Origins,DevelopmentandPotentialofthe InternationalREDDMarket
ASignificantResearchPaper
Spring2010 BrianMcFarland MBACandidate,KogodSchoolofBusiness MACandidate,SchoolofInternationalService TheAmericanUniversityofWashington,DC
Table of Contents I. Executive Summary …………………………………………………………………… Page 2 II. Introduction …………………………………………………..………………………. Page 3 III. The Problem of Deforestation ………………………….…………………………… Page 4 A. Background B. Regions and Rates of Deforestation C. An Interconnected System IV. What is REDD …………………………………………………………………..… Page 10 A. The Definition and Origins of REDD B. The Promise and Problems of REDD V. Policy and Market Frameworks of REDD and Climate Change ………………… Page 18 A. History of USA SO2 and the Emergence of Cap-and-Trade B. The International Compliance Carbon Market C. The Voluntary Carbon Market D. Current and Emerging USA Compliance Carbon Markets VI. Current State of REDD …………………………………………..………………… Page 31 A. Overview of Projects VII. The Potential of International REDD Markets …………………..……………… Page 45 A. Carbon Stocks and Future Project Locations B. Carbon Funds: International Institutions and Investors C. Brief Summary of REDD at COP15 and Projections VIII. Concluding Remarks …………………………………………………………….. Page 55 A. Questions to Address and Limitations of Study B. Review of Literature IX. Bibliography and Works Cited Page ……………………………………………… Page 58 X. Appendices …………………………………………………………………...………. Page 64

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Executive Summary
The following Master's Significant Research Paper (SRP) for American University's School of International Service focuses on the origins, recent developments and future potential of the international reduced emissions from deforestation and degradation (REDD) markets.
The paper begins by examining the problem of deforestation in terms of its contribution to greenhouse gas emissions as well as the resulting loss of valuable ecosystem services. After this contextualization of the problem, the paper then defines REDD and explains its historical origins.

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