REDD-plus and biodiversity - Biodiversity & Ecosystems



5(''SOXVDQGELRGLYHUVLW\ RSSRUWXQLWLHVDQGFKDOOHQJHV /0LOHVDQG%'LFNVRQ

#EVKQPHQTTGFWEKPIGOKUUKQPU HTQOFGHQTGUVCVKQPCPFHQTGUV FGITCFCVKQPWPFGTVJGPGYINQDCN ENKOCVGEJCPIGCITGGOGPV

4'&&RNWUECPCNUQHCXQWT DKQFKXGTUKV[EQPUGTXCVKQPDWV VJGUGCFFKVKQPCNDGPGſVUYKNN FGRGPFQPJQY4'&&RNWUKU RNCPPGF

)$2)266&$*/,$

.GTC/KNGUKU5GPKQT2TQITCOOG1HſEGTCPF $CTPG[&KEMUQPKU*GCF%NKOCVG%JCPIG CPF$KQFKXGTUKV[2TQITCOOG7PKVGF0CVKQPU 'PXKTQPOGPV2TQITCOOG9QTNF%QPUGTXCVKQP /QPKVQTKPI%GPVTG 70'29%/%%CODTKFIG 7PKVGF-KPIFQO

#

P[PGYINQDCNCITGGOGPVQPENK OCVGEJCPIGOKVKICVKQPWPFGT VJG 7PKVGF 0CVKQPU (TCOG YQTM %QPXGPVKQP QP %NKOCVG %JCPIG

70(%%%YKNNKPENWFGCEVKQPQPTGFW EKPIGOKUUKQPUHTQOFGHQTGUVCVKQPCPF HQTGUV FGITCFCVKQP RNWU EQPUGTXCVKQP CPFGPJCPEGOGPVQHHQTGUVECTDQPUVQEMU CPF UWUVCKPCDNG OCPCIGOGPV QH HQTGUV

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

6JKUHCTOGTŏUTGHQTGUVCVKQP GHHQTVUEQPVTKDWVGVQ EQPUGTXKPIVJGVJTGCVGPGF HCWPCCPFƀQTCQHVJG $TC\KNKCP#VNCPVKE

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ŌINQDCNPCVKQPCN CPFUKVG 3WGUVKQPUQHGSWKV[CRRN[PQVQPN[VQ VJG FKTGEV HKPCPEKCN DGPGHKVU VJCV OC[ CTKUGDWVCNUQVQVJGOWNVKRNGDGPGHKVU

8QDV\OYD9RO



4KUMUHQTDKQFKXGTUKV[



5RCVKCNRNCPPKPIHQT DKQFKXGTUKV[

&KURNCEGOGPVQHNCPFWUG EJCPIGVQPQPHQTGUVQT NQYECTDQPGEQU[UVGOU

4GFWEGFFGHQTGUVCVKQP

%QPVKPWGFGZVTCEVKXG RTGUUWTGU

4GFWEGFHQTGUV FGITCFCVKQP

.QYVTGGFKXGTUKV[

%QPUGTXCVKQPQHHQTGUV ECTDQPUVQEMU

0QPPCVKXGQTPQPNQECN URGEKGU

5WUVCKPCDNG OCPCIGOGPVQHHQTGUV

#HHQTGUVCVKQPQHXCNWCDNG PQPHQTGUVGEQU[UVGOU QTPCVWTCNHQTGUV

'PJCPEGOGPVQHHQTGUV ECTDQPUVQEMU

6[RKECN 

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

8QDV\OYD9RO

1RRQTVWPKVKGUHQT DKQFKXGTUKV[EQPUGTXCVKQP

4'&&RNWUCEVKXKV[

5NQYGFJCDKVCVNQUU CPFHTCIOGPVCVKQP

/CLQTQRRQTVWPKVKGU CPFTKUMUHQT DKQFKXGTUKV[ EQPUGTXCVKQPHTQO VJGſXG4'&&RNWU CEVKXKVKGURTQRQUGFKP VJG#F*QE9QTMKPI )TQWRQP.QPIVGTO %QQRGTCVKXG#EVKQP

