In early October, at its 18th Board meeting in Cairo, the Green Climate Fund (GCF) adopted its latest policy related to the UNFCCC policy framework known as REDD+, this time a USD 500 million envelope accompanied by a detailed and comprehensive process for countries to seek results-based payments (RBPs). GCF Board members and a select few advisors, GCF staff and consultants worked well into the late Cairo nights to complete one of the key pieces of the UNFCCC policy framework to pay developing countries to reduce emissions from the forest sector.
The GCF has now put in place a pilot program that will run until the end of 2022. Putting it into practice will require a minimum of three concept notes from three countries. The most likely countries to meet this requirement include Brazil, Peru, Malaysia, Mexico, Colombia and Costa Rica — however, Brazil is the only country that has finalized all the technical processes required by the UNFCCC at this point.
To ensure a fair allocation of funds, there is a allocation of 30 percent of the total payable for each country. The GCF has put a value on carbon from REDD+ at USD 5 per tonne and a scorecard assessment procedure will determine whether proposals can be made and how much a country will be paid, including a potential 2.5 percent bonus for non-carbon benefits (NCBs).
Access to payments from the GCF will be through Accredited Entities (AEs), who are required to coordinate with national-level REDD+ Focal Points and the GCF National Designated Authorities (NDAs). Proposals will be assessed against extensive criteria provided in a scorecard — which was the focus of much of the negotiations. Some major forest countries felt the scorecard was too onerous, placing too great a burden on countries and at one interval during the Board meeting, the member for Antigua and Barbuda expressed a concern that no country will be able to pass the process that is being put in place.
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