California's 2011 forest protocol pays landowners up front for the difference between their trees and the regional average, a promise insured for a century by a shared reserve of withheld credits. Scientists found roughly 30 million credits over-credited, a finding the regulator rejects. Wildfires, including the 2021 Bootleg Fire, then consumed the reserve in under a decade. Tribal projects have raised about $1.5 billion, the strongest case in favor.
The 29.4 percent over-crediting estimate is disputed by CARB, which says legal and financial constraints and a minimum-baseline backstop change the answer. Whether non-additional credits mean no climate benefit is argued, and the buffer's true balance lags the fires by years.