A Market in Flux, A Mission Renewed: Mike Korchinsky on REDD+, Criticism, and the Birth of Equitable Earth

The REDD+ Reckoning, Criticism, Crisis, and Maturity

"The market has spent 15 years building supply," Mike said, "Now it needs to grow up and build demand. We need credible buyers making credible claims."

Our conversation began by tracing the arc of REDD+ from early innovation to today’s reckoning. Wildlife Works was one of the first to demonstrate that preserving standing forests could not only protect biodiversity and support local livelihoods, but also serve as a viable climate mitigation strategy. The Kasigau Corridor project proved that REDD+ could generate high-quality credits and real, lasting impact on the ground.

But as REDD+ gained traction and carbon finance became more mainstream, the stakes changed. What began as a niche conservation finance tool quickly became a magnet for scrutiny, particularly as large corporates entered the market and expectations around impact, transparency, and equity increased.

Mike spoke candidly about the evolution of these dynamics. The early project developers operated with limited tools and guidance, they had to build methodologies from scratch, often working closely with standards like Verra to define baselines, calculate emissions reductions, and prove additionality. The learning curve was steep, but it laid the groundwork for a new generation of climate finance.

Yet as credit issuance rose, so too did questions. Were all REDD+ credits truly additional? Were benefits actually reaching communities? Were MRV technologies robust enough?

Instead of embracing this moment as a chance to evolve and strengthen the system, the market recoiled. “Mistakes were made,” Mike admitted, “But instead of fixing them constructively, the market froze. Standards started tightening rules in response to bad press, but in doing so, they shifted all the risk onto the supply side, onto the communities, not the corporates.”

He emphasized how that imbalance jeopardizes the very foundation of nature-based climate solutions. If forest communities bear all the risk while credit prices collapse and buyers hedge their claims, the incentive to protect forests evaporates.

Ultimately, Mike's insight reframes the so-called 'crisis' in REDD+ not as a sign of failure, but as growing pains, necessary steps in the maturation of a market that still holds enormous promise.

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Why Wildlife Works Launched Equitable Earth

As criticism of REDD+ intensified and the credibility of existing standards came into question, Wildlife Works made a bold decision, to co-create a new standard from scratch. Not to replace, but to reform, to center equity, scientific rigor, and community leadership.

"We saw the writing on the wall," Mike told us, “The standard should be responsible for quality. And when we saw that wasn’t happening, we decided to do something about it.”

The outcome was Equitable Earth, a new carbon standard designed to reflect the needs of communities and restore integrity to the carbon market. From the start, Wildlife Works knew it couldn’t own or operate the standard, that would be a conflict of interest. But it could help architect its foundation.

The Motivations: Inclusion, Modernization, and Accountability

Equitable Earth emerged from three core beliefs:

1. Equity for Communities: Communities bear the risk and do the work, they deserve to share fairly in both the value and the decisions.

2. Modernized Monitoring: Degradation must be measured alongside deforestation, new technology, not just legacy satellite imagery, is essential.

3. Standards Must Stand Behind Quality: "I heard standards say, ‘we’re not responsible for quality.’ If not you, then who?" Mike asked.

By giving the standard more control over baseline setting, performance monitoring, and methodology development, Equitable Earth aimed to close the loopholes that bad actors had exploited.

Mike put it bluntly, "We can’t keep issuing assets with financial value and then disowning them when things go wrong. That’s not how any credible market works."

The Role of ERS and the Decision to Hand It Off

From the beginning, Wildlife Works knew Equitable Earth needed a permanent, independent home. After engaging with various platforms and registries, it ultimately aligned with Ecosystem Restoration Standard (ERS).

"ERS shared our philosophy. They were nature-based, community-first, and willing to own their methodologies. That mattered."

It wasn’t just about operations, it was about leadership. Wildlife Works saw in ERS a group of custodians capable of carrying Equitable Earth forward without compromise. The fact that ERS rebranded under the Equitable Earth name only underscored their alignment.

Rene reflected, “Passing the torch to ERS was more than a transition. It was a statement. That integrity matters. That competition is healthy. And that the Global South deserves institutions designed for its success.”

Jurisdictional vs. Project-Based, A False Choice

Mike also weighed in on one of the most contentious debates in the market, the shift toward jurisdictional approaches.

"We launched the world’s first jurisdictional REDD+ project in the DRC," he reminded us, "So we believe in the model. But that doesn’t mean projects don’t matter. It’s not either-or. It has to be both."

Jurisdictional baselines are important, Mike argued, but if poorly designed, they can dilute incentives and undermine project-level results. "Bad actors can nullify good ones. That’s a terrible incentive structure."

Instead, Mike called for smart integration. Governments should set policy and enforce it. Projects should deliver localized results. And the market should reward outcomes that are measurable and equitable.

He also cautioned against jurisdictional systems that disempower local actors by tying incentives to outcomes they cannot control. “You can’t design an incentive that a community has no power to influence. That’s a broken system.”

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Closing Thoughts: A Market Worth Fighting For

The voluntary carbon market is at a pivotal moment. But as Mike reminded us, that doesn’t mean we start over.

"We just need to get back to fundamentals. Incentivize performance. Share risk. Stand behind quality. And include the people doing the hardest work."

At Valitera, we believe in that vision. We work every day with corporate buyers, developers, and investors to navigate this complexity and rebuild confidence in a system that, when done right, can deliver profound climate and community impact.

Mike’s message is clear. The path forward isn’t about abandoning REDD+, it’s about doing it better, with integrity, transparency, and above all, equity.

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🎧 Listen to the full episode: How Wildlife Works Became the First REDD+ Project and Changed Forest Finance - Mike Korchinsky. Available on Spotify, Apple, and YouTube.

📈 Interested in sourcing high-integrity nature-based carbon credits? Contact advisory@valitera.com to learn more about our advisory practice and project portfolios.

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