Forests are important in the global carbon cycle, forming a major sink for carbon. Deforestation is a significant source of carbon dioxide emitted to the atmosphere. There is some scope to enhance natural carbon sinks, and therefore reduce net emissions of greenhouse gases, through afforestation and conservation of existing forests. Such initiatives may be implemented to "offset" emissions of greenhouse gases from other sources. This may be undertaken by private companies, or by governments as part of bilateral agreements or multilateral arrangements. International carbon offsets may be cost effective in terms of reduction of carbon emissions achieved, and may also be one way to mobilise private capital to fund forest conservation. [...]
