REDD+ is one of the leading near-term options for global climate change mitigation. More than 300 subnational REDD+ initiatives have been launched across the tropics, responding to both the call for demonstration activities in the Bali Action Plan and the market for voluntary carbon offset credits.

Constructive critique. This book provides a critical, evidence-based analysis of REDD+ implementation so far, without losing sight of the urgent need to reduce forest-based emissions to prevent catastrophic climate change. REDD+ as envisioned

REDD+ must be transformational. REDD+ requires broad institutional and governance reforms, such as tenure, decentralisation, and corruption control. These reforms will enable departures from business as usual, and involve communities and forest users in making and implementing policies that a ect them. Policies must go beyond forestry. REDD+ strategies must include policies outside the forestry sector narrowly de ned, such as agriculture and energy, and better coordinate across sectors to deal with non-forest drivers of deforestation and degradation. Performance-based payments are key, yet limited. Payments based on performance directly incentivise and compensate forest owners and users. But schemes such as payments for environmental services (PES) depend on conditions, such as secure tenure, solid carbon data and transparent governance, that are often lacking and take time to change. This constraint reinforces the need for broad institutional and policy reforms. We must learn from the past. Many approaches to REDD+ now being considered are similar to previous e orts to conserve and better manage forests, often with limited success. Taking on board lessons learned from past experience will improve the prospects of REDD+ e ectiveness. National circumstances and uncertainty must be factored in. Di erent country contexts will create a variety of REDD+ models with di erent institutional and policy mixes. Uncertainties about the shape of the future global REDD+ system, national readiness and political consensus require  exibility and a phased approach to REDD+ implementation.

Where benefits and costs accrue at different scales, financial intermediaries are needed to facilitate relations between global-scale buyers and local-scale providers of carbon sequestration and storage. These intermediaries can help to collect and distribute payments and to promote the scheme to potential beneficiaries. The benefits distributed should compensate for the transaction, opportunity and implementation costs incurred by stakeholders for providing ecosystem services. Therefore, calculating the costs and understanding who incurs them are essential for benefit sharing. Targeting benefits according to a set of criteria that match the objectives of the specific mechanism increases the mechanism’s efficiency. As the level of performance-based payments may not be able to compete with the opportunity costs of highly profitable land uses, performance-related benefit-sharing mechanisms should be focused on areas with moderate opportunity costs. Benefits should be divided into upfront payments to cover startup costs and to give an initial incentive for participation, and payments upon delivery of ecosystem services to ensure adherence to conditionality.