally linked,” Morrell, CEO of Balance and climate advisor to the U.K. Prime Minister’s Office, 10 Downing Street, told Mongabay in an email interview. He said he wants Balance units to address these issues simultaneously rather than allowing people and companies to purchase “a ‘get out of jail free’ card to excuse emissions.”
