There’s currently a debate underway in the UK around where plantation forestry i.e. fast-growing timber producing forestry, fits into the voluntary carbon market system, the Woodland Carbon Code (WCC). Similar discussions are being had in other parts of the world - as globally we analyse how to deal with the climate change challenge we all face.
A ‘blessing’ of the UK’s cool and wet oceanic climate is that it allows for the formation of peatland, fondly referred to as ‘bogs’. Peatlands are not unique to the UK but are found across the globe and on all continents. Although the highest levels are found predominately in the northern hemisphere, significant levels of peatland are also found in Indonesia, Papua New Guinea and Tasmania.
The trajectory of the carbon offset market looks set, with the launch sequence initiated. The global voluntary carbon market doubled between 2017 and 2019 and with the likes of visionary Microsoft founder Bill Gates and ex-Bank of England Governor Mark Carney collaborating on a taskforce aiming to scale this market, some estimates put the value of the voluntary carbon market growing from around $300 million today to $25 billion by 2030.
Seeing the wood for the trees. What’s the ‘true value’ of UK Forestry?
The total value of the world’s forests was estimated to be $150 Trillion in a recent Boston Consulting Group report - double the value of the global stock markets – with tree’s carbon storage ability amounting to 90% of this value.
Could recognising the ‘true value’ of forests turbo-charge UK woodland creation?
There’s a growing recognition and desire for a low-carbon 'green recovery' as we emerge from crisis. But Partner in Forestry, Andy Turnbull, asks if a new way of valuing forests could be the real catalyst for a step change in UK woodland creation?