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This paper presents an analysis of changing rationales and tactics among actors engaged in mobilising private finance for Indonesia's emergent Reducing Emissions from Deforestation and Forest Degradation ( REDD+) programme. Despite limited flows of private finance so far, private sector actors have been responsible for a great deal of development and innovation in the forest carbon sector in Indonesia, and have thus played - and continue to play - an important part in shaping the country's REDD+ programme. Drawing on extended field research and interviews with key actors engaged with REDD+ in Indonesia, we identify a variety of private investor motivations, strategies and tactics, many of which depart considerably from the common understanding of REDD+ as avoided deforestation funded through carbon offsets. As non-state actors increasingly shape emerging REDD+ projects, they assume important roles as agents of environmental governance - working through a variety of private market and hybrid modes of forest/climate governance. We describe four general modes of engagement, centred around: investment in REDD+ verified emissions reductions; corporate social responsibility; sustainable commodities; and impact investment. The research thus contributes to an improved understanding of the nature of private REDD+ finance in Indonesia, and the implications, potential and limits of private, market-based climate governance. [ABSTRACT FROM AUTHOR]

Many major corporations and countries have made commitments to purchase or produce only "sustainable" palm oil, a commodity responsible for substantial tropical forest loss. Sustainability certification is the tool most used to fulfill these procurement policies, and around 20% of global palm oil production was certified by the Roundtable on Sustainable Palm Oil (RSPO) in 2017. However, the effect of certification on deforestation in oil palm plantations remains unclear. Here, we use a comprehensive dataset of RSPO-certified and noncertified oil palm plantations (~188,000 km²) in Indonesia, the leading producer of palm oil, as well as annual remotely sensed metrics of tree cover loss and fire occurrence, to evaluate the impact of certification on deforestation and fire from 2001 to 2015. While forest loss and fire continued after RSPO certification, certified palm oil was associated with reduced deforestation. Certification lowered deforestation by 33% from a counterfactual of 9.8 to 6.6% y-1. Nevertheless, most plantations contained little residual forest when they received certification. As a result, by 2015, certified areas held less than 1% of forests remaining within Indonesian oil palm plantations. Moreover, certification had no causal impact on forest loss in peatlands or active fire detection rates. Broader adoption of certification in forested regions, strict requirements to avoid all peat, and routine monitoring of clearly defined forest cover loss in certified and RSPO member-held plantations appear necessary if the RSPO is to yield conservation and climate benefits from reductions in tropical deforestation. [ABSTRACT FROM AUTHOR]