Reducing Carbon Emissions from Deforestation and Forest Degradation
The Fondazione Eni Enrico Mattei series on Economics, the Environment and Sustainable Development
Edited by Valentina Bosetti and Ruben Lubowski
Chapter 5: Preparing for REDD: The Forest Carbon Partnership Facility
Benoît Bosquet, Stefano Pagiola and André Aquino1 5.1 INTRODUCTION Deforestation is estimated to contribute about 20 per cent of total emissions of greenhouse gases (GHGs). Reducing emissions from deforestation and forest degradation in developing countries (REDD) could thus make a significant contribution to mitigating global climate change. Moreover, many estimates have shown that REDD could help reduce emissions at a significantly lower costs than many other mitigation options. Nevertheless, REDD was omitted from the Kyoto Protocol’s Clean Development Mechanism (CDM) in part because of concerns over how to make it work. As the necessity of dealing with climate change has become increasingly urgent and evident, the need to include REDD among climate change mitigation option has become increasingly accepted. The importance of REDD for a future climate regime was first recognized by the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) at their eleventh session in Montreal in December 2005. Then, at their thirteenth session in December 2007 in Bali, the Parties decided to explore policies and financial incentives that could be implemented to encourage REDD after 2012. Developing countries expect REDD to carry significant financial incentives to help them address the drivers of deforestation and forest degradation and also finance a pattern of economic development with a lower carbon intensity than they would otherwise select in the absence of financial incentives. It is widely expected that the Parties will agree to a framework for the role of REDD in a post-2012 regime when they meet...
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