for curbing deforestation. Deforestation and land degradation currently account for over 15% of global emissions, and the Kyoto Protocol has no way of curbing this. It provides credits for afforestation but its rules are so cumbersome that only a handful of projects have made it through the UN system.
REDD, which stands for Reduced Emissions from Deforestation and Degradation, is a proposed performance-based system where parties would receive incentives for reducing emissions from deforestation. Doha hopes to further develop the nuts & bolts for this scheme (how to involve private companies, who pays, how mitigation actions will be measured and so on), in an attempt to channel private monies towards forest protection. REDD is thus far a voluntary scheme, where incentives could be carbon permits tradable in an international market. But once again, its success is underpinned by the level of demand for credits: who will buy and at how much?
The author is with C-Quest Capital, a carbon finance business headquartered in Washington, DC