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June 29, 2011
A number of countries have instigated programmes that aim to build the capacity to initiate REDD+ based emissions reductions and attract investment. The two largest – in terms of expenditure rates and transfers rather than deposits – are the UN-REDD+ programme and the Forest Carbon Partnership Facility (FCPF).
This article discusses the current state of financing achieved for REDD+ programmes through the FCPF and the UN-REDD programme, how the state of these REDD+ programmes will affect the implementation of REDD+ and consequent impacts on multilateral efforts to reduce emissions.
- Of the $200 million pledged for the FCPF Readiness Fund, $86.19 has been committed and $9.857 million has been spent in fiscal year 2009 and 2010, equating to an expenditure rate of 11.44%.
- Of the total $94 million that was deposited in the UN-REDD programme accounts, $26.7 million was transferred to the accounts of the country offices of the FAO, UNDP & UNEP, as of February 2011. It is unclear how much has been spent.
- Major implications of low expenditure rates and transfers are that implementation of REDD+ using the FCPF and UN-REDD is unlikely to curb deforestation any time soon, whilst private sector capital inflow is – and will remain – largely absent for some time.
- Somewhat more speculatively, REDD+ does not provide as much hope for multilateralism as is often purported, and the countries that are most in need of the finance risk being left behind in efforts to tackle deforestation.
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