The Forest Carbon Partnership Facility project is a technical cooperation between the Cooperative Republic of Guyana and the Inter-Development Bank (IDB). The Readiness Fund of the Forest Carbon Partnership Facility (FCPF) was established in 2008 to finance REDD+ preparatory activities, and as a funding alternative for countries that demonstrate the reduction of greenhouse gases from deforestation and forest degradation. It is focused on the goal to reduce Emissions from deforestation and forest degradation (REDD+), support the sustainable management of tropical forests and conserve and enhance forest carbon stock.
The objective of this operation is to assist the Government of Guyana in its efforts to establish an enabling framework and build the capacity for Reducing Emissions from Deforestation and Forest Degradation (REDD+) as well as conservation, sustainable management of forests and enhancement of forest carbon stocks by providing financial and technical assistance.
The World Bank (WB) was selected to act as trustee and secretariat of the FCPF. The CRG submitted to the WB a Readiness Preparation Proposal (R-PP). This proposal was approved by the Participants Committee of the FCPF in June 2009 and was then seen as an integral part of Guyana’s Low Carbon Development Strategy (LCDS). The current development pathway sees the government of The Cooperative Republic of Guyana (CRG) embarking on a programme to establish a Green Economy that aims to protect and maintain its forests in an effort to reduce global carbon emissions and at the same time attract resources to foster socio-economic growth and development.
The FCPF has two separate but complementary funding mechanisms:-
- The Readiness Fund which supports participating countries in the development of REDD+ strategies and policies, reference emission levels; measurement, reporting and verification systems and institutional capacity to manage REDD+, including environmental and social safeguards.
- The Carbon Fund which is to achieve strategic objectives which is designed to pilot performance based payments for emission reductions from REDD+ programmes in FCPF countries.
- The objective of this Project is to provide financial and technical assistance to support efforts of the Government of the Cooperative Republic of Guyana (CRG) to establish an enabling framework and build their capacity for Reducing Emissions from Deforestation and Forest Degradation (REDD+).
- Specifically, by supporting: (i) improvements in the organization of the country for REDD+ Readiness, including stakeholder consultations; and (ii) the preparation of the Guyana REDD+ Strategy to facilitate Guyana’s access to additional funding under performance-based incentives.
Specifically, this Technical Cooperation will support: (i) improvements in the organization of the country for REDD+ readiness, including stakeholder consultations; and (ii) the preparation of the Guyana REDD+ Strategy to facilitate Guyana’s access to additional funding under performance-based incentives. In Guyana’s case, apart from mitigating climate change REDD+ goals also include: –
- Conserving water resources and prevent flooding,
- Reduce run-off and control soil erosion,
- Reduce river siltation, protect inland and coastal fisheries and investments in hydropower facilities,
- Preserve biodiversity and preserve cultures and traditions.
Components of the Project
The FCPF project has 3 components.
Component 1: Institutional arrangements and consultations for REDD+ readiness.
This component seeks to strengthen the efficacy, accountability and transparency of the national readiness management and institutional arrangements, and increase stakeholder consultation and participation in REDD+ implementation.
Component 2: REDD+ Strategy and implementation framework.
The objective of Component 2 is to prepare the country to implement the REDD+ Strategy to: (i) verify and characterize the key drivers of deforestation and forest degradation identified in the R-PP, and design conservation and sustainable forest management activities that reduce emissions; (ii) identify how current land use, and forest law, policy and governance structures impact on the drivers of deforestation and forest degradation; and (iii) propose alternatives for mitigating the identified drivers and responding to impacts.
Component 3. Monitoring and evaluation of readiness activities.
The objective of this component is to provide a monitoring and evaluation framework for the implementation of this Project in Guyana by: (i) designing a monitoring and evaluation framework; and (ii) developing progress reports. The Project will finance workshops and travel to support fulfilment of these objectives. The RS will coordinate the preparation of monitoring and progress reports according to the requirements of FCPF. Reports will be based on the Results Based Framework of this Project and other reporting requirements from the FCPF such as the Mid-Term report.