The latest news from the Forest Carbon Partnership Facility

and the BioCarbon Fund Initiative for Sustainable Forest Landscapes

This newsletter highlights updates from the Forest Carbon Partnership Facility (FCPF), the BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFL), and related forest and climate fund work between November 2023 and January 2024.

Madagascar receives $8.8 million for forest carbon credits to protect forests and communities 

Madagascar has become the third African country (after Mozambique and Ghana) to be paid by the World Bank for reducing emissions from deforestation and forest degradation. In December, Madagascar received $8.8 million from the FCPF Carbon Fund for carbon credits from reducing 1.76 million tons of carbon emissions in 2020.

The payment is the first of three under the country’s Emission Reductions Payment Agreement (ERPA) with the FCPF, which is set to unlock up to $50 million for reducing up to 10 million tons of CO2e emissions along the country’s rainforest-rich eastern coast by the end of 2024.

Read more

FCPF and ISFL spotlight carbon markets and sustainable landscapes at COP28

At the UNFCCC’s 28th Conference of the Parties (COP28) in December, the FCPF and ISFL partnered with participant countries to present a broad range of exciting work happening around the world to advance REDD+ and sustainable forest landscapes.

These events highlighted advancements in expanding climate and carbon finance for developing countries, ensuring equitable benefit sharing of results-based payments, and working toward high-integrity, transparent, and inclusive carbon markets.

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The World Bank at COP28: Catch what you may have missed!  

Throughout COP28, the World Bank Group pavilion hosted a 10-day line-up of dozens of discussions and events on topics at the intersection of climate change and sustainable development.

Recordings from many of these events are available online, including remarks by World Bank President Ajay Banga at the COP28 Transforming Climate Finance event.

More World Bank COP28 resources:

Climate Action Game Changers

Publications featured at COP28

COP28 headlines

Carbon markets and the

FCPF Standard

A topic that was front-and-center at COP28 was the integrity and potential of carbon markets. They could be a game changer in advancing climate action. But they have to be trustworthy, transparent, result in real climate mitigation and bring tangible benefits if they are to make a real difference.

To assist with this, the FCPF has developed a carbon crediting standard for the quantification, monitoring, reporting, and verification of greenhouse gas emission reductions from REDD+ activities at the jurisdictional scale. This FCPF Standard has been designed to achieve climate action at scale by helping countries and the private sector to achieve mitigation goals under the Paris Agreement.

Read more on the FCPF Standard

World Bank carbon market resources:

Climate Action Game Changers series: Carbon Markets

World Bank COP28 Statement on unlocking high-integrity carbon markets

Video: Building Transparent and Inclusive Carbon Markets in Costa Rica

Publication: State and Trends of Carbon Pricing 2023

ISFL launches second e-course on integrated land-use initiatives

The ISFL and partner PROGREEN recently launched Part 2 of their online course, "Integrated Land-Use Initiatives: Theory and Practice", which is now available on the World Bank’s online Open Learning Campus.

Building on Part 1, Part 2 delves into advanced topics such as land tenure, financing strategies, and cross-sectoral coordination. It offers critical insights for anyone looking to deepen their expertise in integrated land use. 

Read more

Indigenous Peoples and local communities hold the key to high-integrity carbon markets

In November, the World Bank's EnABLE Fund together with the FCPF, Government of Costa Rica and the Government of Germany, hosted in San José, Costa Rica a Global Dialogue of Indigenous Peoples and local communities in results-based climate finance.

The Dialogue was prepared and facilitated by a steering group of five Indigenous thought leaders from Africa, Asia, and Latin America and the Caribbean. It brought together more than 50 experts from 26 countries to discuss the challenges and opportunities for social inclusion in emission reductions programs.

Learn more about the Dialogue and its outcomes

Sustainable agriculture in Zambia increases incomes, reduces carbon

An innovative program in Zambia is demonstrating that it is possible to restore forests, improve soil health, reduce emissions, and adapt to climate change, all while reducing poverty and improving the livelihoods of the most vulnerable populations.

With support from the ISFL, Zambia’s Integrated Forest Landscape Project uses carbon finance to incentivize the adoption of climate smart agriculture.

Read more

Using landscape-level monitoring and reporting to demonstrate impact  

With support from PROGREEN and the ISFL, the World Bank’s knowledge series on integrated land use recently published a blog spotlighting progress in Mali to strengthen capacities and catalyze partnerships that aim to transform agri-food, energy, and water.

Read blog

FCPF Carbon Fund holds annual meeting in Washington, D.C.

The twenty-seventh meeting of the FCPF Carbon Fund (CF27) was held in Washington, D.C. from January 30 to February 1, 2024. 

Carbon Fund participants discussed the FCPF Standard, the proposed extension of the Carbon Fund from December 2025 to December 2028, and the ongoing initiatives supporting countries in the transfer of their excess emission reductions to third-party buyers. 

There was also a workshop on the future of REDD+ architecture and its impact on on-going implementation in REDD+ countries.

Access CF27 agenda and presentations

Forest and climate funds in the news

World Bank Unveils Roadmap for Scaling Carbon Markets (Regulation Asia)

Unlocking the Potential: World Bank's Vision for High-Integrity Carbon Markets ( Times)

COP28 – World Bank Unveils Ambitious Plan for Global Carbon Markets Growth (GreenTechLead)

Madagascar receives $8.8 million for forest carbon credits from World Bank (DevDiscourse)

COP28: World Bank eyes Q1 auction of REDD credits under FCPF programme (Carbon Pulse)

Dominican Republic to receive US$6 million for carbon credits in 2024 (Dominican Today)

Indonesia pushes carbon economic value to achieve NDC target (Antara Indonesian News Agency)

COP28: Carbon markets crediting agencies align standards to increase integrity and transparency (ESG Clarity)

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Newsletter photo credits: Neils van Altena/Unsplash (top banner forest photo); Chris Morgan/World Bank (Indigenous Peoples Dialogue); Jillian Di Persio/World Bank (Sustainable agriculture in Zambia); Andrea Borgarello/World Bank-TerrAfrica (ISFL blog landscape monitoring); all other photos courtesy of World Bank or partners and used with permission or purchased stock.