REDD stands for "Reducing Emissions from Deforestation and Degradation". It is a policy solution being designed in which richer countries pay developing countries (and communities) for the carbon-absorbing services that their tropical and other forests provide to humanity. Deforestation accounts for some 20% of emissions of the heat-trapping gas, carbon dioxide (CO2), so conserving forests is a key component of solutions to global warming.
As with the development of any new policy -- let alone in the emerging field of making conservation profitable via payments for ecosystem services -- there are bound to be hurdles.
Mongabay.com reports on efforts to make sure REDD is done right -- in a way that encourages forest conservation instead of destruction.