Over the past decade, substantial scientific work has been done to enable the relatively accurate modeling of and accounting for greenhouse gases sequestered by land use, land-use change, and forestry (LULUCF) activities. Recognizing that the sequestration of carbon by forestry activities provides a valuable environmental service toward mitigating climate change, organizations have developed voluntary regulatory schemes to assign values to emission reductions arising from LULUCF projects and enable trading in such "LULUCF credits." As an example, the Kyoto Protocol recognizes that Annex I Parties to the protocol can use emission reductions from carbon sequestered by certain domestic LULUCF activities when complying with their commitment to limit or reduce their emissions.1 The Clean Development Mechanism (CDM) also allows Annex I Parties to procure and use emission reductions arising from certain LULUCF projects in developing, non-Annex I countries.
|Title of host publication||Climate change and forests|
|Subtitle of host publication||emerging policy and market opportunities|
|Editors||Charlotte Streck, Robert O’Sullivan, Toby Janson-Smith, Richard G. Tarasofsky|
|Place of Publication||Washington, D.C.|
|Publisher||Brookings Institution Press|
|Number of pages||14|
|Publication status||Published - 2008|