Ireland signs pact to grow carbon credits market for investors at Cop31

Ireland has signed up to a pact to encourage private investors to buy carbon credits as a way of generating finance for climate-related projects. The country became one of 15 members of the Coalition to Grow Carbon Markets, which released an Antalya Declaration at the Cop31 climate summit in Turkey on Thursday.Minister for Climate Darragh O’Brien signed the declaration, which commits to developing “high integrity” markets with legal and regulatory oversight. Carbon credits are divisive, with critics arguing they enable businesses and countries to buy their way out of emission-reduction responsibilities. READ MORE The approach typically involves paying for tree-planting, land restoration and other emission-cutting or carbon-capturing projects, which opponents say are rarely checked for quality or outcome. [ Ireland slips further down international ranking for climate action performanceOpens in new window ]O’Brien, who is due to travel to the summit at the weekend, said the move made sense for Ireland. “The development of high-integrity voluntary carbon markets is an element of growing importance in Irish policy, reflecting Ireland’s ambitions for climate action in the land sector as well as its growing significance as a sustainable finance hub,” he said. “Ireland has been active in the development of the European Union’s Carbon Farming Certification Framework, and is also working to develop its own carbon farming framework. “Last year saw the publication of Ireland’s first Peatland Standard, and the final report of Ireland’s Land Use Review highlighted the role for private finance in driving sustainable land use.” The declaration was published as protesters prepared to stage a demonstration against carbon markets at the Cop31 venue on Friday. Cassandra Smithies of the Global Justice Ecology Project said carbon credits should not be promoted at a global climate summit. [ Gridlock on the streets, logjams on climate: Cop31 gets off to a low-ambition startOpens in new window ]“They are scientifically unfounded, false solutions to the climate crisis that result in land grabs and human rights violations around the world,” she said. “They don’t reduce emissions, they are greenwash for the oil industry, and they are being promoted as the new world currency. It’s a lie that they are a climate solution.” Irish environmental not-for-profit Hometree, which works with private investors on restoring degraded woodlands and planting new forests, does not dismiss carbon credits outright. “We’re cautiously interested in the potential for carbon markets to create new income opportunities for farmers and landowners restoring nature,” said the organisation’s head of partnerships and development, Ray Ó Foghlú. “Through our own work exploring nature finance in Ireland, we’ve seen both the possibilities and the limitations. “Our interest is not in growing carbon markets for their own sake, but in understanding whether well-designed financial mechanisms can genuinely support ecological recovery and provide fair, long-term income for farmers and landowners. “This will require strong environmental standards, credible monitoring, and approaches that work for the Irish landscape.” Other coalition members include Canada, France, Indonesia, Kenya, New Zealand, Philippines, Singapore, Switzerland, the UK and Zambia.