3% of the global land surface is occupied by peatlands with 66% of those lost and degraded. Indeed, degraded and damaged peat are responsible for 11% of global anthropogenic GHG emissions.
In order to meet Paris Agreement goals by 2050, some USD$300-400 bn is needed, with some USD$80-100 bn from public funding and USD$220-300 from private investment (UNEP, 2021). A key element in attracting private funding is the Voluntary Carbon Market, which allows emitters to offset their emissions by purchasing carbon credits emitted by projects targeted at removing or reducing greenhouse gas from the atmosphere. This is a key mechanism to help governments reach their reduction targets under the nationally determined contributions system under Article 6 of the Paris Agreement.
"In order to reach the Paris goals, we need to scale up private investment through carbon markets as soon as possible" - Dirk Forrester, IETA
Peatland restoration can contribute substantially to reducing greenhouse gas concentrations in the atmosphere. Indeed they could reduce emissions by up to 800 million tonnes per year, equal to Germany’s entire emissions. Peatland restoration is also a cost effective means of addressing climate change, compared with other carbon abatement methods such as afforestation and renewable energy. Restoring peatlands can be considered a natural form of carbon capture and storage, preventing release of carbon from damaged bogs and preserving it for potentially millions of years.
"Restoration of peatlands is a low-hanging fruit and among the most cost-effective options for mitigating climate change" - Achim Steiner, UNEP
So, what factors would help accelerate private investment in peatland restoration on a large-enough scale to meet the 2050 targets? We believe that there are two main factors:
Factors that will accelerate investment in peatland restoration
Our novel and Patent Pending Terra Motion land motion technology has been shown to be able to support the monitoring of peatland surfaces in a detailed manner and across the landscape, providing key insights into its condition in a way unmatched by other technologies. Working with partners in academia and beyond, we offer solutions that will be able to provide investors with what they need to address the barriers that they face:
Terra Motion products that incentivise investment in peatland restoration
Information on the Carbon Potential Map can be found here.
Monitoring, reporting and verification (MRV) is an essential element of establishing emissions following restoration and in the provision of auditable information to carbon registries so that they can confidently issue carbon credits.
MRV and the peatland restoration carbon value chain
The Terra Motion MRV solution for peatland restoration has the following benefits:
Credits are linked to actual achieved carbon savings (‘ex-post’)
Validation and verification based upon robust, independent measurements
Remote measurements are central to the solution (low-cost, reliable, non-invasive)
Carbon units can be provided regularly (target: every year)
Monitoring plans can be changed if conditions alter over time
Can be applied to many different types of bogs and over larger areas than many other MRV methods that, for example, use vegetation as a proxy for emissions
For more information, please contact the Terra Motion team..