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REDD+ based on market frameworks such as pay for performance and carbon markets, has since the 2007 Bali Action Plan been the most important policy for land use emissions and forest preservation. Despite a positive launch, the REDD+ market has not yet taken off to the levels expected or required. Supporting compliance regulation and international financial commitments have been slow to develop due to a protracted difficult economic and political environment.

Although the original goal for REDD+ to be the key mechanism to reduce global deforestation to net zero by 2030 with a $30B underlying market value will be missed according to our projections, the previous decade has still resulted in much progress. Many REDD+ markets and sources of financial demand are now moving forward significantly. This report aims to take stock of these developments and illustrate that REDD+ on a delayed basis has turned the corner to the necessary secure at scale markets.  The report identifies seven key channels that we argue will lead the REDD+ market to reach its originally envisaged $30 billion per year by 2037, and $44.6 billion by 2040.