Carbon Credits and the Story We Are Not Told

Nepal’s government recently signed what has been widely described as a “landmark” agreement with the LEAF Coalition, unlocking the prospect of up to USD 55 million in climate finance in recognition of the country’s success in reducing deforestation and expanding forest cover. The announcement was framed as a triumph: Nepal becomes the first Asian country to enter a LEAF agreement; the first government to offer correspondingly adjusted carbon credits to private buyers; and a global model for community-based forest management delivering climate mitigation at scale.