Authors: Neeff, Till; Ascui, Francisco

Source: Climate Policy, Volume 9, Number 3, 2009 , pp. 306-315(10)

Publisher: Earthscan

Abstract:

Consideration of incentives for reducing emissions from deforestation and forest degradation (REDD) is now formally part of the post-2012 climate change negotiations. A significant amount of financing will be required to make REDD a success, but the design of the REDD architecture can determine the availability of capital. Therefore, in negotiations this should be considered at the same time and on an equal basis with methodological and political considerations. Detailed consideration is given to the type of commitment, the financing mechanism, the level of incentive allocation, and the fungibility of carbon credits, in the context of experience from existing carbon markets. We conclude that a financially successful REDD mechanism would be based on a strong regulatory framework with mandatory targets, market-based, with some degree of project-level crediting, creating fungible REDD credits, subject to a cap.

La prise en compte des incitations pour réduire les émissions de la déforestation et de la dégradation forestière (REDD) fait formellement partie des négociations sur le climat à l'horizon post-2012. Une grande partie du financement sera nécessaire pour faire de REDD un succès, mais la conception de REDD dans son architecture sera déterminante pour la disponibilité des capitaux. Ceci devrait donc être pris en compte dans les négociations parallèlement et au même titre que les facteurs d'ordre méthodologique et politique. Une attention particulière est portée au type d'engagement, au mécanisme financier, au niveau d'allocation de l'incitation, et à la fongibilité des crédits carbone, dans le contexte de l'exercice des marchés du carbone existants. Nous concluons que pour son succès financier, un mécanisme REDD serait fortement basé sur un cadre réglementaire fort avec objectifs obligatoires, système de marché, et un certain degré de comptabilisation au niveau du projet, créant des crédits REDD fongibles, sujets à un plafond.

Keywords: avoided deforestation; carbon credits; carbon finance; deforestation; forestry; Kyoto Protocol; post-2012; REDD; crédits carbone; déforestation; déforestation évitée; finance carbone; foresterie; post-2012; protocole de Kyoto; REDD

Document Type: Research article

DOI: http://dx.doi.org/10.3763/cpol.2008.0584

Publication date: 2009-05-01

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• Editor in Chief: Michael Grubb, Cambridge University, UK

  Climate Policy presents the highest quality refereed research and analysis on the policy issues raised by climate change, and provides a forum for commentary and debate. It addresses both the mitigation of, and adaptation to, climate change, within and between the different regions of the world. It encourages a trans-disciplinary approach to these issues at international, regional, national and sectoral levels.

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