INTRODUCTION
Because forests play a critical role in the global carbon cycle, the international community is actively pursuing policies and programs to increase the amount of carbon stored in forests. Recent estimates suggest that forestry could contribute an average 6.7 billion tons of emissions reductions annually, with over two-thirds of this potential coming from tropical nations.3 Making full use of the forest carbon sink is appealing to both the developed and the developing world. Developed nations see forest carbon projects as a low-cost option for mitigating climate change. For the developing world, forest carbon payments could provide a sustainable source of much-needed income. At the most recent climate negotiation talks in Copenhagen, even as negotiations on greenhouse gas emissions limits stalled, the parties moved closer to a framework agreement on forest carbon.4 Five donor nations have committed $3.5 billion to jump-start a program to reduce emissions from, and increase carbon sequestration in, the world’s forests.
Parties to the UNFCCC have considered a wide range of policy options to address forest carbon.6 However, no single approach has been selected by the parties. Whichever approach is ultimately chosen, it will also require the international community to develop institutional support mechanisms.
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