Sources and Sinks
A number of significant sources and sinks of greenhouse gases are currently not covered by existing financial instruments, such as the UNFCCC flexibility mechanisms and funds, GEF and the Multilateral Fund to the Montreal Protocol. These missing sources and sinks include ozone depleting substances, peatlands, biochar and black carbon.
By way of example, peatlands are one of the planet’s major carbon reservoirs. The largest concentrations of peatlands are in South-East Asia, Canada, Alaska, Northern Europe and Western Siberia (including permafrost peatlands), and parts of the Amazon basin. Once peatlands are disrupted by human activities, an increasingly common occurrence, the carbon which they store is released into the atmosphere. Current multilateral agreements addressing carbon finance do not have provisions to support peatland restoration and/or conservation projects.
On April 11-12, 2015 UNFCCC organized an African Regional Workshop on Carbon Finance. UNDP's work on the standardized baseline for the rice sector in the Philippines (ASB0008), which became the building stone for the Philippine Adaptation and Mitigation Initiatives in Agriculture was presented as a replicable example for Africa.