#9).%#FTCHVQH &GEGODGT

4GEQXGT[QH HQTGUVUVTWEVWTG

4GEQXGT[QHHQTGUV EQORQUKVKQP

+PETGCUGFHQTGUVCTGC

&GRGPFUUVTQPIN[ QPCRRTQCEJ

21.+%;%106':6 6*'5%12'1(4'&&2.75



+PETGCUGFHQTGUV EQPPGEVKXKV[

NGXGNUHQTHQTGUVGOKUUKQPUCICKPUVYJKEJ UWEEGUUYKNNDGLWFIGF GIPGIQVKCVKQP 6JG 70(%%% PGIQVKCVKQPU QP C RQUV JKUVQTKECNTGEQTFUQTRTQLGEVKQPUQHDWUK -[QVQCITGGOGPVJCXG[GVVQTGUWNVKPC PGUUCUWUWCNVTGPFU6JGUECNGQHHWPFKPI FGEKUKQPQPVJGHQTOVJCVCPKPVGTPCVKQPCN YKNN FQ OWEJ VQ FGVGTOKPG VJG CTGC QH 4'&&RNWU OGEJCPKUO YKNN VCMG (QT HQTGUVEQXGTGFCPFVJWUVJGTKUMQHNCPFWUG CPGHHGEVKXGOGEJCPKUOVQGOGTIGDQVJ EJCPIGFKURNCEGOGPVDGVYGGPEQWPVTKGU C PGY KPVGTPCVKQPCN CITGGOGPV WPFGT 6JGTCPIGQHCEVKXKVKGUGPEQORCUUGFD[ 70(%%%CPFCTGCF[ KPVJGUGPUGQH CP[70(%%%FGEKUKQPQP4'&&RNWU YKNNKPI CPF RTGRCTGF UGV QH 4'&& YKNN UJCRG VJG QRRQTVWPKVKGU CPF TKUMU GNKIKDNGEQWPVTKGUYKNNDGPGGFGF9KFG HQT DKQFKXGTUKV[ 6JG PGIQVKCVKPI VGZV URTGCF TGCFKPGUU VQ GPICIG KP 4'&& RTGUGPVGFCVVJGOGGVKPIQHVJG#F*QE RNWUYQWNFOCMGKVRQUUKDNGHQTCNCTIG 9QTMKPI )TQWR QP .QPI6GTO %QQR RTQRQTVKQPQHVJGYQTNFŏUVTQRKECNHQTGUV GTCVKXG #EVKQP WPFGT VJG %QPXGPVKQP VQDGEQXGTGFWPFGTVJGOGEJCPKUOHTQO #9).%#KP$QPP)GTOCP[KP,WPG VJG UVCTV TGFWEKPI QRRQTVWPKVKGU HQT RTQRQUGUVJCVVJGHQNNQYKPITCPIG KPVGTPCVKQPCNFKURNCEGOGPV őNGCMCIGŒ QHCEVKXKVKGUDGGNKIKDNGWPFGTC4'&& QHGOKUUKQPUCPFKORTQXKPIVJGEJCPEG RNWUUEJGOG 70(%%% VJCV4'&&RNWUYKNN[KGNFVTWGDGPGHKVU Ŗ TGFWEKPI GOKUUKQPU HTQO FG HQTVJGENKOCVG HQTGUVCVKQP /CLQT CTGCU UVKNN VQ DG CITGGF WRQP Ŗ TGFWEKPIGOKUUKQPUHTQOHQTGUVFG KPENWFGVJGOQFGQHKPVGTPCVKQPCNſPCP ITCFCVKQP EKPI YJKEJ EQWNF DG OCTMGV DCUGF Ŗ EQPUGTXCVKQPQHHQTGUVECTDQPUVQEMU HWPFDCUGFQTCOKZVWTGQHVJGVYQCPF Ŗ UWUVCKPCDNGOCPCIGOGPVQHHQTGUV VJG OGVJQF QH FGEKFKPI VJG TGHGTGPEG Ŗ GPJCPEGOGPVQHHQTGUVECTDQPUVQEMU



