Colombia

Colombia believes that each Party should be able to choose from either a  sub-national to national reference level and suggests that leakage issues  could be managed at the project-level through an approved methodology  whereby the displaced emissions are deducted from the project credits.

Reference levels could use either an extrapolation of past trends into the  future, prevailing technology or practice, or logical arguments made by  activity participants based on observed trends. Tradable and fully fungible  emission reduction credits would be issued against the aforementioned  reference levels.

A special climate change fund shall be established by the COP to finance  activities, programmes and measures, relating to REDD+, that are  complementary to those funded by the resources allocated to the climate  change focal area of Global Environment Facility and by bilateral and  multilateral funding, in the following areas:

• Enhancing the capabilities of developing countries to monitor  changes in their forest cover and the carbon stocks associated  to them;

• Designing and implementing policies that reduce deforestation  and degradation; and

• Supporting ongoing forest conservation and forest carbon stock  enhancement efforts in developing countries.