FCPF
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 complements the UNFCCC negotiations on REDD+ by demonstrating how REDD+ can be applied at the country level and by learning lessons from this early implementation phase.
The FCPF has created a framework and processes for REDD+ readiness, which helps countries get ready for future systems of financial incentives for REDD+.
- Read more on: History
The FCPF currently has 44 REDD Country Participants (17 in Africa, 16 in Latin America and the Caribbean, and 11 in Asia-Pacific). The partnership relies on an effective and inclusive governance structure, with the Participants Assembly and the Participants Committee at its core.
The World Bank assumes the functions of trustee and secretariat. The World Bank, the Inter-American Development Bank and United Nations Development Programme are Delivery Partners under the Readiness Fund and responsible for providing REDD+ readiness support services to distinct countries.
- Read more on: Charter and Rules of Procedure
With assistance from the Readiness Fund (currently about US$360 million committed or pledged by 18 public donors, each having provided at least US$5 million), each participating country prepares itself for REDD+ by developing the necessary policies and systems, in particular by adopting national REDD+ strategies; developing reference emission levels; designing measurement, reporting and verification (MRV) systems; and setting up REDD+ national management arrangements, including the proper safeguards.
- Read more on: The Readiness Fund
The Carbon Fund (currently about US$465 million committed or pledged by ten public and private contributors, each having provided at least US$5 million), the second fund of the FCPF, became operational in May 2011. It will provide payments for verified emission reductions from REDD+ programs in countries that have made considerable progress towards REDD+ readiness. About five REDD Country Participants will qualify for the Carbon Fund based on a progress assessment by the FCPF Participants Committee.
Consistent with the UNFCCC decision on REDD+ adopted in Cancun in December 2010, the readiness, investment and performance-based payment phases are not purely sequential but will instead overlap to a large extent. Nevertheless, to ensure that carbon finance builds on readiness achievements, the FCPF Participants Committee must have assessed a country s Readiness Package before the country can enter into an Emission Reductions Payment Agreement with the Carbon Fund.
- Read more on: The Carbon Fund