This analysis brings together economists, computer scientists and geographers with expertise in remote sensing and impact evaluation to apply a value for money (VFM) assessment to the case of GEF Land Degradation (LD) projects. Leveraging methodological approaches to causal identification that have not previously been applied to the study of Land Degradation, this report explicitly quantifies (1) the causally-identified impact attributable to GEF LD project locations using three indicators (capturing vegetation productivity, forest fragmentation, and forest cover change), and (2) the VFM resultant from these impacts of GEF LD projects in terms of carbon sequestration.