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Executive Summary * Introduction * Part I: The Challenge of Deforestation * Forests, Climate Change and the Global Economy * The Drivers of Deforestation * Sustainable Production and Poverty Reduction * The Costs of Mitigation * Part II: Forests and the International Climate Change Framework: The Long Term Goal * A Long Term Framework for Tackling Climate Change * The Current International Climate Change Framework * Part III: The Building Blocks of Forest Financing: The Medium Term Approach * Transition to a Long Term Framework * Effective Targets for Reducing Forest Emissions * Measuring, Monitoring and Verifying Emissions from Forests * Linking to Carbon Markets * Governance and Distribution of Finance * Part IV: International Action, Capacity Building and Short Term Funding * The Funding Gap and Capacity Building * Conclusions