World Bank’s Carbon Fund Agrees on Rules for Protecting Tropical Forests
Action Unlocks $390 million to Help Developing Nations Address Emissions from Deforestation
Paris, France | December 11, 2013
Efforts to protect tropical forests and combat climate change took a significant step forward this week, when the World Bank’s Forest Carbon Partnership Facility (FCPF) agreed on rules for financing large-scale investments in tropical forest conservation and restoration. This action will enable the FCPF to begin the process of funding pilot forest protection projects in developing countries. Approximately $390 million is currently set aside for this work.
This development occurred today in Paris at the FCPF’s Carbon Fund Eighth Meeting (CF8). This marks the first time an international body has set detailed operational rules for financing efforts to reduce global warming emissions from tropical forest destruction.
The system known as REDD+ (Reducing Emissions from Deforestation and Forest Degradation) will provide incentives to developing countries to protect their forests and to thus combat climate change. The burning and destruction of forests contributes about 15 percent of total global warming emissions.
“The agreement on the Methodological Framework is a significant achievement and attributable to a real partnership effort,” said Ellysar Baroudy, Coordinator of the Forest Carbon Partnership Facility. “The inputs of the many groups and stakeholders involved in the two-year process all made this a stronger framework, and ultimately contributed to this breakthrough agreement. We will continue in the partnership spirit to apply the methodological framework as we move forward with programs.”
The decision concludes a two-year rule-making process, including governments, private companies, civil society and indigenous peoples organizations. The Nature Conservancy is a founding participant and investor in the FCPF, which is composed also of 51 countries and two private companies.
“The completion of rules for the Carbon Fund marks a major step forward in the effort to slow emissions from the destruction of tropical forests,” said Duncan Marsh, the Conservancy’s director of international climate policy. “For the first time, governments, working with civil society and the private sector, have agreed on how to finance and measure reducing emissions from forests, while benefiting local communities. This will not only unlock the $390 million in the Carbon Fund, but will set important precedent for other policy initiatives that are aiming to protect tropical forests.”
With these rules in place, the Carbon Fund can quickly begin to accept applications for large-scale pilot programs to reduce forest loss and reduce the carbon pollution that causes global warming. Over the next six months, as many as ten or more countries are expected to propose pilot programs for funding.
“This is ready, set, go for the world’s largest international REDD fund,” Marsh added.
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