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estimated that reducing forest loss and degradation could contribute as much as 6 Gt CO2e per year, or one-third of the required total global reduction in GHG emissions by 2020 (Nauclér and Enkvist, 2009). Consequently over USD 5 billion has been committed to REDD projects in the past few years and promises of many more billions have been made. As of September 2011, the main global REDD database had 480 registered projects in 36 countries, amounting to USD 3.35 billion (REDD+, n.d.). The scale of the REDD experiment, combined with the lack of relevant experience with REDD+ projects, has meant that projects have encountered considerable problems and delays. A recent global review of REDD+ projects (Simula, 2011) noted that they face many challenges, including: criteria for sustainable forest management; monitoring, reporting and verification of GHG emissions; local tenure arrangements – ­permanence and baseline issues that can be effectively addressed only if local communities are able to participate properly in the REDD+ projects. It also found that, despite widespread recognition that local ownership is key to REDD+ success, the scope and intensity of participation by local communities have not always been adequate and often there is a lack of clarity about their role in implementation (Simula, 2011). A strategically important aspect of REDD+ is that it represents the first significant international example of a payments for ecosystem services (PES) scheme – that is, payment for the carbon stored in forests in developing countries. In order to ensure that global needs for ecosystem services are secured on a long-term basis, payments need to be forthcoming to cover the economic and social costs of providing these environmental services. Securing public sources of funding has been slow. The GEF, the most obvious mechanism for delivering international PES, has, despite five replenishments, never been financed to fulfil this role; rather it has been restricted to a more experimental, catalytic role. The promised USD 30 billion in start-up funding for the Copenhagen Accord and USD 100 billion in long-term adaptation funding, which is in part a PES scheme, has not resulted in new or additional funds. International efforts over the last 40 years are littered with such unfulfilled promises. The REDD+ projects are applying the PES concept in a real-world situation, at scale, for the first time. The lessons from this endeavour will pave the way for the PES to be applied to other global ecosystem services, such as water, food security and biodiversity.

Technology development Another important example of how climate change has acted as an entry point for sustainable development is technology development. Technol-

Green Economy and Good Governance for Sustainable Development: Opportunities, Promises and Concerns  
Green Economy and Good Governance for Sustainable Development: Opportunities, Promises and Concerns  

Debates on green growth and environmental governance tend to be general in nature, and are often conceptual or limited to single disciplines...