CarbonSmart '24: How Voluntary Carbon Markets Enable Global Water Security
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October 4, 2024
Evan Thomas, CEO of Virridy, engaged the audience at the #CarbonSmart Summit with his project that connects global water security and carbon finance. He shared crucial insights about the importance of water conservation, integrating water projects with carbon markets, and the need for innovative financing to support sustainable water solutions.
Shedding light on the significance of water recycling, the marketability of carbon credits, and the co-benefits they offer for environmental initiatives he said, "carbon credits are more marketable than water credits due to their interchangeability and co-benefits, offering both a carbon reduction incentive and environmental impact."
Other Key Insights included:
Water Security and Climate Change: The discussion highlighted how climate change is impacting water resources globally, causing droughts in dry regions and floods in wet areas. The water sector's significant contribution to global emissions and the challenges faced primarily by communities least responsible for climate change were underscored.
Integrating Water Programs with Carbon Market: The panel emphasized the potential to align water projects with the voluntary carbon markets to address environmental and social challenges effectively. By leveraging technologies, monitoring projects, calculating environmental benefits, and reinvesting carbon credits into local water solutions, sustainable outcomes can be achieved.
Nature-Based Solutions for Water Quality: The emphasis was placed on incentivizing nature-based solutions to improve water quality and avoid the construction of energy-intensive water treatment infrastructure. By monitoring and managing river water quality using sensor technologies and involving various stakeholders, it's possible to attribute changes in water quality to land management practices effectively.
Finance and Market Development: A discussion on the potential financial mechanisms for water projects highlighted the reliance on carbon credits as a more established and scalable market compared to water credits. The challenges associated with water credits, their limited scalability, market friction, and the need for robust marketing strategies were discussed.
