In 2007 the program was renamed REDD+. This stands for Reducing Emissions from Deforestation and forest Degradation in developing countries, and the role of conservation, sustainable management of forests, and enhancement of forest carbon stocks in developing countries.
REDD+ is a UN program to reduce the effects of climate change. It involves the adoption of policies and creating positive reasons that lead to the reduction of emissions from deforestation and forest damage in developing countries. Now the role of conservation has been added with the sustainable management of forests and enhancement of carbon storage of the forest.
Forests capture CO2 in their leaves, wood, roots and organic material in the soil and thus form a gigantic storehouse of carbon. If forests are cut or burned a lot of CO2 is released. More than 15% of global CO2 emissions are caused by deforestation, therefore reducing deforestation is very important to combat the climate crisis.
Traditionally, the only way to make money from forests was to cut it down and sell its wood. The wood creates direct money benefits or creates agricultural land for growing food or mining of minerals. If countries let their forests stand, they do so in the interest of the whole world, not just for themselves. This means that they need to be compensated for these missed revenues. The mechanism that serves to bring this financial offset for developing countries, is what is known as the REDD mechanism.
REDD+ goes beyond the fight against deforestation and forest degradation. It also includes the protection of forests, the role of forests as storage of CO2 and sustainable use of forests as a natural resource. So, under REDD+ countries that have a history of responsible forest use or protection can be financially compensated for this service to the world.
The plus in REDD+ is a mechanism based on financial compensation to developing countries for:
The international REDD+ initiative is an attempt to minimize deforestation by assigning monetary value to trees not cut down or burned. The principle for this is broadly as follows: forested developing countries, which invest in forest conservation and sustainable forest management, receive compensation from rich countries and/or organizations in the world. This is their way of contributing to the role of tropical forests in regulating the Earth's climate.
Suriname is one of few High Forest Low Deforestation countries in the world and is thus highly eligible for funds, if it retains this status.