“…However, uncertainty in carbon product asset value (Dhavale & Sarkis, 2018; Foss, 2018; Dunlop, Winner & Smith, 2019) and market function can negatively affect carbon markets and their efficacy to manage climate change (Helleiner & Thistlethwaite, 2013; Mehling, Metcalf & Stavins, 2018; Morrissey, 2018; Zhang, Randhir & Zhang, 2018). For example, global carbon compliance markets have declined from ∼$95B €in 2011 (Thomson Reuters, 2016) to $41B € in 2017 (Thomson Reuters, 2018), a decrease of ∼57%, attributed to the absence of a price for carbon (Johannsdottir & McInerney, 2016), oversupply of offsets (Ervine, 2018; Schatzki, Stavins & Hall, 2018), ambiguity of disparate trading platforms (Green, 2017), and as we argue here for forest carbon, absence of direct and verifiable measurement of CO 2 and related carbon storage products (Nisbet & Wiess, 2010; National Research Council, 2010; Peters et al., 2017; Palmer et al, 2018). This uncertainty is reflected in global carbon markets and platforms.…”