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Launched in 2008, the FCPF was among the first multilateral funds to support countries in their efforts to reduce emissions from deforestation and degradation (REDD+). After eight years of financial support for REDD+ readiness, the first countries are finalizing national REDD+ strategies and seeking funding for investments to implement programs to reduce deforestation and degradation as well as the first multilateral performance based payments for REDD+ results. While REDD+ readiness has proven more difficult, expensive and time consuming than many first imagined, it has, thanks to civil society and indigenous peoples advocacy, opened political space in some countries to advance long standing demands around the respect for rights, land tenure and forest governance reforms which provide the best hope for equitably and sustainably reducing deforestation and degradation (DD).

This report demonstrates that there are both significant shortcomings in the approach and rules of the FCPF, as well as constraints in the ability of the FCPF to influence business as usual lending by the World Bank, or business as usual development strategies by developing countries, so that opportunities to advance forest governance have been missed, and readiness efforts have been sidelined in favor of getting Carbon Fund programs underway. Taken together, the shortcomings highlighted in this report, if not addressed, significantly increase the risk of failure of the proposed and emerging performance based REDD+ programs in the Carbon Fund. 

In 2016, the rubber is finally hitting the road for the FCPF, as the Carbon Fund (CF) begins to make decisions to shape its US$702 million portfolio of REDD+ programs.1 As the financial base of the CF continues to expand, certain problems with the FCPF approach to REDD+ remain unresolved, increasing the risks its programs will not protect forests, will hurt indigenous and forest dependent people and create “hot air” credits that do not represent sequestered carbon.

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