世界银行-创新金融工具及其在管辖REDD发展中的作用+（英）

Policy Research Working Paper11114Innovative Financial Instruments and Their Role in the Development of Jurisdictional REDD+Alexander GolubMarek HanuschDiogo BardalBruce Ian KeithDaniel Navia SimonCornelius FleischhakerEconomic Policy Global Department May 2025 Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedProduced by the Research Support TeamAbstractThe Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.Policy Research Working Paper 11114Achieving global net zero carbon emissions requires stop-ping deforestation and making full use of tropical forests as carbon sinks. Market instruments for the sale and purchase of emission outcomes coming from Reducing Emissions from Deforestation and Forest Degradation framework pro-grams could play a very significant role in achieving this goal. The development of these markets has been insuffi-cient so far: their scale as of today is much lower than what would be required to generate meaningful resources for the countries that host tropical forests, and the quality of exist-ing instruments is generally insufficient to allow a scaling up in demand. However, efforts to improve the transparency and integrity of these instruments are accelerating, par-ticularly around jurisdictional Reducing Emissions from Deforestation and Forest Degradation framework programs. In parallel with these efforts, innovations in financial instru-ments suited for the framework’s carbon markets are also taking place, but their scale is limited so far. This paper looks beyond the current state of the framework’s carbon markets to consider a set of innovative financial instruments that would allow completing the infrastructure of emissions trading, enhancing its utility for both issuers and buyers of carbon credits in the framework’s jurisdictional programs. The paper shows how a combination of forest carbon bonds, where countries sell forward (or commit) their emission reduction outcomes, as well as call and put options can be used to de-risk and encourage early investment in jurisdic-tional Reducing Emissions from Deforestation and Forest Degradation framework programs. To quantify the value of these innovations, the paper evaluates the potential scale of these instruments for the case of Brazil. The estimates suggest that the amounts that could be mo