The Untapped Potential of Great Green Wall Voluntary Carbon Market Projects 2024

2 Considerable criticism and scepticism of carbon reduction and removal claims contributed to a decline in the VCM during 2023. Media outlets called out greenwashing, restrictions on community access to land and forced evictions in a number of carbon offsetting projects.33 In addition, concerns have been raised over the additionality of avoided deforestation34 projects35 and the inclusion in some carbon projects of monoculture plantations, which have been criticized for reducing biodiversity, depleting soil nutrients and increasing vulnerability to pests and diseases. This malpractice in an unregulated market has increased scrutiny of corporations, resulting in companies halting or reducing investment in the VCM. While this scrutiny is driving the development of high-integrity standards for carbon projects, it has also led to widespread avoidance of carbon markets, reducing investment in communities and the environment in the Global South. This trend highlights the need to address concerns and restore market confidence. Risk mitigation: High-integrity carbon removal projects in GGW countries address and avoid many of these criticisms. The GGW initiative focuses on ecosystem restoration through reforestation and sustainable agriculture, including the promotion of agroforestry systems, providing measurable, long-term benefits such as improved soil health, water retention and biodiversity.36 Unlike carbon avoidance projects, carbon removal projects in GGW countries benefit from well-documented data on biomass changes. High-integrity VCM initiatives in the Sahel should prioritize diverse, native species to restore landscapes, enhance biodiversity and improve water cycles. By planting a mix of native trees, these projects can promote long-term sustainability and resilience to climate change. Growing native species that produce non-timber forest products (NTFPs) can also contribute to resilient value chains, offering economic opportunities for local communities, particularly women and youth. Their involvement in collecting, processing and marketing NTFPs boosts household incomes, strengthens local economies and fosters resilience. The empowerment of women and youth in projects promotes social inclusion, gender equality and the preservation of traditional ecological knowledge – key factors for the long- term success of carbon projects. Such projects offer co-benefits including enhanced food security, better livelihoods and greater transparency and verification.37 As a result, projects employing nature-based solutions in the Sahel deliver 2.1 Scepticism of carbon offsetting and avoided deforestationMitigating the challenges facing investment in VCM projects in the Sahel Challenges range from drought, land-use change and political instability to perceptions around return on investment, market scepticism and community participation. But experience shows these risks can be mitigated with creativity and collaboration. High-integrity VCM initiatives in the Sahel should prioritize diverse, native species to restore landscapes, enhance biodiversity and improve water cycles. The Untapped Potential of Great Green Wall Voluntary Carbon Market Projects 13