In a boost for global efforts to combat climate change and tropical deforestation, Norway has pledged $100 million to the Forest Carbon Partnership Facility (FCPF), the World Bank administered facility that was set up to compensate developing countries for reductions in carbon dioxide emissions achieved by preserving their forests.
The FCPF consists of two funds: The Readiness Fund (now at US$360 million) provides grant financing to countries to develop their national strategies for reducing emissions from deforestation and forest degradation (REDD+), and put in place the systems and institutions for implementing these strategies. The Carbon Fund (US$390 million) will provide payments upon verification that emissions have been reduced.
The announcement by Norway of $100 million to the readiness fund was made during the 16th FCPF Participants Committee meeting, which wrapped up yesterday in Geneva.
On another positive note, the UK also confirmed during the meeting that it stands ready to contribute further to the carbon fund.
The financial boost to the readiness fund made it possible to select eight of the so called “candidate countries” into the FCPF. The countries – Bhutan, Burkina Faso, Cote d’Ivoire, Fiji, Dominican Republic, Nigeria, Pakistan, and Togo – have been allocated readiness grants totaling $30.4 million.
In advance of the committee meeting, a landmark decision was taken at the 8th meeting of the FCPF Carbon Fund Participants in Paris. After several days of intense negotiations, participants approved a set of rules, called the Methodological Framework, that guide the design and implementation of large-scale forest conservation and restoration programs.
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