Reducing Emissions from Deforestation and Forest Degradation (REDD) attempts to create financial value for the carbon stored in forests, offering incentives for developing countries to reduce emissions from forested lands and invest in low-carbon paths to sustainable development.

REDD goes beyond deforestation and forest degradation, and includes the role of conservation, sustainable management of forests and enhancement of forest carbon stocks. REDD has the potential to simultaneously contribute to climate change mitigation and poverty alleviation, whilst also conserving biodiversity and sustaining vital ecosystem services.

Protection of biodiversity: Forests are incredibly diverse ecosystems, and protecting them through REDD initiatives helps safeguard countless species of plants and animals. Resilience of forest ecosystems: By reducing deforestation and degradation, REDD helps maintain healthy forests that can better withstand natural disturbances like droughts, floods, and pests. Poverty reduction: Many forest communities rely on forests for their livelihoods. REDD programs can provide financial incentives for sustainable forest management, creating income opportunities and alleviating poverty.

Therefore, the correct answer is 1, 2 and 3.