Opportunities to mitigate climate change by reducing emissions from deforestation and forest degradation (REDD), especially in developing countries, have risen to the top of the international climate policy agenda, attracting increasing attention and investment from environmental organizations, development assistance agencies and the business community. Deforestation is one of the largest sources of global greenhouse gas (GHG) emissions and produces about 17 percent of total emissions (IPCC, 2007). There is growing consensus that REDD may offer a large pool of relatively low-cost emission reductions, which could significantly reduce the costs of meeting GHG reduction targets.