Carbon markets can play an important role in channeling finance to protect forests.

That said, there is an urgent need to define non-offset instruments to support the immense climatic function that intact forests play.

However, carbon credits generated by special rules for high-forest low-deforestation (HFLD) scenarios cannot generate interchangeable compliance instruments without threatening to undermine carbon market integrity.

The decision of CORSIA to accept HFLD credits to offset emissions from international aviation formalizes this threat.

Read the full co-authored commentary.