News

Forest Carbon Partnership Facility Receives New Pledges

2 November 2010: The Forest Carbon Partnership Facility, managed by the World Bank, recently held its Participants Assembly meeting, during which donor countries committed over US$100 million in new pledges.

The meeting, which took place in Washington DC, US, on 1 November 2010, gathered donors and stakeholders who announced new pledges to the two funds that make up the Partnership - the Readiness Fund and the Carbon Fund. Germany announced an additional €4 million to its previous commitment of €50 million; Norway pledged US$50 million to the Carbon Fund over several years; and Finland pledged €4 million, both on the condition that it is approved by the parliaments of their respective countries. These commitments come in addition to the Participation Agreement just completed with the US for US$10 million for the Carbon Fund and a recent pledge by Canada of CAN$40 million for the Readiness Fund.

The Participants Assembly is meeting to review the past year's activities and to discuss strategic directions for the year ahead, including participation in knowledge sharing on key REDD+ (reducing emissions from deforestation and forest degradation in developing countries, and the role of conservation, sustainable use of forests and enhancement of carbon stocks) issues and fostering cooperation amongst REDD+ initiatives. The Participants Assembly is followed by two days of meetings by the Participants Committee, which meets three times a year to discuss and assess REDD+ Readiness proposals submitted by the participating REDD countries. This year, Lao PDR and Tanzania are presenting their formal Readiness Preparation Proposals (R-PPs); Viet Nam and Ethiopia are making informal country presentations; and Madagascar and Peru are presenting progress reports on their R-PP development. [World Bank Press Release]