February 14, 2024 | Journal of Environmental Management | Source |
Introduction: Latin America is pivotal in global efforts to combat deforestation and climate change through initiatives like the Glasgow declaration. A global team of researchers led by Ecoresolve examines the region's expanding carbon markets, highlighting challenges like equity issues and varying regulations.
Key findings: The findings from the literature review of 299 articles from January 2010 to March 2023 were summarized under five topics: (i) the current state and recent developments of forest carbon markets, (ii) the stakeholders involved and their roles, (iii) methods for measurement, reporting, and verification (MRV), including the use of remote sensing, (iv) the challenges faced, and (v) the potential benefits, opportunities, and recommendations for the future enhancement of these markets. Improving governance can bolster project quantity, quality, and integrity, thus bolstering LATAM's rainforests' carbon sequestration potential. Given the intricate nature of these projects, embracing technologies like remote sensing could streamline MRV processes, provided they are appropriately calibrated. To further advance forest carbon markets in LATAM, the refining of frameworks, and fostering of broader engagement from both public and private sectors would be required.
Figure | Graphical illustration summarizing the top countries implementing carbon market and pricing initiatives in Latin America.