Study suggests peat CO2 credits more valuable

Green groups on the sidelines of U.N. climate talks in  Barcelona said tropical deforestation accounted for a smaller  portion of global carbon emissions than thought, reaching 15  percent including draining peat soils where rainforests grow.

Huge amounts of greenhouse gases are released when peat  lands are logged or drained for agriculture, and even more when  the dried bogs catch fire and release toxic haze into the air.

While scientists agree preserving peat is key to slowing  global warming, a team of 11 of the world’s best peat scientists  have found it might be more important than first thought.

“We are finding that the emissions from peat are very, very  large, much larger than people expected,” said John Raison,  chair of the 11-member Peat and Greenhouse Gases Group, a joint  project between the Indonesian and Australian governments formed  late last year to develop a method to measure peat emissions.

“We are also finding that all of the assumptions to date  have been too rough, far too rough for something that is to be  sold on the (carbon) market.”

Peat is created when layers of organic material break down  over thousands of years and is particularly abundant in the  Sumatra and Kalimantan, the Indonesian half of Borneo island,  where huge tracts have been cleared for palm oil plantations.

Accurate calculations on carbon lost through deforestation  or locked away by saving and replanting forests and peatlands is  crucial to a fledgling U.N. forest carbon offset scheme called  reduced emissions from deforestation and degradation (REDD).

REDD aims to reward developing nations for preserving and  protecting forests via the use of an expanded carbon market,  under a wider climate pact from 2013 that might be agreed next  month in Copenhagen or some time next year.

But Raison said there was still great uncertainty about how  much carbon was stored in the peat lands, which would influence  how much peat carbon credits should be worth.

Governments and companies in rich nations could buy the  credits to help them meet mandatory emissions reduction targets.

“There have only ever been very gross estimates about that  — just guesses, really — but the price is dictated by the  certainty of the estimates. The more precise the estimate, the  more valuable the product,” he told Reuters in an interview.

To settle the debate, the team of peat experts will develop  a method of estimating greenhouse gas emissions from tropical  peat lands and create a way of forecasting more accurately how  much greenhouse gases could be saved through REDD projects.

Environmental groups including the World Wildlife Fund and  Conservation International said on Friday that tropical  deforestation plus degradation of associated peat accounted for  about 15 percent of global carbon emissions.