Barriers to Scaling Native Forest Restoration Carbon Removal Projects in the Voluntary Carbon Market

The dual threats of climate change and ecological degradation require solutions that address both crises together. Forest restoration offers such a pathway, and the voluntary carbon market (VCM) has emerged as a mechanism with the potential to finance these efforts. However, while afforestation, reforestation, and revegetation (ARR) projects are a growing segment of the market, most projects pursue commercial monoculture plantations rather than restoring diverse, native forests. This thesis examines the barriers to scaling native forest restoration projects within the VCM, aiming to bring more clarity to a topic that is both complex and increasingly important. Drawing on both academic research and market literature, the analysis explores four main categories of barriers: market structure and governance, physical and technical, economic and financial, and social. The findings suggest that for the VCM to support meaningful restoration, it must evolve to recognize and reward the broader ecological and social value of projects, not just their carbon impact. Achieving this will require interventions from emerging governing bodies or public institutions to realign incentives and enable more ecologically ambitious restoration approaches. This thesis was written to support stakeholders working in and around the VCM and to increase broader understanding of forest restoration as a multifaceted solution to environmental and social challenges.