Verra Quantifying N2O Emissions Reductions in Agricultural Crops through Nitrogen Fertilizer Rate Reduction: This protocol was completed in March 2013 and updated in September 2013. It quantifies GHG emissions reductions of nitrous oxide from agriculture in the U.S., as brought about by reductions in the rate of synthetic and organic nitrogen fertilizer applied to cropland. No credits have been generated using this protocol. According to the State of the Voluntary Carbon Markets 2022 Q3 Insights Brief, 493.1 million metric tons (MtCO2e) of carbon credits were transacted in 2021, totaling more than $1.98 billion in value. The market had a 143 percent increase in volume, 60 percent increase in average price, and 284 percent increase in value over 2020. 17 U.S. carbon market prices currently range from about $4 for low value credits like landfill gas capture to as high as $50 per ton for soil carbon sequestration projects. Most agricultural carbon projects receive between $9 and $15 per ton. The research company Bloomberg New Energy Finance forecasts that the price of carbon credits could be as high as $120 or as low as $47 per ton in 2050, depending on the types of credits that are available and accepted by voluntary and compliance carbon markets. The picture is even more optimistic in 2030, with prices as high as $250 per ton, driven by corporate demand of one billion tons per year. 18 The reason for the short-term peak in prices is the expected high demand for projects as newer protocols are adopted and scale up, as well as corporate buyers’ preference for nature-based solutions.
to the Climate Action Reserve Soil Enrichment protocol. It credits GHG emission reductions and removals resulting from the adoption of improved agricultural land management practices focused on increasing soil organic carbon storage. No credits have been generated under this protocol, but several organizations have expressed interest in using it to develop projects. Verra Methodology for the Reduction of Enteric Methane Emissions from Ruminants through the Use of Feed Ingredients: The first version of this protocol was completed in 2019 and updated in 2021. It credits GHG emission reductions generated from the suppression or inhibition of methanogenesis, achieved by the introduction of a feed ingredient into ruminant diets. No credits have been generated using this protocol though several projects have been registered. Gold Standard Reducing Methane Emissions from Enteric Fermentation in Dairy Cows Through Application of Feed Supplements: This protocol was adopted for piloting in December 2018. Its aim is to quantify reduction of CH4 emissions from enteric fermentation in dairy cows, as well as to quantify the impacts on emissions from manure handling. The methodology focuses on application of feed supplements to directly inhibit methanogenesis. No credits have been generated using this protocol. A project developer could use either this protocol from Gold Standard or the Verra protocol to generate carbon credits from the use of feed additives that reduce enteric methane emissions. Verra seems to be the preferred protocol based on the recent update to the protocol and number of projects registered. Climate Action Reserve Nitrogen Management: This protocol was first adopted in 2012 and updated in 2018 and 2021. It credits GHG emission reductions associated with the implementation of cropland nitrogen management best practices. As of October 2022, three tons have been generated by one project under this protocol.
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