Abstract
Current carbon pricing and trading mechanisms, despite their efficacy in reducing GHG emissions from industry, will not be sufficient to achieve Net Zero targets. Current mechanisms that redress emissions are largely economic disincentives, in effect financial penalties for emitters. In order to attain Net Zero futures, financial incentives for activities that sequester carbon from the atmosphere are needed. Herein, we present the environmental and economic co-benefits of soil re-carbonization and justify support for soil carbon remuneration. With increasing momentum to develop green economies, and projected increases in carbon price, growth in the global carbon market is inevitable. The establishment of a soil-based carbon economy, within this emerging financial space, has the potential to deliver a paradigm shift that will accelerate climate change mitigation, and concurrently realize net gains for soil health and the delivery of soil ecosystem services. Pivotal to the emergence of a global soil carbon economy will be a consensus on certification instruments used for long-term soil carbon storage, and the development of robust institutional agreements and processes to facilitate soil carbon trading.
Highlights
Thereafter, we discuss issues pertaining to carbon permanence, and the barriers that must be overcome to deliver a trading platform that supports a soil carbon economy (§8)
Degradation of soil has been accompanied by the attrition of greater than 50% of the soil organic carbon (SOC) stock in some cultivated soils, with over 2 billion ha affected globally [12,13,46]
To reduce emissions and meet government commitments (80% emission reductions from 2000 levels by 2050), Australia adopted a national carbon pricing mechanism (CPM) in 2011. This was facilitated through the creation of an Australian emissions trading scheme (ETS) (that covered approx. 50% of national emissions from a range of sectors), and increases in fuel duties [72,73,74]
Summary
They provide a primary source of food and resources, filter water, regulate climate and provide the strata on which terrestrial life is supported [1]. Soil carbon is central to shaping edaphic soil factors (§2) [10] This carbon facilitates soil aggregation, development of soil structure; and the physical flows of water and gases [8]. Soil degradation has wide-reaching consequences for biodiversity, food security, freshwater provision and wider ecosystem service delivery [12,13,14,15]. We explain the pivotal importance of soil carbon and the fundamental role it plays in sustaining the delivery of key ecosystem services. Thereafter, we discuss issues pertaining to carbon permanence, and the barriers that must be overcome to deliver a trading platform that supports a soil carbon economy (§8)
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
