10 December 2019
The Coalition for Rainforest Nations (CfRN) today announced the launch of the REDD.plus Platform (www.redd.plus), with the goal of rallying the world to finance the end of deforestation. It provides the only Paris-Agreement-qualified “tradeable destination” for REDD+ credits earned by developing countries for preservation of their rainforests.
“REDD-plus has been very successful —more than 8.3 billion tons of CO2e emissions reductions have been reviewed under the Paris Agreement, but only 4% of the UNFCCC credits that have been
issued have been purchased – and all by governments such as Norway,” said Kevin Conrad, Executive Director of the Coalition for Rainforest Nations. “The REDD.plus Platform now provides the
private sector, and in time individuals, an opportunity to play their part – a low-cost way to provide direct income to local communities for sustainable livelihoods”.
The REDD.plus Registry, to be operated by IHS Markit, will track issuance, ownership, transfer and retirement of REDD+ credits compliant with the Paris Agreement. “We have an eight-year history of hosting forestry credits on our platform,” said Kathy Benini, Managing Director and Head of Environmental Solutions at IHS Markit. “We applaud the Coalition for its vision and commitment to expanding REDD+ and bringing much needed registry and exchange connectivity to REDD+ programs.”
It is widely recognized that capital needs to move at scale to preserve and restore the world’s forests. While it represents 37% of the problem, it has attracted only 3% of the finance. “History has shown that moving away from bilaterally negotiated transactions to standardized, centrally-cleared contracts dramatically scales market volume,” said Paul DeNoon, Senior Vice President at AllianceBernstein and co-manager of funds valued around $60B.
This expansion of the market opportunity was welcomed by the first countries in to the platform. Professor Lee White, Minister of Forests, the Environment and Climate Change for Gabon insisted
that the CfRN REDD register should allow us to raise the price of high-quality rainforest carbon credits that provide a wide range of co-benefits, maintaining biodiversity, maintaining ecosystem
services and providing livelihoods to hundreds of millions of forest dwelling people. “The rainforest countries are taking our destiny into our own hands and moving the climate negotiations forwards with a tool that will allow the private sector to participate fully in the process alongside rainforest governments”.
“The REDD.plus online trading platform will be underpinned by national GHG inventories and independent auditing” said Patrice Lefeu, Partner at Ernst & Young. “It will allow anyone to become truly carbon neutral with a click.”
The Coalition for Rainforest Nations helps tropical governments, communities, and peoples responsibly manage their rainforests. Healthy rainforests protect against a changing climate, generate
needed biodiversity, and provide safe habitats. Launched by Coalition members in 2005, the United Nation’s REDD+ Mechanism, designed to incentivize conservation and contribute to the battle against climate change, now includes approximately 90% of the world’s remaining rainforests.
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