Reducing emissions from deforestation and degradation (REDD) has moved firmly onto the agenda as the parties to the United Nations Framework Convention on Climate Change (UNFCCC) approach the climate change negotiations at the Conference of the Parties (COP) 15 at Copenhagen in December 2009. REDD is an option that could rapidly and cost-effectively reduce GHG emissions and could also protect biodiversity and benefit local and indigenous peoples. Furthermore, the engagement of the United States and
others has heightened interest in, and debate about, the use of emissions offsets to achieve greenhouse gas (GHG) emissions reduction goals. This paper investigates the impact of implementing REDD in the context of a global effort to combat climate change. Specifically, it explore the effects of
incorporating REDD in international carbon markets.