This report examines a variety of strategies for injecting financial resources into projects that save or plant forests that capture carbon. The data and analysis cover forest carbon activity in compliance carbon markets (e.g. the Kyoto Protocol’s Clean Development Mechanism), as well as voluntary carbon markets (e.g. the voluntary Over-the-Counter market). In total, the report captured responses from 140 project developers or project proponents in the primary forest carbon market and 35 suppliers in the secondary market. The report finds that projects that successfully contracted credits in 2011 were situated on 5 million forested hectares, of which 4.2 million ha was attributed to REDD projects. Combined with the areas impacted by historical projects that did not contract credits in 2011, carbon finance was reported to affect 18 million ha in 40 countries. The majority of these projects were on private land, but they increasingly involved communities and smallholder landholders.