On 1 November 2016, I wrote about the International Finance Corporation’s launch of a US$152 million bond. According to the IFC’s press release, the bond will “protect forests and deepen carbon-credit markets”. The reality is that the IFC is bailing out Wildlife Works’ Kasigau Corridor REDD project in Kenya, a project that had failed to raise enough money from sales of carbon credits. The carbon credits provide some green REDD froth on IFC’s business as usual.
The World Bank’s Forest Carbon Partnership Facility is supposed to help countries in the Global South reduce emissions from deforestation and forest degradation. It was launched at COP 13 in Bali in 2007. The Fund capital stands at US$850 million, of which US$1.12 billion is for the Readiness Fund, and US$750 million is for the Carbon Fund. But after nine years, the FCPF cannot point to a single country in which it has actually reduced deforestation.
Yesterday, the World Bank’s private sector arm, the International Financial Corporation launched a US$152 million bond aimed at supporting REDD and carbon trading. The deal demonstrates just about everything that’s wrong with REDD.
Last week saw the 14th meeting of the Carbon Fund, part of the World Bank’s Forest Carbon Partnership Facility. At the meeting Costa Rica and the Democratic Republic of Congo presented their REDD programme plans. The Carbon Fund approved both country’s REDD plans (called Emmissions Reduction Program Documents in the World Bank’s jargon).
The Ngoyla-Mintom REDD project covers an area of more than 700,000 hectares in the south of Cameroon. The project takes a “landscape” approach, aiming to create a new protected area linking the Nki National Park and Dja Biosphere Reserve.
In July 2009, Navin Rai travelled to the Cherangani Hills in Kenya as part of a delegation of World Bank and Kenyan officials who travelled to the Cherangani Hills in Kenya. At the time Rai was the World Bank’s top adviser on Indigenous Peoples.
“What we need is a new model of development for countries with tropical forests,” says Maria Claudia García, National Director of Forestry, Biodiversity and Ecosystem Services at the Ministry of the Environment and Sustainable Development in Colombia. According to Garcia, REDD is a “new vision”.
In mid-January 2016, the Democratic Republic of Congo submitted its revised Emission Reductions Programme Document (ER-PD) to the Carbon Fund of the World Bank’s Forest Carbon Partnership Facility. The Environmental Investigation Agency has produced a report of “preliminary comments” on the ER-PD.
The Corridor Ankeniheny-Zahamena is a 382,000-hectare REDD project in Madagascar being carried out by Conservation International, with support from the World Bank. A new study shows that the project is not compensating many of the people whose livelihoods are impacted by the restrictions on forest use.
Next week sees the 13th meeting of the World Bank’s Carbon Fund, under its Forest Carbon Partnership Facility. Cameroon is one the countries that will be presenting its Emission Reductions Program Idea Note (ER-PIN).