I think we would all agree that it is a disappointment that the US Senate didn't take up a climate bill that included a cap and trade system to finally put a price on carbon and begin reducing emissions.
The failure of the bill affects REDD not only in Panama, but throughout the world. Primarily, it hamstrings any meaningful encapsulating agreement coming out of Cancun in December, and probably even South Africa in 2011. More and more it looks like the best thing that can come out of Cancun for REDD is a "REDD+ Readiness" package that the new REDD+ Partnership can build off of. More on that Partnership later...
Most importantly for REDD, it doesn't look like we will have a significant market for any credits generated in the next 5-6 years; not a great signal to the private sector and investors.
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