Multilateral and Bilateral Mechanisms

Abstract

Policymakers have long understood the critically important role forests play in providing the ecosystem service of carbon sequestration. While many hoped the Clean Development Mechanism of the Kyoto Protocol would meaningfully address deforestation, credits were granted only for afforestation and reforestation. No credit was provided for reducing rates of deforestation. This policy gap provided the impetus for development of the Reducing Emissions from Deforestation and Forest Degradation (REDD) policy. Through the REDD framework, developed countries provide funds to developing countries for reductions in greenhouse emissions from deforestation and forest degradation, as well as for the enhancement of forest carbon stocks and forest cover. Billions of dollars have been spent promoting this policy approach. In 2010, at the Conference of the Parties to the United Nations Framework on Climate Change (COP 16 to UNFCC), REDD became known as REDD+, reflecting the additional goals of poverty alleviation, biodiversity conservation, and sustaining vital ecosystem services.