Attracting private investment into REDD+ projects: An overview of regulatory challenges
To date, forest carbon projects around the world have faced common challenges within what are nonetheless unique, country-specific legal and political systems. These issues include the role of land tenure in forest carbon projects, the importance of legal frameworks in clarifying the legal foundations for forest carbon projects (such as with respect to the right to carbon or the process under which forest carbon projects can be approved) and the need to properly address leakage, additionality, permanence, and community and biodiversity benefits within forest carbon project design. By addressing these issues, both international and national regulation has a role to play in creating the enabling conditions for private sector investment.
This paper will provide an overview of the regulatory issues that need to be addressed to enable private sector investment into REDD+ projects by 1) outlining current international policy, noting the role of the private sector in REDD+ implementation and describing the voluntary market’s role as a testing ground for early forest carbon projects; 2) discussing REDD+ implementation from a project-level perspective, including both the general and legal issues that need to be addressed in REDD+ project design; and 3) considering how these lessons (drawn largely from land-based forest carbon projects) apply to mangroves, peatlands and other wetlands as sites for implementing REDD+ activities.
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