REDD: The “Reducing emissions from deforestation and forest degradation” framework is a mechanism initially proposed at the 2005 meeting of the United Nations Climate Change Conference in Montreal. This aims to reduce the global greenhouse gas emissions resulting from deforestation and degradation of forests, by providing economic incentives to rainforest nations to keep their tropical forests intact. This is indirectly linked to Carbon Market.

REDD+ Program: This UN program is larger than REDD by including the conservation of existing carbon stocks and enhancement of carbon stocks and by concerning the developing countries.

Carbon Market: An allowance overall level of pollution is established and allocated among firms in the form of permits (in equivalent to one metric ton of CO2 emissions). These allowances can be sold privately or in the international market at the prevailing market price. These allowances can be transferred between countries. Each international transfer is validated by the UNFCCC. (Source: Wikipedia)

UNFCCC: The United Nations Framework Convention on Climate Change is an international environmental treaty produced at the United Nations Conference on Environment and Development (UNCED) held in Rio de Janeiro in 1992. The objective of this treaty is to stabilize greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system and the local weather and seasons. Since UNFCCC, the nations meet to decide agreements to reduce their greenhouse gas emissions.

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