Forestry's Growing Role in Carbon Finance
The world of climate change is full of acronyms. The United Nations Framework Convention on Climate Change is better known as UNFCCC. The Clean Development Mechanism, which allows Western companies to fund eco-friendly projects in emerging economies to offset their emissions, is shortened to CDM. And various carbon credits worldwide are referred to as EUAs, CERs, and VERs. If policymakers get their way at the Copenhagen summit, another acronym will enter the fray. On deck is the so-called REDD, or Reducing Emissions from Deforestation and Forest Degradation.
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