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.