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The Forest Carbon Partnership Facility (FCPF), which became operational in June 2008, is a global partnership focused on reducing emissions from deforestation and forest degradation, forest carbon stock conservation, sustainable management of forests and enhancement of forest carbon stocks (REDD+). The FCPF assists tropical and subtropical forest countries develop the systems and policies for REDD+ and provides them with performance-based payments for emission reductions. The FCPF complements the UNFCCC negotiations on REDD+ by demonstrating how REDD+ can be applied at the country level.
In its first two and a half years of operation, the FCPF has created a framework and processes for REDD+ readiness, which helps countries get ready for future systems of financial incentives for REDD+. Using this framework, each participating country develops an understanding of what it means to become ready for REDD+, in particular by developing reference scenarios, adopting a REDD+ strategy, designing monitoring systems and setting up REDD+ national management arrangements, in ways that are inclusive of the key national stakeholders.
The FCPF governance structure includes a 28-member Participants Committee elected by the REDD Country Participants and the financial contributors, six Observers nominated by forest-dependent indigenous peoples and other forest dwellers, NGOs and international organizations, and the World Bank. The World Bank acts as trustee for the Readiness Fund and the Carbon Fund, provides secretariat services, and delivery partner for the FCPF, providing technical support to the REDD Country Participants and conducting due diligence on matters such as fiduciary policies and environmental and social safeguards. It is expected that other entities will soon join the World Bank as delivery partners for the FCPF.
Thirty-seven REDD countries (14 in Africa, 15 in Latin America and the Caribbean, and eight in Asia and the Pacific) have been selected in the partnership. Thirteen of these countries (Argentina, Costa Rica, the Democratic Republic of Congo, Ghana, Guyana, Indonesia, Kenya, Lao PDR, Mexico, Nepal, Panama, the Republic of Congo and Tanzania) have so far submitted Readiness Preparation Proposals (R-PPs), which were reviewed by ad hoc Technical Advisory Panels and the Participants Committee. The World Bank is conducting due diligence on these proposals with a view to entering into readiness grant agreements of up to $3.6 million to assist these countries conduct the preparatory work they have proposed (except Tanzania, which has access to other funding). Many more countries are already following in the footsteps of the first eleven and will be presenting their R-PPs at the upcoming Participants Committee meetings. All R-PPs are posted online at www.forestcarbonpartnership.org.
Sixteen financial contributors (Agence Française de Développement, Australia, British Petroleum, Canada, CDC Climat, Denmark, the European Union, Finland, Germany, Italy, Japan, The Nature Conservancy, the Netherlands, Norway, Spain, Switzerland, the United Kingdom and the United States) have pledged about $447 million to the FCPF ($232 million to the Readiness Fund and $215 million to the Carbon Fund).
The focus to date has been on REDD+ readiness, though it is expected that the Carbon Fund, which will provide payments for verified emission reductions from REDD+ programs in countries that have achieved, or made considerable progress towards, REDD+ readiness, will become operational in the course of 2011 as a public-private partnership.
The FCPF cooperates closely with other initiatives, in particular the UN-REDD Programme set up by FAO, UNDP and UNEP, and the Forest Investment Program jointly administered by the Multilateral Development Banks.
Summaries of all the FCPF meetings, including decisions made, are available at www.forestcarbonpartnership.org/fcp/node/54.
A dashboard showing country progress in preparing for REDD+ is available at www.forestcarbonpartnership.org/fcp/node/283.
REDD countries interested in joining the FCPF should send an expression of interest to FCPFSecretariat@worldbank.org. Please note that the Participants Committee decided that selection of additional countries would depend on the results of an evaluation of the FCPF, which is ongoing, and sufficient financial resources being available.