Today, I will report on our work to measure carbon storage in forestry and land use change projects. Our experience clearly demonstrates that carbon storage in forestry and agroforestry projects can be measured to known levels of accuracy and precision at costs well below the expected value of the emissions reduction credits. The scientific evidence is increasingly clear that greenhouse gas emissions are having an impact on global climate. The most important near-term impacts will likely be felt through an increased frequency and severity of droughts, floods, and storms that will affect U.S. and global agriculture. We are pleased to see the interest of the Senate Agriculture Committee, because we think agriculture will be one of the first sectors to feel the economic and financial consequences of climate change.
Emissions trading entails the acceptance of a system of trading rules.
Multiple approaches to emissions trading have been discussed at international negotiating sessions over the past few years and several countries have announced domestic trading systems. Any system selected will require measurement, verification and certification of whatever emissions reductions are to be traded. We began our carbon measurement work in 1992 with the development of peer-reviewed methods and procedures for forestry and agroforestry systems. These methods and procedures have been field-tested on a variety of projects at multiple locations in the United States and around the world and can be downloaded for free from our website. They are now being used to measure and monitor carbon storage in several private projects developed by environmental organizations such as the Nature Conservancy and private companies like American Electric Power and Cinergy.