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BioCarbon Fund Overview BioCF Project Training Seminar Washington, DC September 12, 2005 Harnessing the carbon market to sustain ecosystems and alleviate poverty World Bank Carbon Finance Products Total funds pledged: ~ US$940 million Prototype Carbon Fund. $180 million (closed). Multi-shareholder. Multi-purpose. Netherlands Clean Development Facility. ~ $172 million. Netherlands Ministry of Environment. CDM energy & infrastructure projects. Community Development Carbon Fund. $128.6 million (closed). Multi-shareholder. Small-scale CDM energy projects. BioCarbon Fund. $53.8 million (Tranche Two open). Multi-shareholder. JI and CDM LULUCF projects. Italian Carbon Fund. $80 million (open to Italian participation). Italian Multi-shareholder. Multipurpose. Netherlands ECF Netherlands European Carbon Facility. ~ $40 million with IFC. Netherlands Ministry of Economic Affairs. JI projects. Spanish Carbon Fund. ~ $220 million (open to Spanish participation). Spanish Multi-shareholder. Multipurpose. Danish Carbon Fund. ~ $64 million (open to Danish participation). Danish Multi-shareholder. Multipurpose. BioCarbon Fund: Rationales Improved land use is part of the solution to climate change (deforestation causes 20% of CO2 emissions) Open carbon market to rural communities (excluded if CDM restricted to energy & infrastructure) Inform debate (so far too ideological, not enough based on facts) Create synergies among Conventions (money channeled through UNFCCC can foster sister conventions) UNCCD Goals Atmospheric: Reduce GHG concentrations over baseline Cost-effective: Buy low-cost climate change mitigation opportunities Social: Improve livelihoods (employment, income, know-how) Environmental: Conserve biodiversity, rehabilitate land Adaptation: Increase social and ecological resilience of local communities Two Windows First Window Second Window Kyoto-compatible Explore “beyond Kyoto” CDM: Afforestation /Reforestation + Biofuels CDM: Forest management, revegetation, agricultural land management Carbon credits to meet Kyoto obligations No carbon credits Tranches and Windows First Window Second Window Tranche One (operational) Land Restoration Tranche (to be opened) Marine Tranche? Portfolio – First Window In-fill planting for forest restoration Community forestry Agroforestry Biofuels Portfolio – Second Window Forest restoration & conservation Reduced tillage Revegetation Project Portfolio ~ 140 Project Idea Notes received BioCarbon Fund Tranche One needs ~ 20 projects 22 leading candidates under preparation (Carbon Finance Documents) ~ 13 Mt CO2e by 2017 (including Windows 1 & 2) Enough for a fund of ~ $85 million (including all costs)! 22 Leading Projects Albania Assisted Natural Regeneration Brazil Reforestation around Hydro Basins China Pearl River Watershed Management Colombia San Nicolas Agroforestry Colombia Silvopastoral Rehabilitation Congo Bateke Fuelwood and timber Plantation Costa Rica Coopeagri Dominican Republic Rio Blanco Reforestation East Africa Small Group and Tree Planting Ethiopia Humbo Assisted Regeneration Honduras Pico Bonito India Improving Rural Livelihhod Kenya Green Belt Movement Madagascar Biodiversity Corridor Mali Acacia Plantations Mexico Seawater Agroforestry Nicaragua Precious Woods Niger Acacia Community Plantations Philippines Watershed Rehabilitation Trinidad and Tobago Nariva Wetland Restoration Uganda Nile Basin Reforestation Ukraine Chernobyl Reforestation Geographic breakdown Eastern Europe 10% East Asia 4% Latin Am erica 29% Caribbean 6% Subsaharan Africa 47% South Asia 4% Project types Silvopastoral 3% Com m unity reforestation 18% Assisted regeneration 10% Avoided deforestation 6% Fuelw ood plantations 7% Agroforestry 11% Com m ercial plantations 20% Sustainable agriculture 1% Environm ental plantings 24% Portfolio Development ERPAs signed 9 LoIs signed 17 LoIs issued 22 CFDs cleared $0 $10 $20 $30 $40 $50 $60 Investors Tranche One operational since May 2004 14 Participants: $53.8 million Okinawa Electric; Government of Canada; Government of Italy; Tokyo Electric; Eco-Carbone; Agence Française de Développement; Government of Spain; Government of Luxembourg; Idemitsu Kosan; Sumitomo Joint Elec. Power Co.; Sumitomo Chemicals; Japan Petroleum Exploration; Japan Iron and Steel Federation; Suntory Tranche One closed on August 31, 2005 Tranche Two open for contributions How the Fund Works Technology $ Finance Industrialized Governments and Companies Technology $ Finance EITs and Developing Countries CO2 Equivalent CO2 Equivalent Emission Reductions Emission Reductions Governance International Bank for Reconstruction and Development is Trustee of the BioCF; BioCF does not have legal entity Fund Manager + Fund Management Unit Participants (investors) represented by a Participants’ Committee approving projects, budgets, and giving general guidance Fund Management Committee = 5 Bank managers screening projects Host Country Committee for all Carbon Funds BioCF Website Website used intensively to communicate with Participants, project sponsors and public Contains a description of each cleared project Contains a FAQs section on the BioCarbon Fund Will contain a discussion of some of the LULUCF specific issues, as they arise in the various projects (additionality, leakage, permanence, social and environmental benefits and risks) Contains a page on “Useful LULUCF Resources,” which links to other organizations, market information, methodological and regulatory aspects, etc.