Under Redd, oil palm companies could be called on to protect the forested areas they own, and sell "carbon credits" for the amount of carbon contained in that forest.
"Despite their rich biodiversity, we haven't been able to protect these forests with conservation funds," said Dr Venter. "So we looked at what Redd would be able to do and what that would mean for biodiversity."
He and his team looked at the financial reports of palm oil companies to see how much money they earned from oil production, and from selling timber.
This could create the financial incentive needed to ensure that the world's tropical forests last into the next century
Oscar VenterUniversity of Queensland
They compared these earnings to the predicted carbon emissions from planned palm oil projects, and calculated that if carbon credits could be sold for $10 (£6) per tonne, conserving the forest could be more profitable than clearing land for oil palm.
"This is the break-even price if oil palm can only be grown in areas that are at least moderately suitable, or if some oil palm can be relocated to already [deforested] areas. Any price over [that] means Redd becomes more profitable than oil palm," explained Dr Venter.
"Carbon markets, while they fluctuate, are where the price of carbon is currently established. So we compared our prices to prices on major global markets, which at the time were selling carbon for around $30 per tonne of CO2."
Redd is a UN-led programme, introduced in 2005, to create a practical financial system to protect the rainforests.
Dr Venter hopes this research will strengthen the case to include it in the of the climate agreement that replaces the Kyoto accord, which is set to be decided upon at a meeting in Copenhagen later this year.
"If Redd does become part of the next international climate agreement, it will have the potential to fund forest protection in areas slated for oil palm conversion," said Dr Venter.
He said the findings showed that it was possible to create "financial incentives to ensure that the world's tropical forests last into the next century, instead of becoming a memory of the past".
"Despite their rich biodiversity, we haven't been able to protect these forests with conservation funds," said Dr Venter. "So we looked at what Redd would be able to do and what that would mean for biodiversity."
He and his team looked at the financial reports of palm oil companies to see how much money they earned from oil production, and from selling timber.
This could create the financial incentive needed to ensure that the world's tropical forests last into the next century
Oscar VenterUniversity of Queensland
They compared these earnings to the predicted carbon emissions from planned palm oil projects, and calculated that if carbon credits could be sold for $10 (£6) per tonne, conserving the forest could be more profitable than clearing land for oil palm.
"This is the break-even price if oil palm can only be grown in areas that are at least moderately suitable, or if some oil palm can be relocated to already [deforested] areas. Any price over [that] means Redd becomes more profitable than oil palm," explained Dr Venter.
"Carbon markets, while they fluctuate, are where the price of carbon is currently established. So we compared our prices to prices on major global markets, which at the time were selling carbon for around $30 per tonne of CO2."
Redd is a UN-led programme, introduced in 2005, to create a practical financial system to protect the rainforests.
Dr Venter hopes this research will strengthen the case to include it in the of the climate agreement that replaces the Kyoto accord, which is set to be decided upon at a meeting in Copenhagen later this year.
"If Redd does become part of the next international climate agreement, it will have the potential to fund forest protection in areas slated for oil palm conversion," said Dr Venter.
He said the findings showed that it was possible to create "financial incentives to ensure that the world's tropical forests last into the next century, instead of becoming a memory of the past".
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