World Economic Forum consultation on Nature and Net Zero
This report from the World Economic Forum and McKinsey explores the potential and challenges of natural climate solutions (NCS) i.e. nature-based solutions for climate change mitigation. The report builds on the Taskforce on Scaling Voluntary Carbon Markets, which together aim to provide guidance on the role on NCS in decarbonisation of the private sector.
The report estimates that NCS could contribute around 7 GtCO2 abatement annually, comprising primarily five types of NCS: avoided deforestation, avoided peatland impact, peatland restoration, reforestation and use of cover crops. The report refers to a need to ‘overcome years of oversupply of carbon credits and low prices’. Key hurdles to upscaling NCS are identified, including lack of standards and certification under an international body, and public concern over the validity of NCS which the report suggests can be addressed by highlighting examples of best practice. The report suggests the creation of ‘multistakeholder communities of trust to air and address conceptual differences’.
Read the report here.