High-integrity forest carbon credits: Assessing equity and governance deficits in Colombia's voluntary carbon market

Voluntary carbon markets (VCMs) are crucial yet complex mechanisms for forest conservation, particularly in highly biodiverse regions. This study investigates the rapid expansion of carbon forestry projects (CFPs) across 26 million hectares in Colombia, with 92% overlapping indigenous peoples, Afro-descendant, and local communities (IPALC) territories. Using spatial and qualitative analyses, a novel IPALC participation ladder framework and Colombia's first publicly available CFP geodatabase, we assess IPALC engagement dynamics, including market share, distribution, conflicts, and participation barriers. Findings show VCMs, despite significant conservation finance, often yield moderate IPALC participation, exacerbate governance deficits, and inequitable benefit sharing, compromising integrity, social legitimacy, and the potential for durable, community-driven conservation outcomes. Effective VCM climate action demands robust, community-driven governance, and inclusive policy reform. Lessons from Colombia offer critical insights for global VCM evolution toward more just, sustainable outcomes.