Page 162 - Research on Financial Development Mechanism and Path of Forestry Carbon Sequestration in Developing Countries under Double Carbon Targets

Research on Financial Development Mechanism and Path of Forestry Carbon
Sequestration in Developing Countries under Double Carbon Targets

cy of carbon emissions accounting, improve the linkage mechanism between the certifi-
cation mechanism and the carbon emissions trading market, and establish and improve
the legal and policy system, in order to form a healthy forestry carbon sequestration
system.
On the other hand, the current management of agricultural and forestry carbon
emissions and carbon sinks involves different levels of EU regulations. Among them,
forestry relates to land use, land use change and forestry (LULUCF) regulations, bio-
mass relates to the framework of EU emission trading system, and agricultural land
use, transportation and construction relates to the Regulation on Co-responsibility. In
order to make the EU set up a more simplified system to manage the carbon emissions
from agriculture and forestry, one possible option is to bring the non-CO2 emission
management requirements of agriculture closer to the LULUCF regulations, and to co-
ordinate them in the CAP, so as to simplify the management for decision makers in var-
ious countries. Such policy adjustments will be further explored in the context of im-
pact assessments when all EU climate and energy legislation is revised by the summer
of 2021. In the next 30 years, how to realize the updating of accounting standards for
carbon sinks in agriculture and forestry and the iteration of monitoring technology, es-
tablish a certification mechanism for carbon sinks in agriculture and forestry, and form
a complete set of strict and reasonable carbon sink accounting and market supervision
norms and systems, as well as improve the incentive mechanism for increasing foreign
exchange, are all important issues that the EU needs to face in the process of establish-
ing a carbon sink system in agriculture and forestry.

1.2 US Forest Carbon Sequestration Trading Mechanism

Forest carbon sink refers to that forest plants absorb carbon dioxide in the atmo-
sphere and fix it in vegetation or soil, thus reducing the concentration of this gas in
the atmosphere. Due to the low input, low cost and simplicity of forest carbon dioxide
absorption, the function of forest carbon sink has been paid more and more attention.
After the Copenhagen Climate Conference at the end of 2009, European and Amer-
ican countries have taken expanding forest cover area as an important measure with
high feasibility and low cost to mitigate climate warming in the next 30 to 50 years. At
present, many countries and international organizations are actively using forest carbon
sinks to deal with climate change.

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