Carbon finance recognizes thecontribution of projects to mitigating climate change. To beable to access carbon finance, projects can certify theiremission reductions under a variety of standards, one ofwhich is the Clean Development Mechanism (CDM) of the UnitedNations Framework Convention on Climate Change (UNFCCC).Project developers can sell their carbon credits either inthe voluntary or the regulated market. Since 2002, projectsfrom diverse sectors have been applying the CDM modalitiesand procedures to generate Certified Emission Reductions(CERs) that are traded in the carbon marketAfforestation/Reforestation (A/R) is one out of the 15sectors that can generate carbon credits under the CDM. Thepurpose of this document is to share the experience of theBioCarbon Fund (BioCF) of the World Bank in developing andimplementing 21 A/R CDM projects in 16 countries. Thisexperience shows that the benefits associated with A/R CDMprojects support the livelihood of rural people and theirlocal environment in a significant manner. However,depending on their capacity, projects may struggle withgetting credit certification and the associated benefits.This report presents the opportunities and challenges A/RCDM projects face and presents recommendations to facilitatetheir design and implementation as well as to scale them up significantly.
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