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Legal Aspects of Carbon TradingKyoto, Copenhagen, and beyond$
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David Freestone and Charlotte Streck

Print publication date: 2009

Print ISBN-13: 9780199565931

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199565931.001.0001

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International Market Solutions to Protect Tropical Rainforests

International Market Solutions to Protect Tropical Rainforests

Chapter:
(p.583) 27 International Market Solutions to Protect Tropical Rainforests
Source:
Legal Aspects of Carbon Trading
Author(s):

Robert O’Sullivan

Rick Saines

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199565931.003.0027

Tropical forests play a crucial role in the global carbon cycle and have consequently moved to the forefront of the discussion about how to effectively reduce global greenhouse gas (GHG) emissions and mitigate climate change. At the United Nations Framework Convention on Climate Change (UNFCCC) 13th meeting of the Conference of the Parties (COP) in Bali in December 2007, governments from around the world agreed to consider, over the next two years, ‘policy approaches and positive incentives’ for reducing emissions from tropical deforestation that might become part of an agreement that would follow on after the current commitments under the Kyoto Protocol expire. UNFCCC member states are currently undertaking a work program to consider different policy approaches to address emissions from tropical deforestation in the post-2012 agreement, to be finalized at COP 15 in Copenhagen in 2009. One of the policy options under consideration is a mechanism that would create positive incentives to reduce emissions from deforestation and forest degradation (REDD). This chapter provides background on international forest carbon policies, making the case that market-based mechanisms are the most appropriate ways to provide the bulk of finance needed to address REDD. In this context it assesses challenges related to REDD and the recognition of credits for REDD in global carbon markets.

Keywords:   tropical forests, greenhouse gas emissions reduction, United Nations Framework Convention on Climate Change, deforestation, forest degradation, Kyoto Protocol, international forest carbon policies

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