No abstract

In 1997, the Parties to the UNFCCC (United Nations Framework Convention on Climate Change) adopted the Kyoto Protocol to operationalise the UNFCCC by committing countries included in its Annex 1 (industrialised countries and countries with economies in transition) to emissions reductions targets and establishing mechanisms to achieve those targets. A new commodity was created in the form of emission reductions or removals. Carbon (carbon dioxide) is now tracked and traded like any other commodity. Carbon markets are means by which contracts of sale of emission reductions of greenhouse gases (GHGs) are exchanged. Complexity in the operation of these carbon markets has been increasing day by day, with different mechanisms, programs and assets.REDD + mechanism (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) incentivizes a trend change from historic increasing deforestation rates and greenhouse gases emissions. Through REDD+ mechanism developing countries are financially granted for any emissions reductions achieved associated with a decrease in the conversion of forests to alternative land uses.With more than 18 million hectares of forests (including woodlands, Ethiopian Mapping Agency 2013) covering approximately 16 % of its land area, Ethiopia has a huge potential and is among the countries partnered with FCPF (Forest Carbon Partnership Facility) to implement REDD+.An approach to the complexity of carbon markets and to the key mitigation program in the forestry sector through the process initiated in Ethiopia.

List of figures and tables Figures 1 Share of GHG emissions of different economic sectors in Ethiopia. 2 Functions of the National Forest Monitoring System. 3 Land use/land cover map of Ethiopia (2013). 4 Wall-to-wall forest map * using Ethiopia's current forest definition. 5 Current institutional arrangements for the national REDD+ MRV in Ethiopia. 6 MRV institutional and staff requirements. Tables 1 Milestones in Ethiopia's REDD+ program development. 2 Key activities for establishing Ethiopia's REDD+ MRV system. 3 Activities for establishing the MRV system and setting the national FRL. 4 Summary of sampling in Ethiopia's NFI. 5 Biomass figures used for EF calculations. 6 Three components of the FRL. 7 REDD+ Safeguard/SIS milestones. 8 Short-term training on MRV topics offered by FAO/MEFCC/WGCF-NR.