Carbon Funding Essential for ‘Negative Emissions’ Projects in the UK
The demand for ‘in-country’ offsets is growing, and there is a need for a model that allows organizations to invest in ‘negative emission’ projects within the UK to offset their residual emissions. Access to carbon finance is crucial to enable farmers and other stakeholders to actively remove carbon from the atmosphere, creating ‘negative emissions’ and balancing methane and nitrous oxide emissions from food production. Furthermore, a market-led approach to funding emission reduction programs, such as tree planting initiatives, is essential to meet the UK’s net zero goals and tackle climate change effectively.
Enabling Farmers as Key Contributors to the Low Carbon Transition:
Dr. Jonathan Scurlock, speaking at the Energy and Rural Business Show, highlighted the importance of facilitating carbon capture to enable ‘negative emissions’ and emphasized that farmers can play a significant role in the low carbon transition. By providing farmers with access to carbon finance, they can contribute to the UK’s net zero goals by actively reducing carbon emissions in agriculture and other sectors.
Addressing the Shortfall in Tree Planting Funding:
One specific example highlighting the need for a market-led funding approach is tree planting in England. Current figures indicate that only £5.2 million will be allocated for new tree planting under the countryside stewardship scheme for the current financial year. According to Friends of the Earth, this amount is insufficient to meet the pledge of planting 30,000 hectares of trees by the end of the parliamentary term. Without additional funding, it is estimated that only 6,500 hectares will be planted, falling significantly short of the target.
Carbon funding is essential for supporting ‘negative emissions’ projects in the UK, enabling organizations to offset residual emissions and actively remove carbon from the atmosphere. By providing access to carbon finance, farmers can become key drivers in the low carbon transition, contributing to the UK’s net zero goals and balancing greenhouse gas emissions from food production. Additionally, a market-led funding approach is necessary to ensure the success of emission reduction programs, such as tree-planting initiatives, to meet ambitious targets. Continued investment in such initiatives will be crucial for the UK to achieve its climate goals and effectively address the challenges of climate change.
