The report is an effort to inform project developers and policy-makers about the main lessons learned by the BioCarbon Fund while accompanying the development of more than 20 A/R CDM forest projects in 16 countries since it started operations in 2004. It sheds light on opportunities the CDM offers to the forestry sector and also on the challenges encountered by project developers when complying with the regulatory requirements. The report concludes with recommendations for policy-makers on how current rules could be made more pragmatic to better match the realities of this type of projects on the ground.