We must re-evaluate assumptions about carbon trading for effective climate change mitigation

TL;DR

This paper argues that current carbon trading systems rely on oversimplified assumptions about greenhouse gases, leading to inaccuracies, and advocates for separate tracking of GHG species for better climate mitigation.

Contribution

It challenges the fungibility assumption in carbon markets and proposes a more precise approach by tracking GHGs separately for effective climate policy.

Findings

Fungibility assumptions can cause inaccuracies in carbon accounting.

Separate GHG tracking improves climate mitigation strategies.

Current offset systems have failed due to oversimplified assumptions.

Abstract

Effective climate action depends on dismantling the assumptions and oversimplifications that have become the basis of climate policy. The assumption that greenhouse gases (GHG) are fungible and the use of single-point values in normalizing GHG species to CO2-equivalents can propagate inaccuracies in carbon accounting and have already led to failures of carbon offset systems. Separate emission reduction targets and tracking by GHG species are recommended to achieve long-term climate stabilization.