Comprehensive carbon accounts

The UN Climate Convention aims to keep the stock (concentration) of greenhouse gases in the atmosphere below dangerous levels. But the international accounting framework developed to support the Convention and the Kyoto Protocol tracks flows (emissions). The result is that real differences amongst carbon stocks are hidden – a stock of carbon in a coal deposit is more stable and long-lived than carbon in a tree plantation for example but CO2 emissions derived from each are given equal value.

Our paper (link below) argues for comprehensive accounting of both stocks and flows, and for the differentiation of stocks according to their longevity, the reversibility of carbon losses, and the density of the stock. The fundamental division is between geocarbon (mainly coal, oil and gas) and biocarbon in ecosystems including soils.

The policy implications are far-reaching. Carbon stocks should be differentiated according to their quality. Biocarbon and geocarbon are so different that separate targets should be established for each. Countries should be responsible for protecting their carbon stocks as well as for reducing emissions.

An experimental set of carbon stock accounts for Australia has been prepared (link below). The main finding from the work is that Australia is in a position to build a comprehensive carbon stock and flow accounting system fully integrated with our economic information system.

Read:

Comprehensive carbon stock and flow accounting (May 2013)
Carbon accounting in Australia (September 2014)