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Update on the Forest Carbon Partnership Facility Steering Committee Meeting Paris, July 9, 2008

Update on the Forest Carbon Partnership Facility Steering Committee Meeting Paris, July 9, 2008. A Partnership to …. … Make REDD Happen. Partnership Developing (“REDD”) countries have equal voting rights with donors and CF participants on Participants Committee (10 + 10 + Observers)

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Update on the Forest Carbon Partnership Facility Steering Committee Meeting Paris, July 9, 2008

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  1. Update on the Forest Carbon Partnership Facility Steering Committee Meeting Paris, July 9, 2008

  2. A Partnership to … … Make REDD Happen

  3. Partnership • Developing (“REDD”) countries have equal voting rights with donors and CF participants on Participants Committee (10 + 10 + Observers) • Voluntary & country-driven • Neutral to climate change negotiations • Capacity building • Various kinds of performance-based financial approaches will be tested • Catalyst • $300 million will not save the world’s forests • Private sector is needed for scaling up • National • National strategies for REDD • National reference scenarios • Projects within national accounting approach • “National” does not mean “governmental” only • Test, learn and disseminate GuidingPrinciples

  4. FCPF Governance Participants Assembly All Eligible REDD Countries, Donors and Buyers Ad Hoc Technical Advisory Panels • - Forum for exchange of information • Meets at least annually • Opportunity for ‘subgroups’ to meet and • discuss experiences, elect their representatives Readiness Fund (Bank as Trustee) Carbon Fund (Bank as Trustee) Participants Committee (PC) Observers Carbon Fund Participants Committee Primary decision making body, including all policy issues Facility Management Team (Bank) Decision making on specific carbon transactions

  5. Readiness Mechanism READINESS FUND Capacity Building (2008-?) Carbon Finance Mechanism CARBON FUND Payments for Emission Reductions (2009-?) Two Mechanisms ~$100 million ~$200 million

  6. Readiness + Investments + Payments Incentive Payments for REDD FLEG, alternative livelihoods, alternative agribusiness investments, intensification of agriculture and cattle ranching, improved infrastructure planning, reforestation,etc. Value ≥ Cost FCPF Carbon Fund Inter alia Reforms & Investments for REDD Forest Investment Fund Inter alia, once operational Reference scenario, REDD strategy, Monitoring system REDD Readiness FCFP Readiness Fund Inter alia

  7. Africa (15): • Cameroon • Central African Republic • Dem. Republic of Congo • Ethiopia • Gabon • Ghana • Kenya • Liberia • Madagascar • Republic of Congo • Senegal • Sierra Leone • Sudan • Tanzania • Uganda South Asia (2): • Nepal • Pakistan South America (7): • Argentina • Bolivia • Colombia • Ecuador • Guyana • Paraguay • Peru Meso America (7): • Costa Rica • El Salvador • Guatemala • Honduras • Mexico • Nicaragua • Panama SE Asia & Pacific (8): • Indonesia • Lao PDR • Malaysia • Papua New Guinea • Philippines • Thailand • Vanuatu • Vietnam 39 Requestsfor Participation&24 R-PINs + 3 Brazilian states (Acre, Amazonas, Mato Grosso)

  8. Contributions Announced and Formalizedas of July 9, 2008

  9. REDD Countries • Bolivia • Gabon • Ghana • Lao PDR • Liberia • Madagascar • Mexico • Panama • Vietnam Donors • AFD • Australia • Finland • Japan • Norway • Spain • Switzerland • United States (United Kingdom) Steering Committee

  10. October 2006: Start of consultations • December 2007: Announcememt in Bali • June 2008: • June 25: FCPF declared operational • Internal and external reviews of country submissions (Readiness Plan Idea Notes) • July 2008: • July 8: Technical Advisory Panel Meeting with 18 REDD Countries to discuss R-PINs • July 9-10: Steering Committee meeting to select initial countries in Readiness Mechanism • July 31: deadline for submitting R-PINs for second round • September 2008: • (September 17-19): Organizational Meeting Timeline

  11. Reference Scenario • Historical emissions • How many years and data points? • Future emissions? • Adjustment coefficient applied to past emissions? • Based on national development policy? • Estimation of carbon stocks • Forest inventory • Test various methodologies based on IPCC Good Practice Guidance and Guidelines Readiness Mechanism(1)

  12. National REDD Strategy • In the countries interested in REDD, how will emissions be reduced? • Where? • When? • At what cost?  Economic analysis • National or sub-national implementation? • Policies or projects? • How will investment costs be financed? • Who will participate in REDD activities? • How will they be able to participate?  Information, consultations, capacity building • Who will be allowed to sell? Legal framework • How will additional social and biodiversity benefits be recognized?  Valuation, monitoring? • Sector strategies (environment, forestry, energy, transport, etc.) are the basis for the national REDD strategy, but the focus is the resulting emission reductions • The strategy must be national • Public sector • Private sector • Civil society • Indigenous peoples Readiness Mechanism(2)

  13. National Monitoring System • System design + implementation • National accounting of emissions • Link sub-national projects with national system • National registry including sub-national/private accounts Readiness Mechanism(3)

  14. 3 chances to have R-PIN approved • July 2008 • (September) 2008 • (January 2009) • An R-PIN not selected can be improved based on TAP and SC comments and resubmitted • One TAP reviewer to check that comments have been taken into account • Participants Committee to reconsider R-PIN R-PIN Selection

  15. Emission Reduction (ER) generated by reducing deforestation and/or degradation • ER = all rights, titles, and interests attached to a ton of CO2e of emission reduced • ER delivered to the FCPF when verification report is received • Performance-based payments • Carbon + other benefits • ERs distributed to Carbon Fund Participants through internal registry Carbon Fund: What Would Be Created and Paid For?

  16. High quality standards, set in accordance with • IPCC Good Practice Guidance and Guidelines • Emerging UNFCCC modalities • Guidelines from Participants Committee • Quality control & enhancement • ER Program based on REDD Strategy from “ready” country • Selection among competing ER Programs by Carbon Fund Participants Committee, aided by Technical Advisory Panel • World Bank’s due diligence • Ex ante assessment by third party • Ex post verification by third party ER Creation

  17. 3 seminars on the costs of REDD: • 3rd seminar (May 27, 2008): • Attended by leading economists + 60 Bank staff + 20 visitors. • Papers and presentations posted at http://go.worldbank.org/WGOVBCRCG0 • Consensus paper on different methods to estimate costs will be produced in August • Study being launched in Peru • Valuation Note for FCPF Carbon Fund being updated • Discussion on April 1, 2008 • CF Price Advisory Committee Other Work:Economics of REDD

  18. REDD CooperationExample of Panama:R-PIN to FCPF Requested 8 Areas for SupportMethods Issuesin BLUE

  19. THANK YOU! For more information: www.carbonfinance.org/fcpf

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