6JG #9).%# FTCHV 70(%%% CNUQKPENWFGUCNKUVQHGPXKTQPOGP VCNCPFQVJGTőUCHGIWCTFUŒVQGPUWTGVJG OWNVKRNGDGPGHKVUQH4'&&RNWU4'&& CEVKXKVKGUUJQWNF Ŗ DGEQPUKUVGPVYKVJVJGEQPUGTXCVKQP QHPCVWTCNHQTGUVUCPFDKQNQIKECNFK XGTUKV[ KGPQVKPXQNXGVJGEQPXGT UKQP QH PCVWTCN HQTGUVU KPEGPVKXK\G VJG RTQVGEVKQP CPF EQPUGTXCVKQP QH PCVWTCNHQTGUVUCPFVJGKTGEQU[UVGO UGTXKEGU CPF GPJCPEG QVJGT UQEKCN CPFGPXKTQPOGPVCNDGPGHKVU Ŗ EQORNGOGPV QT DG EQPUKUVGPV YKVJ PCVKQPCN HQTGUV RTQITCOOGU KG HQTGUVRQNKE[HTCOGYQTMUCPFTGNG XCPVKPVGTPCVKQPCNEQPXGPVKQPUCPF CITGGOGPVU Ŗ KPXQNXG VTCPURCTGPV CPF GHHGEVKXG IQXGTPCPEG Ŗ TGURGEVVJGMPQYNGFIGCPFTKIJVUQH KPFKIGPQWURGQRNGUCPFOGODGTUQH NQECNEQOOWPKVKGU Ŗ KPXQNXGHWNNCPFGHHGEVKXGRCTVKEKRC VKQPQHVJGUGCPFQVJGTUVCMGJQNFGTU Ŗ CFFTGUUVJGTKUMQHTGXGTUCNUCPFTGFWEG FKURNCEGOGPV NGCMCIGQHGOKUUKQPU

0QVJKPIYQWNFRTGXGPVGNKIKDNGEQWP VTKGUQTFQPQTUHWPFKPIVJGFGXGNQROGPV QH 4'&&RNWU UVTCVGIKGU HTQO UGVVKPI EQPFKVKQPUVJCVCTGOQTGFGVCKNGFQTUVTKP IGPVVJCPVJQUGUVKRWNCVGFKPVJGGXGPVWCN 70(%%%IWKFCPEG 0#6+10#.24'2#4#6+10(14 4'&&2.75

0CVKQPCNNGXGN FGEKUKQPU FWTKPI VJG FGUKIPCPFKORNGOGPVCVKQPQHC4'&& RNWU RTQITCOOG YKNN KPHNWGPEG VJG QWVEQOGU HQT DKQFKXGTUKV[ UGG $QZ # OCLQT EQPUKFGTCVKQP KU VJG GHHGEV QH 4'&&RNWU QP NCPF WUG DQVJ VJTQWIJ FKTGEV CEVKQP VQ OCPCIG HQTGUV ECTDQP UVQEMU CPF VJTQWIJ CP[ FKURNCEGOGPV QHNCPFWUGEJCPIGHTQOHQTGUVUEQXGTGF WPFGT4'&&RNWUVQQVJGTGEQU[UVGOU 5WEJ RQVGPVKCN FKURNCEGOGPV UWEJ CU FGXGNQROGPVQHPGYETQRNCPFUKPUCXCP PCJTCVJGTVJCPHQTGUVECPRQUGCPCFFK VKQPCNVJTGCVVQDKQFKXGTUKV[ /KNGUCPF -CRQU 2QNKEKGUVJCVVCEMNGVJGFTKXGTUQHFG HQTGUVCVKQP QP C PCVKQPCN UECNG EQWNF KPENWFG EJCPIGU VQ CITKEWNVWTCN KPEGP

