In this report, GRET presents the results of a study monitoring France’s pledges for Fast Start Finance (FSF) for REDD+. After going over these pledges in more detail, it gives a quantitative and qualitative report of the actions counted by France as REDD+ finance in 2010 and 2011. In-depth analysis of this REDD+ finance shows that it is not additional to official development assistance (ODA) targets and that a large proportion of the sums announced consists of loans to emerging countries. Although France’s efforts to mobilize resources and ensure transparency in its accounting of FSF for REDD+ must be recognized, progress remains to be made in these areas. For GRET, implementation of REDD+ activities notably implies revising the intervention modes used by France’s cooperation system: foster scaling up from project to program, and build the capacities of the government authorities and non-state actors (the private sector, NGOs, etc.) on the national and local levels to prepare them for REDD+ implementation.