Carbon Fund takes step forward to unlock US$400m for tropical forest conservation
Washington, DC -- 9 December 2013 – In a major step forward for global tropical forest conservation, tropical forest nations today have clear guidance from the Carbon Fund on steps to take to access nearly US$400m of available funds to pilot reduction of carbon emissions from deforestation and forest degradation (REDD+) initiatives. The news comes on the heels of a global REDD+ mechanism being agreed upon at the recently convened UN global climate summit in Warsaw, and the announcement by the governments of the US, UK, Norway and Germany of US$280m in additional REDD+ funding. These combined actions pave the way for tropical forest nations to be rewarded for their emissions reductions and have the potential to result in transformation tropical forest conservation that is unprecedented in both financial value and co-benefits to people and nature.
The Carbon Fund of the World Bank-administered Forest Carbon Partnership Facility (FCPF) is designed to pilot performance-based payments for emission reductions from REDD+ programmes in FCPF countries, which contribute to a climate solution by reducing the up to 20 percent of carbon emissions caused by deforestation and forest degradation. The approval today of the fund’s methodological framework by the Carbon Fund Participants at their 8th meeting in Paris provides the guidelines for how key nations can access the nearly US$400m in available results-based finance payments available from the fund. It is anticipated that the Carbon Fund will reward the emissions reductions programmes of up to six key tropical forest nations, which may include countries such as the Democratic Republic of Congo, Costa Rica, Nepal and Indonesia.
“As a civil society observer of the Carbon Fund, WWF is pleased with the new guidance issued today by the fund, which promotes transparency and environmental integrity while unlocking nearly US$400m to reduce forest carbon emissions that cause climate change. The impact of this is very substantive,” said Lloyd Gamble, WWF-US Senior Forest Carbon Programme Officer, from the meeting in Paris, “tropical forest nations can now move forward and engage in REDD+ with a clear understanding of what they need to deliver in order to receive valuable performance-based payments for reducing emissions by conserving their tropical forests within the Carbon Fund framework.”
“WWF is also pleased that these new Carbon Fund guidelines are also intended to be consistent with UNFCCC guidance,” said Josefina Brana-Varela, Policy Director with WWF’s global Forest and Climate Programme and WWF REDD+ representative at the UNFCCC climate meeting. “Specifically, they link to the REDD+ social and environmental safeguards under the UNFCCC, of which WWF has been a proponent.”
The guidelines also support jurisdictional/subnational approaches that will be scaled up to a national level. The jurisdictional/subnational approach is one that WWF has identified as effective in its new report, Building REDD+ for People and Nature (bit.ly/BuildREDDreport), and which WWF has implemented in its own REDD+ activities in Indonesia, Peru and the Democratic Republic of Congo.
For more information about the Carbon Fund, visit: bit.ly/CarbonFund.
For more information about WWF’s efforts to reduce emissions from deforestation and forest degradation, visit: bit.ly/WWFforestclimate.
WWF global Forest and Climate Programme