*QYEQWPVTKGUECPRNCPHQTDKQFKXGTUKV[DGPGſVU KPVJGKT4'&&RNWURTGRCTCVKQPU Ŗ #ESWKTGCPFUJCTGFCVCPGGFGFVQWPFGTUVCPFVJGEWTTGPVCPFRQVGPVKCNFKUVTKDWVKQP

QHDKQFKXGTUKV[CPFYJGTGRQUUKDNGKVUXCNWGHQTGEQU[UVGOUGTXKEGRTQXKUKQPCPF DGPGſEKCTKGU Ŗ #UUGUUNKMGN[DKQFKXGTUKV[KORCEVUCURCTVQHETQUUUGEVQTCNRQNKE[CPCN[UKUWPFGTVCMGP VQKFGPVKH[YQTMCDNGUQNWVKQPUVQHQTGUVECTDQPNQUU Ŗ 6CMGDKQFKXGTUKV[KPVQCEEQWPVKPVJGUGNGEVKQPQH4'&&RNWUNQECVKQPUKGVJTQWIJ COCRDCUGFRTKQTKV[UGVVKPICPCN[UKU Ŗ 6CMG VJG NKMGN[ KORCEVU QP DKQFKXGTUKV[ KPVQ CEEQWPV YJGP UGNGEVKPI 4'&&RNWU CEVKXKVKGUCPFCRRTQCEJGU Ŗ +PENWFGUVCMGJQNFGTUVJCVFGRGPFQPDKQFKXGTUKV[CPFHQTGUVGEQU[UVGOUGTXKEGUKP 4'&&RNWUFGEKUKQPOCMKPI Ŗ &GſPGIQCNUHQTDKQFKXGTUKV[EQPUGTXCVKQPKPVJG4'&&RNWUUVTCVGI[CPFYJGTG HGCUKDNGCVUKVGUECNG Ŗ +FGPVKH[KPUVKVWVKQPCNTGURQPUKDKNKVKGUHQTVJGUGIQCNUCPFDWKNFECRCEKV[VQOGGVVJGO CUPGGFGF Ŗ &GUKIPEQUVGHHGEVKXGOQPKVQTKPIU[UVGOUVQCNNQYCUUGUUOGPVQHRTQITGUUVQYCTFU VJGIQCNU Ŗ 2NCPHQTCFCRVKXGOCPCIGOGPVVQCFFTGUUWPYCPVGFFGENKPGUKPDKQFKXGTUKV[

