Ratings for the Afforestation and Reforestation of Refused Lands in Albania BioCarbon Fund Project were as follows: outcomes were moderately satisfactory, the Bank performance was satisfactory, and the project entity performance was moderately satisfactory.
... See More + Some lessons learned included: communities are using land for different purposes and in some cases afforestation and reforestation plans contradict needs for some pasture activities or access to water points. Payments for reported emission reductions based on annual monitoring reports that were not independently verified in case of afforestation/reforestation projects is not a sound approach due to inherent risks of such projects. Since there was a lack of data on Albanian forests, the carbon sequestration methodology used in the project was not tested in the field. Due to this, the verified emission reductions (carbon sequestration) differ from the data reported in the annual monitoring reports. In future carbon sequestration projects payments for emission reductions should be done only after independent verification. After the first payment for emission reductions were sent to the Ministry of Environment (MoE) it appeared that the MoE decided to use a slightly different approach to payments made to former communes and FPUAs than was agreed initially. The approach used by MoE was more cumbersome and rigorous, former communes and FPUAs first signed investment plans on additional silvicultural and landscape management activities, then were paid in three installments after confirmation that the agreed activities were fulfilled. After some consideration the BioCarbon Fund agreed to the approach selected by the MoE as it reflected established national practice and in the end former communes and FPUAs received the payments as well as additional silvicultural and landscape management activities were done in the project area. In future projects, the mechanism for payment to municipalities (former communes) and FPUAs should be discussed in more detail and agreed upfront with the MoE.
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Implementation Completion and Results Report 108560 SEP 26, 2016
This report is the minutes of three meetings of the board of directors of IFC that took place on January 14 and 15, 2015. Items discussed in the report include two investment programs in Liberia and a youth employment support project in Argentina.
... See More + Two additional items are listed as approved by the board and are: additional financing for a water project in Peru and a FY14 review.
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Ratings for the Shandong Minhe Poultry Biogas Project for China were as follows: outcomes were satisfactory, Bank performance was satisfactory, and project entity performance was highly satisfactory.
... See More + Some lessons learned included: carbon finance has been demonstrated to be a critical and successful financial instrument in providing incentives to project developer and ensuring sustainable project operation. Favorable national and local regulatory frameworks and policy instruments for clean development mechanism (CDM) development were the critical factor in successful project implementation. A strong commitment of a capable project entity was the key factor to ensure project ownership, sustainability, and success. Well established procedures and operational and monitoring systems were an important factor in ensuring successful operation of the project.
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Implementation Completion and Results Report 88277 JUN 23, 2014
The Executive Directors approved the establishment of the fund as described in the President's memorandum entitled proposal to establish a bio-carbon fund (BioCF).
... See More + The reasons the United States (U.S.) 200 million dollars limit was no longer relevant was due to the change of the carbon market environment and the innovative activities envisaged under tranche 3 of the BioCF, for which the World Bank is currently the only market player that possesses the capacity to pilot these. These reasons are: (a) change of carbon market environment; and (b) activities envisaged under the initiative for sustainable forest landscapes (ISFL) (tranche 3 of the BioCF). The World Bank is the only player that has the capacity to drive this innovation. In order to do this, scaling up to larger levels of fund capital is needed. The Bank will continue to lead by innovation and bridge the gap before new climate negotiations fuel renewed demand for land use credits; the latter is not expected till after 2020 when an international climate agreement may be reached. While tranches 1 and 2 of the BioCF committed U.S. 83.3 million dollars to over 20 projects, tranche 3 is expected to commit U.S. 280 million dollars to up to four programs. Tranche 3 will close by December 2030.
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Memorandum & Recommendation of the President P7766 JUN 09, 2014
The BioCarbon Fund (Fund) is designed to provide the Bank’s Borrowing Member Countries with an opportunity to benefit from carbon finance in the areas of forestry, agriculture and land management, while undertaking activities which help to reduce rural poverty and reduce greenhouse gas concentrations.
... See More + The Fund would provide resources for projects which are consistent with the regulatory requirements of Joint Implementation (JI) and the Clean Development (CDM) defined by Article 6 and 12, respectively, of the 1997 Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC). The Fund has been developed in response to a perceived gap in the emerging global carbon market in the areas of forestry and sustainable agriculture. Since these are two areas of particular importance to the rural poor in the Bank‘s Borrowing Member Countries, the Fund was proposed as a means of facilitating the extension of existing carbon finance opportunities to the rural sectors of the Developing Countries and Countries with Economies in Transition. Building on the activities and experience of the Prototype Carbon Fund (PCF), the Netherlands Clean Development Mechanism Facility (NCDMF) and the Community Development Carbon Fund (CDCF), the Fund would be similarly structured, but with a portfolio built around Projects designed to facilitate the storage of carbon in vegetation and soils (these are commonly referred to as ‘sinks’ or Land Use, Land-Use Change, and Forestry or ‘LULUCF’ Projects) while helping to reverse land degradation, conserve biodiversity, and improve the livelihoods of local communities.
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The United Nations Framework Convention on Climate Change was opened forsignature by the countries participating in the United Nations Conference on theEnvironment and Development (UNCED) on June 4 1992, and came into force on March21, 1994.
... See More + The Kyoto Protocol was adopted at the third session of the Conference of theParties to the UNFCCC (COP), held in Kyoto, Japan, on December 11 1997. The objective is the stabilization of greenhouse gas concentrations at a level that would prevent dangerous anthropogenic interference with the climate system. The Bank identified the opportunity to benefit i t s borrowingmember countries and contribute to climate change activities, and launched the PCF as apioneer public-private partnership aimed at catalyzing the market for project-based Emission Reductions. The PCF’s three-fold strategic objective was to show how projectbasedemission reduction transactions could promote and contribute to the sustainable development of the Bank’s client countries; provide the Parties to the Convention andother interested parties with an opportunity to gain experience in project-basedtransactions while the relevant guidelines, modalities and procedures were still being negotiated under the regulatory framework o f the UNFCCC andor the Kyoto Protocol;and, demonstrate how the Bank could work in partnership with the public and private sectors to mobilize new resources for its client countries while addressing global environmental concerns. The proposed Community Development Carbon Fund (Fund) would build on theactivities and experience o f the PCF, but focus on projects based in the smallerDeveloping Countries and particularly the Least Developed Countries. This would meetthe needs identified through PCF activities, and empirical1 substantiated by PCF-plusresearch to increase the flow o f carbon finance to these areas. The Fund represents an important opportunity for the World Bank to help reducethe entry barriers for public and private sector investment in this area namely: the hightransaction costs o f achieving credible Emission Reductions in small projects, which leadto higher prices for Emission Reductions generated from such projects, and the difficultinvestment conditions in many smaller Developing Countries and the Least Developed Countries
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Memorandum & Recommendation of the President P7776 FEB 06, 2003
