World Bank’s FCPF Carbon Fund Becomes Operational
The July newsletter of the Forest Carbon Partnership Facility (FCPF), housed at the World Bank, highlights that its Carbon Fund has become operational. The Fund will provide payments for verified emissions reductions from programmes for REDD+ (reducing emissions from deforestation and forest degradation in developing countries, as well as conservation, sustainable management of forests and enhancement of carbon stock).
So far, US$215 million have been committed or pledged to the Fund. Previously, the FCPF focused on its Readiness Fund to help countries prepare for REDD+ by developing the necessary policies and systems, in particular by: adopting national strategies; developing reference emission levels; designing measurement, reporting and verification (MRV) systems; and setting up REDD+ national management arrangements, including the proper safeguards.
Now, about five REDD country participants will qualify for the Carbon Fund. Following an assessment of a country's readiness package, criteria for inclusion include: a focus on results, including sustainable emissions reductions and social and environmental benefits; sufficient scale of implementation; consistency with emerging compliance standards; diversity; clear mechanisms; and transparent stakeholder consultations. [Publication: FCPF July Newsletter]