VKXGUNQIIKPIOQTCVQTKCCPFRC[OGPVU VQőUWRRNKGTUŒQHECTDQPUVQEMU6JGUG CTGTGNCVKXGN[WPNKMGN[VQIGPGTCVGKPVGT PCN FKURNCEGOGPV QH FGHQTGUVCVKQP CPF HQTGUV FGITCFCVKQP RTGUUWTGU HTQO QPG CTGCVQCPQVJGT 1VJGTCRRTQCEJGUYKNNDGKORNGOGPVGF QPN[ KP UGNGEVGF TGIKQPU QT UKVGU GI CHHQTGUVCVKQPCPFVCTIGVGFNCYGPHQTEG OGPV+PVJKUECUGDGUVRTCEVKEGKPXQNXGU COCRDCUGFRTKQTKV[UGVVKPICPCN[UKUVQ UWRRQTV\QPKPIQTNCPFWUGRNCPPKPI+P VJKUYC[VJGVQVCNUGVQHRQVGPVKCNUKVGU KUKFGPVKHKGFCPFVJGOQUVXCNWCDNGUKVGU HQT ECTDQP CPF CFFKVKQPCN DGPGHKVU CTG VCEMNGF HKTUV 2TKQTKV[UGVVKPI CPCN[UKU ECP CNUQ QHHGT C HQEWU HQT EQOOWPKV[ GPICIGOGPVYKVJ4'&&RNWU #P CPCN[UKU HQEWUGF QP OCZKOK\KPI 4'&&RNWU UWEEGUU KG OCZKOK\KPI ECTDQP UKPMU QT OKPKOK\KPI ECTDQP NQUUGUHQTOKPKOWOEQUVUOC[OKUUVJG QRRQTVWPKV[HQTUWDUVCPVKCNDKQFKXGTUKV[ DGPGHKVU CV NKVVNG GZVTC EQUV /KNGU CPF -CRQU)TCKPIGTGVCN(QT CIKXGPECTDQPQWVEQOGCUVTCVGI[VJCV EQPUGTXGU QT ETGCVGU C ITGCVGT OKZ QH FKHHGTGPVHQTGUVV[RGUQXGTCYKFGTCTGC KUNKMGN[VQFGNKXGTITGCVGTEQPUGTXCVKQP ICKPU /KNGU  5VTCUUDWTI GV CN  8GPVGT GV CN  *QYGXGT VJGTG YKNN QHVGP DG VTCFGQHHU DGVYGGP EQUVEQPUGTXCVKQPCPFECTDQPQWVEQOGU 5QOGCTGCUQHDKQFKXGTUKV[EQPUGTXCVKQP EQPEGTP CTG NKMGN[ VQ DG OQTG EQUVN[ VQEQPUGTXGVJCPQVJGTUŌHQTGZCORNG DKQFKXGTUKV[ őJQVURQVUŒ D[ FGHKPKVKQP JQNFCJKIJPWODGTQHGPFGOKEURGEKGU DWV GZRGTKGPEG C JKIJ NGXGN QH VJTGCV

/[GTUGVCN 5QOGURCVKCNCNNQECVKQPFGEKUKQPUOC[ PGGFVQDGOCFGDGHQTGUWEJCPCPCN[UKU KUCXCKNCDNGHQTGZCORNGUKVKPIQHFGOQP UVTCVKQPRTQLGEVU+PVJKUECUGVJGHQNNQY KPI TWNGU QH VJWOD ECP DG EQPUKFGTGF VQ HCXQWT DKQFKXGTUKV[ EQPUGTXCVKQP

*CTXG[&KEMUQPCPF-QTOQU Ŗ 2TKQTKVK\KPIVJGTGVGPVKQPQHVJTGCV GPGFJKIJDKQFKXGTUKV[HQTGUVUQXGT QVJGTCEVKXKVKGUUWEJCUTGHQTGUVCVKQP QTUWUVCKPCDNGOCPCIGOGPVQHRTQ

8QDV\OYD9RO



FGHKPGFCUCEJCPIGKPNCPFWUGPQVQPN[ KPXGIGVCVKQPEQXGT.CPFWUGEJCPIGKU VJG RTKOCT[ ECWUG QH DKQFKXGTUKV[ NQUU YQTNFYKFG 9QQF 5VGFOCP'FYCTFU CPF /CPI  #U VJG OCKP ECWUG QH FGHQTGUVCVKQP KU EQPXGTUKQP VQ CITK EWNVWTG OCP[ CRRTQCEJGU VQ TGFWEKPI FGHQTGUVCVKQP HQEWU QP VJG CITKEWNVWTG UGEVQTŌ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Ŗ 9JGTGECTDQPUVQEMUCPFGEQU[UVGOU CTGUKOKNCTDGVYGGPHQTGUVCTGCURTK QTKVK\KPIEQPPGEVKXKV[QHHQTGUVUYKNN [KGNFDGVVGTTGUWNVUHQTDKQFKXGTUKV[ EQPUGTXCVKQP

8QDV\OYD9RO

4GFWEKPIFGITCFCVKQPQHHQTGUVECTDQP UVQEMUŌHQTGZCORNGNQUUGUECWUGF D[ſTGŌECPQHVGPNGCFVQCTGEQXGT[ QHHQTGUVUVTWEVWTGYKVJEQPUGSWGPV RQUKVKXGTGUWNVUHQTDKQFKXGTUKV[

