In some countries, such as Brazil and Indonesia, deforestation and forest degradation together are by far the main source of national greenhouse gas emissions. Eighty percent of the Earth’s above-ground terrestrial carbon and forty percent of below-ground terrestrial carbon is in forests. In addition to the large contribution of deforestation and forest degradation to global emissions, combating both has been identified as one of the most cost-effective ways to lower emissions.Currently, there appears to be a consensus that the issue of deforestation and forest degradation must be effectively tackled as it would otherwise limit the options available to reduce greenhouse gas emissions, greenhouse gas concentrations and increases in temperature to acceptable levels. Any reduction in the rate of deforestation and forest degradation has the benefit of avoiding a significant source of carbon emissions and reducing other environmental and social problems associated with deforestation.Unlike afforestation and reforestation activities, which generally cause small annual changes in carbon stocks over long periods of time, stemming deforestation causes large changes in carbon stocks over a short period of time. Most emissions from deforestation take place rapidly, whereas carbon removal from the atmosphere through afforestation and reforestation activities is a slow process.In addition to mitigating climate change, stopping deforestation and forest degradation and supporting sustainable forest management conserves water resources and prevents flooding, reduces run-off, controls soil erosion, reduces river siltation, protects fisheries and investments in hydropower facilities, preserves biodiversity and preserves cultures and traditions. With all that at stake it is clear what has to happen. With all the services that forests provide both to humanity and the natural world, there is now widespread understanding of a simple yet profound fact—that forests are more important left standing, than cut. Out of that understanding has come the Forest Carbon Partnership Facility.