The Governor’s Climate & Forests Task Force (GCF) just gained three new members from Peru. But while membership may improve REDD+ development in the South, it does not mean it will be easy finding a buyer in the North. There are growing doubts that California, a GCF member, will accept REDD+ credits into its cap-and-trade program.
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14 October 2013 | The Governor’s Climate & Forests Task Force (GCF)
Patricia Luna del Pozo, Technical Secretary Specialist at CIAM, notes, “We see the GCF as an important tool for governments in Peru. We need to better understand what other regional governments are doing around the world and contribute to their efforts through our experiences.” The newest additions could learn from neighboring Brazil, where participating GCF states have received support for a national REDD+ strategy. Brazil has reduced deforestation by more than 75% since 2005, and Peru could achieve similar results. The Peruvian states can also benefit from a recently launched training program to map and improve the networks of civil society, government, and other organizations and from the newly launched
While GCF membership may improve REDD+ development in the South, it does not mean it will be easy finding a buyer in the North. California, a GCF member, signed a memorandum of understanding with Acre, Brazil and Chiapas, Mexico in 2010. The REDD Offsets Working Group issued its final recommendations on incorporating REDD in to the California program this July. However, there
A bill introduced in the California legislature earlier this year indicates that reservations about REDD remain. The bill seeks to ban international offsets, in a bid to retain any benefits from California’s law within the state. In addition to political opposition, expectations that the allowance market will be oversupplied may also hinder REDD adoption. Recent projections indicate California’s cap-and-trade program will have more allowances than needed through 2019. Thus, offset demand might not be driven by compliance needs but by whether companies view offsets as a key mechanism to diversify their compliance strategies.
—The Ecosystem Marketplace Team
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