)$2)2:35$-$17+,

4GFWEKPIGOKUUKQPUHTQO FGHQTGUVCVKQP 4GFWEKPINQUUQHPCVWTCNHQTGUVYKNN[KGNF UKIPKHKECPVCPFOWNVKRNGDGPGHKVUYJKEJ KPENWFGVJGTGVGPVKQPQHGEQU[UVGOUGT XKEGUOQFGTCVKPITKXGTFKUEJCTIGGTQ UKQPCPFUGFKOGPVHNWZGURTQVGEVKPIUQKN TGUQWTEGUYJKEJEQPVCKPGUUGPVKCNPWVTK GPVUHQTRNCPVITQYVJRWTKH[KPIYCVGT CPFRTQXKFKPICJCDKVCVHQTHNQTCHCWPC CPF OKETQDKCN EQOOWPKVKGU 5VKEMNGT GVCN'CEJQHVJGUGGEQU[UVGO HWPEVKQPU KU XCNWCDNG HQT DKQFKXGTUKV[ EQPUGTXCVKQPCUYGNNCUHQTJWOCPYGNN DGKPI &GHQTGUVCVKQPKP70(%%%NCPIWCIGKU

4GFWEKPIGOKUUKQPUHTQOHQTGUV FGITCFCVKQP 4GFWEKPI FGITCFCVKQP QH HQTGUV ECT DQPUVQEMUECPKPOCP[ECUGUNGCFVQC TGEQXGT[QHHQTGUVUVTWEVWTGYKVJEQPUG SWGPVRQUKVKXGTGUWNVUHQTDKQFKXGTUKV[CU PKEJGUCTGTGUVQTGFCPFTGUQWTEGCXCKN CDKNKV[ KPETGCUGU %QOOQP ECWUGU QH HQTGUVECTDQPNQUUKPENWFGNQIIKPIHKTG HQTGUV YGVNCPF FTCKPCIG CPF GZVTGOG YGCVJGTGXGPVUUWEJCUJWTTKECPGFCOCIG QTFTQWIJV6JGUGECWUGUECPDGNKPMGFVQ QPGCPQVJGTYKVJNQIIKPIFTQWIJVCPF FTCKPCIG KPETGCUKPI VJG UWUEGRVKDKNKV[ QHHQTGUVVQHKTG 0GRUVCFGVCN 1PN[CPVJTQRQIGPKEECWUGUQHFGITCFC VKQPCTGUVTKEVN[TGNGXCPVVQ4'&&RNWU WPFGT70(%%% +ORTQXGOGPVUKPIQXGTPCPEGCPFNCY GPHQTEGOGPVTGNCVGFVQVKODGTGZVTCEVKQP OC[VCMGCPWODGTQHHQTOU(QTGZCO RNG C UWEEGUUHWN NQIIKPI OQTCVQTKWO YQWNF [KGNF ECTDQP CPF DKQFKXGTUKV[ DGPGHKVUCVVJGEQUVQHVKODGTRTQFWEVKQP 1VJGTKORTQXGOGPVUKPHQTGUVIQXGT PCPEGYKNNRTQOQVGTGFWEGFGOKUUKQPU YJGTGNQIIKPIEQPVKPWGU(QTGZCORNG TGFWEGFKORCEV NQIIKPI JCU HCT NQYGT



ENKOCVGKORCEVUVJCPEQPXGPVKQPCNNQI IKPI 2WV\GVCN4GIWNCVGFCPF QT EGTVKHKGF NQIIKPI EQPEGUUKQPU VJCV TGSWKTGVJGUGRTCEVKEGUECPRTQVGEVUQOG DKQFKXGTUKV[ CPF ECTDQP XCNWGU YJKNG TGCNK\KPIUQOGVKODGTXCNWGU %JQOKV\ GVCNXCP-WKLM2WV\CPF