Since 2008, USD 5.2 billion has been pledged to multilateral climate funds that support efforts to reduce emissions from deforestation and degradation plus conservation (REDD+). There is and remains a longstanding interest in the potential to harness market-based mechanisms to support REDD+ programmes. Cumulatively, USD 2.8 billion has been approved for dedicated REDD+ activities since 2008. The Amazon Fund, with USD 720 million approved for 103 projects in Brazil and the Amazon biome, remains the largest dedicated REDD+ fund.
The last five years have seen relatively stable approvals for REDD+ averaging USD 263 million, in 2020 this amount rose to USD 309 million. The increase is due to the rise of funding from the Green Climate Fund (GCF). By November 2020, it had approved at least 13 projects involving forests, that are considering both adaptation and mitigation, and eight dedicated REDD+ projects with results-based payments for a total of USD 497 million under its multi-year REDD+ pilot programme. These projects reflect efforts to support developing countries’ move beyond readiness and capacity building to demonstration programmes and emission reductions with payments based on verified results.