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Voluntary carbon markets (VCMs) are gaining momentum as a strategy for climate change mitigation through forest carbon offset (FCO) projects in the United States (US). Despite this, few studies have examined the carbon storage performance and co-benefits associated with FCO projects, including afforestation/reforestation (A/R) and avoided conversion (AC). This study examines the current status of all existing A/R, AC, and avoided grassland conversion (AGC) projects registered within the VCM in the US. Using data from public carbon offset registries, we focus our analysis on the geographical and ownership distributions, project size, issued and retired credits, and co-benefits generated by these project types. Results showed a significant concentration of FCO projects in southern and western states, with 168,253 acres in Arkansas, 71,105 acres in Montana, and 42,857 acres in Colorado. Regarding project ownership, approximately 60% of all projects were owned by private companies and individuals or families. Analysis of offset credits by vintage period revealed that A/R projects generate a higher volume of both issued and retired credits compared to AC and AGC projects. Additionally, content analysis indicated that A/R projects provide a greater number of environmental and socioeconomic co-benefits than their AC and AGC counterparts. The findings from this study can improve our understanding of markets for forest-based ecosystem services and provide valuable insights for program administrators and policymakers to inform the decisions surrounding climate investments.
Cho et al. (Fri,) studied this question.