Cambridge Zero Policy Forum Discussion Paper: Carbon Offsetting and Nature-based Solutions to Climate Change

Abstract

Nature-based solutions to climate change present the opportunity to address the climate crisis whilst protecting important ecosystems and bringing benefits to local communities, but must also ensure that emissions reductions or removals are accurate and minimise risks posed to these same ecosystems and communities. One method of financing these solutions is ‘carbon offsetting’, which involves organisations paying for greenhouse gas emissions reductions or removals elsewhere and counting these external actions towards their own climate targets. Offsetting is a highly-debated strategy that has faced significant scepticism as a method for reaching climate goals. Throughout 2021, a group of Cambridge Zero Policy Forum members met to discuss offsetting using nature-based solutions to climate change. This paper provides an overview of the key issues in this area by summarising some of the challenges and potential solutions identified in these discussions.