This contribution evaluates and examines the scope of 26 global carbon farming projects with a view to analyzing existing concepts for developing a business model for promoting carbon farming in order to generate valid carbon removal. It thus addresses an important aspect of the objectives of the European Green Deal. This study is based on a literature search analyzing four certification standards, an expert-based online survey, and an expert-based online workshop to evaluate different practice approaches identified by previous studies and additional information sources. The results highlight the theoretical potential of a result-based business model using agroforestry to fulfil the essential requirements to promote carbon farming for generating carbon removal. Although the study has limitations regarding the number of projects examined and experts consulted, there is a high probability that the underlying requirements could not be sufficiently fulfilled when translating them into practice. The identified concepts failed as a consequence of inadequate permanence assurance mechanisms, impractical measurement accuracy, poor precision in baseline scenarios, and lack of additionality. To remedy this, we recommend a shift away from a pure focus on promoting carbon farming to achieve carbon removal towards promoting the co-benefits of carbon farming. Further research should evaluate the extent to which stakeholders are interested in giving their financial backing to these co-benefits.