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ncx-co / ifm_deferred_harvest

Documents, Data, and Code. The NCX Methodology For Improved Forest Management (IFM) Through Short-Term Harvest Deferral.
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Public Comment: 99 (Gilles Dufrasne) #99

Closed ncx-gitbot closed 2 years ago

ncx-gitbot commented 2 years ago

Commenter Organization: Carbon Market Watch

Commenter: Gilles Dufrasne

2021 Deferred Harvest Methodology Section: No Section Indicated

Comment: Inappropriate tonne-year accounting. The methodology makes use of tonne-year accounting, aiming to generate permanent credits for temporary storage, which could be as short as one year. This is inappropriate. From a carbon budget perspective, temporary storage does not contribute in any significant way to meeting climate targets. meeting climate targets. Such short term storage is by no means comparable to the long-term impacts of carbon which is released to the atmosphere. Please see CMW’s more detailed response on tonne-year accounting here (https://carbonmarketwatch.org/publications/carbon-market-watch-response-to-verras-proposed-tonne-year-accounting-method/).

Proposed Change: No Proposed Change

ncx-gitbot commented 2 years ago

NCX response: The goal of climate mitigation is more about mitigating the damage caused by climate change, rather than the actual quantity of carbon in the atmosphere. The carbon in the atmosphere causes increased temperatures through climate forcing, which in turn lead to costly economic and social damages to our water, homes, businesses, and livelihoods. The long-standing research and implementation of the Social Cost of Carbon approximates the net present value of the perpetual stream of future costs and damages caused by climate change. For our methodology, we apply a similar economic framing and a net discount rate of 3.0% to identify the equivalence ratio between the benefits of delaying emissions for 1 year compared with 100 years. See Parisa et al. 2022 for a full explanation of how this economic model yields an economic equivalence between credits of different durations. In order to incentivize action today to avoid those future damages, it is appropriate to use a similar economic framework to calculate the benefits of near-term climate action. While a ratio does not signify a physical equivalence, it does appropriately value the future economic benefits of physical action today.