Page 84 - Çevre Şehir ve İklim Dergisi İngilizce - Özel Sayı

The Establishment of New Carbon Sink Areas in Non-Forest Lands and
Carbon Farming in the Process of Climate Change Adaptation

With the aim of converting the financial value of carbon sequestered in
sinks into carbon credits in carbon markets or exchanges, certain steps are
required to be followed from the initial establishment phase of the site to the
carbon credit sales phase. In this process, identification of sink areas, carbon
credit calculation and certification processes and conversion of carbon credits
into market value must be ensured. Upon development of carbon markets,
the economic value of CF and sinks is increasing and used as an important
tool to achieve sustainability targets.

4. Carbon Crediting in CSA

CSA management is achieved by changing the rotation target of the area
and assuming the carbon sequestration function. This includes practices such
as afforesting areas that would not normally be afforested for the purpose of
sequestering carbon dioxide emissions.
Carbon Market: The carbon market is a platform where countries and
companies can buy and sell emission allowances to meet their greenhouse
gas targets (Kılıç Hernandez, 2019). The main characteristics of these markets
are as follows:
• They are project and market-based and there is no limit to participation.
• A process similar to flexibility mechanisms is followed, and targets
in voluntary carbon markets can be developed independently of
government policies.
• Organisations with the intention of becoming carbon neutral can
purchase carbon credits to offset their emissions.
• Carbon credits are traded according to various standards such as
GOLD, VCS+VER.
• In 2023, the size of the world emissions trade is EUR 175 billion.
• Türkiye aims to establish carbon trading exchanges under the Istanbul
International Financial Centre Strategy and Action Plan.
Voluntary Carbon Markets: Voluntary carbon markets are based on the
principle of CO2 offsetting, and projects launched in 2005 worldwide to
that end have been registered since 2010. In Türkiye, the Communiqué
on Voluntary Carbon Market Registration published in 2013 regulates the
procedures and principles regarding the registration of projects developed
for the purpose of greenhouse gas emission reduction and obtaining carbon
certificates (Anonymous, 2024b). In this context, some projects have been
developed for the voluntary market, most of which address the renewable
energy, while projects focused on establishing sinks or afforestation are not

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Special Issue / 2024