Countries with a higher biodiversity index and jurisdictions with more protected area are more likely to have forest carbon projects, corroborating proponents’ assertions that they consider biodiversity co-benefits when selecting sites.

Jurisdictions with higher deforestation rates and forest carbon densities in Brazil and Indonesia are more likely to have forest carbon projects, consistent with a focus on additionality. However, projects also tend to be located in more remote (and possibly less threatened) areas in Brazil.