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The Forest Carbon Partnership Facility (FCPF) is a partnership of donors and developing countries which has the goal of reducing greenhouse gas emissions from deforestation and forest degradation, forest stock conservation, sustainable forest management and the enhancement of forest stock (REDD+). The partnership will pilot performance-based incentive payments for forest conservation. REDD+ is a topic under negotiation at the United Nations Framework Convention on Climate Change (UNFCCC).
There are 37 countries that have been selected for REDD, with 14 in Africa, 15 in Latin America and the Carribean and 8 in Asia and the Pacific. As of October 2011, 21 countries have had their Readiness Preparation Proposals (R-PPs) assessed by the Participants Committee and the ad hoc Technical Advisory Panel, of which 3 have already signed readiness grants of up to $3.6 million to implement the readiness preparation activities they proposed. For countries to receive readiness funding, the World Bank must have completed its due diligence on the R-PPs and countries must have addressed concerns raised by the Bank, the Facility Management Team and the independent ad hoc Technical Advisory Panel.
The FCPF acts as trustee to two funds, the Readiness Fund and the Carbon Fund. The former supports country readiness efforts while the latter provides payments for certified emissions reductions from REDD countries. As of October 2011, a total of $232 million had been pledged to the Readiness Fund. The Carbon Fund was operationalized in May 2011, with a capitalization of about US $215 million.
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