Over the past decade, various national and international organizations have made significant efforts to work out mechanisms to combat deforestation and reduce emissions of greenhouse gases from the forest and land use sectors. They have attempted to quantify different values of forest resources and forest environmental services and propose workable market payment incentive mechanisms so as to effectively manage these valuable resources. Among these efforts, the most prominent initiative is the Reducing emissions from deforestation and forest degradation and the
role of conservation, sustainable management of forests and enhancement of forest carbon stocks in developing countries (REDD+) mechanism. This performance based mechanism is aimed at compensating developing countries for conserving and protecting their forest resources, thereby reducing greenhouse gases emissions and increasing greenhouse gases removals. REDD+ mechanisms also seek to generate additional social and environmental benefits, or ‘multiple-benefits’, which include biodiversity conservation, improvement of local livelihoods and gender equity.