 The study is about the challenges facing the effort to establish red on the ground, and by on the ground I mean within specific boundaries, in specific locations by subnational initiatives. What we found is that proponents are facing pretty large challenges, and among the largest challenges involve tenure, and by tenure we mean their ability to assure that those who are going to be responsible for keeping forests standing and for managing them well are well and legally identified as the right holders to the stream of benefits anticipated from red, as well as those who are going to be responsible for keeping forests standing. And perhaps most of all related to tenure is the importance of assuring that any claimants on the lands within the boundaries of a red project are kept at bay and are prevented from converting forest to non-forest uses. Another main challenge identified in this study is what we're calling the disadvantageous economics of red. If red is going to succeed, it needs to basically mobilize a stream of income aimed at keeping forest standing and have that compete successfully with the national and subnational economics that aim to convert forest to non-forest uses. There is grounds for hope based in what we can call a forest-tenure transition. This gradual evolution in the direction of providing expanded rights of ownership and access to local stakeholders. But in relation to the needs of red, this forest-tenure transition is actually quite slow. I say, however, that there are grounds for optimism because red itself has provided some motivation to national governments and most definitely to red subnational initiatives to clarify tenure and also to strengthen it at the local level. New findings are showing that although red is potentially going to be pretty successful in providing the carbon additionality or the slow deforestation that would generate the forest carbon credits that can then be sold and can then serve as a stream of income that assures that forests are standing. In theory this would happen, but in fact for various reasons that large anticipated stream of income has not yet been produced. What our study found is that about half of the initiatives that we are studying 11 of the 23 when asked will they still be functioning as a red initiative in 2015 their answer was 90 to 100 percent yes. But then you look at the rest and there is some doubt about whether they can continue functioning as a red initiative. For some of those it's simply because they're transferring responsibility to another organization. For others the doubt is more fundamental and it has to do with these challenges that they're facing. And for others it has to do with the fact that they are skittish about involvement in red forest carbon markets and they favor an alternative idea that does not rely so much on forest carbon markets. And for still others they are heading in the direction of trying to stop deforestation through a broader landscape-wide approach that might be called low emissions development and that is not necessarily fundamentally tied to the idea of red. On one hand the study does point to evidence that there is some cause for concern about where red is heading and to what extent it can follow through on the original idea and end up being the device for stopping deforestation that was originally envisioned. On the other hand there are some grounds for hope and I would point to two things in particular. One is that the rate of deforestation in Brazil between 2005 and 2011 went down quite precipitously and we need to bear that in mind when we get despairing about the opportunities for slowing or stopping deforestation. Now mind you what was propelling this decrease in deforestation in Brazil was only partly their involvement in red. It had a lot to do with government policies and with grassroots and NGO initiatives and in some cases some market focused policies that ended up slowing the rate of deforestation. Nevertheless we need to bear that in mind when we start getting worried about whether red can come to fruition. The other area of possible hope is to look at what is being done in California with their cap and trade system and the way that that is functioning to support some red initiatives around the world. The amount of funding that is being currently generated through the cap and trade system in California and worldwide is infinitesimally small in comparison to the need. Nevertheless the fact that it is actually functioning and that it might grow over time needs to be borne in mind as a possible indicator of opportunities in the future.