A primer on forest carbon policy and economics under the Paris Agreement: Part I

This article deliberates the processes, principles, and rules relevant to forest-sector climate change mitigation and adaptation in light of the nationally determined contributions (NDCs) of the Paris Agreement (PA). We tackle such issues as targets and indicators, scope and information needs of forest-sector actions, progress tracking, stock taking, anthropogenic testing, carbon (C) accounting, and jurisdictional governance. Along the way, we also offer our perspectives of and solutions to some of the problems likely to be encountered in implementing the PA. We note that a Party must possess consecutive inventories for greenhouse gas (GHG) emissions and removals to determine, communicate, and update its NDC. While there is little concern over the availability of GHG emission inventories, there remain gaps between the available information and what is needed for accounting forest-based actions. Improved measurement and monitoring is needed if the Party desires to include the C pools as part of the offsetting credits in its NDC accounting. Also, the jurisdictional governance means that actions taken by subnational and other entities should be nested within the NDC. As to the results-based payments scheme for REDD+, it will take time to be carried out at scale, because of the challenge of determining the baseline of an action and the failure to deliver the promised finance. Finally, Parties must do more to maintain and improve their forest conditions to shore up the significance and sustainability of forest-sector actions.