When the Kyoto Protocol was drafted, a major opportunity was lost to conserve existing stands of rainforest, particularly in developing countries, through the recognition of the benefits of reduced emissions from deforestation and degradation (known as REDD). Even post-Kyoto, arguments persist for excluding REDD and related schemes from carbon accounting systems. The gap in mandated procedures, however, has to some extent been filled by the voluntary market which draws investment from companies wishing to demonstrate their environmental credentials to investors. This innovative market has products that extend beyond carbon to biodiversity and social benefits. The issues and principles involved are addressed in this article, along with reference to two possible REDD opportunities in northern Australia. Sadly, one of these opportunities has just been missed. For the other, institutional mechanisms will be needed to allow owners of intact forests to benefit from their carbon value and related environmental services potential. Copyright � 2008 John Wiley & Sons, Ltd.
|Number of pages
|Public Administration and Development
|Published - 2008