Forest Carbon Partnership Facility

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1 Forest Carbon Partnership Facility Creation and Transfer of Emission Reductions Carbon Fund, Eighth Meeting (CF8) December, 2013, Paris, France 1

2 Outline of Presentation 1. Objectives of the work program 2. Overview of FMT work on REDD Registries in FY-13: What did we learn 3. Emerging FCPF strategy REDD+ Data management Systems ER Registries Buffers 4. Work plan for FY14 2

3 Dual Objectives of the Work Plan on Registries 1. To assess client country needs and provide tailored capacity building, technical assistance and facilitation support with respect to REDD Data Management Systems (DMS) and ER registries. 2. To support the needs of FCPF CF participants for creation and transfer of Emission Reductions 3

4 FY-13 work overview REDD Registry Workshop April 25-27, Washington DC (13 countries represented) Draft Guidance on REDD+ Data Management Systems Functional specifications with minimum design standards Country needs assessment Specific input already provided to requesting countries (Indonesia, DRC, Mexico, Colombia, Peru and Honduras) 4

5 A key question: Integrate or separate ER registry and other REDD Data Management? REDD+ Data management system ER Registry 5

6 What are the main functions of a REDD+ data management systems (DMS) and an ER registry? REDD+ Data Management System ER Registry Registering information on government approvals, title to ERs (Projects/Jurisdictions/Nation) Collecting/distributing information on RL and MRV data (Projects/Jurisdictions/Nation) Collecting information on how safeguards are addressed and respected Issuance and serialization of ERs Account holders systems to manage positions and settlements for transactions, Accounting for non-permanence risk management (buffer reserves) Reporting on ERs, and Linking to other registries Collecting information on financial flows (performance based payments) and benefit sharing 6

7 What did we learn? (1/2) For most countries the REDD+ Registry is a Data Management System (DMS). Mexico, Colombia, Peru, DRC, Ghana, Indonesia have draft designs or prototype systems The ER transaction registry has yet to be considered by most countries (only Mexico and Costa Rica) Interoperability is a major challenge shared by all. Many countries are looking to operate VCS Scenario 2 type implementation frameworks and are looking for data management systems that support consistency and coherence across implementation scales ER Registry/DMS plans overlap with plans for other sectors. Linkages to the Partnership for Market Readiness (PMR) are important for Mexico, Costa Rica, Colombia, Chile, Indonesia, Peru, Thailand and Vietnam 7

8 What did we learn? (2/2) There is no one fits-all solution with respect to data management requirements for REDD+. Only de minimis FCFP requirements (to avoid having multiple claims to an ER Title). ER Registry is very costly to develop and operate. It only makes sense if a country is considering the development of a domestic ETS (e.g. Mexico) Sovereignty over data /approach is very important for many countries Data management systems for REDD+ are locally driven solutions, while ER registry solutions can be more easily standardized using common infrastructure or common standards 8

9 Country Needs Assessment : REDD+ Data Management System Nesting subnational program/ grandfathering scale consistency issues Several programs NO nesting, NO grandfathering Only one REDD+ program, MF rules Shared approach recommended Level 3: Top-down (whole country or jurisd.) AND bottom-up integration of finer data from the field (e.g. Colombia IDEAM interoperability ) OR Level 2: Top-down (whole country or jurisd.) Requires process for allocating to nested RLs OR Level 1: reference levels set bottomup, nested RLs add-up AND Mandatory Maps (overlap check) Consolidated Database Mandatory Maps (overlap check) Consolidated Web Page Key Database components - Approval process required, with conditions and duration - Maps, up to date, reflecting approved programs and projects - Reference levels - MRV - ER P-DD, - Monitoring reports - Safeguards plans, - Benefit sharing plan - Non Carbon benefits - Grievance redress - consistency Consistency & Accuracy - +

10 Number of transactions and buyers Country Needs Assessment: REDD+ Data Management System High Build own and operate 5 Colombia Mexico, Chile Outsource to 3 rd party: IT only 4 Acre State Outsource to 3 rd party: IT & Operations 3 DRC (Central Africa) Use existing systems (Centralized) 2 De minimis option: A consolidating webpage 1 Anglophone African countries Low Complexity of implementation framework High

11 Country Needs Assessment : REDD+ ER transaction registry Shared approach recommended Stand alone approach Costs, complexity and Long Term Commitment REDD+ and other sectors, country specific standard ETS or domestic scheme Several programs Several buyers, potentially several standards Several programs MF rules, + Existing Standard rules - Several buyers Only one program, MF rules, several buyers Only one REDD+ program, MF rules C-Fund =only buyer Outsource IT/ IT + operations Or use existing systems (standards, Annex 1 ) Need for reflecting several issuing registries Use existing standards registry and FCPF MF Tag Use existing systems (Ax 1, CDM) Or potentially broaden CARS mandate Use CARS Build, own and operate, however consider linking issues and DES compatibility Carefully consider: - Willingness to operate in the long term - Opportunity - Capacities required - Costs - Institutional arrangements (competent authority, registry administrator) - Legal framework (scheme participants honorability, especially intermediaries) - +

12 Number of transactions and buyers Country Needs Assessment: ER registry High Build own and operate 5 Mexico Outsource to 3 rd party: IT only 4 Outsource to 3 3 rd party: IT & Operations Acre Use other existing systems (Centralized) 2 Use CARS (Centralized) 1 Most REDD Countries Low Complexity and costs of implementation framework High

13 ER Registry Needs: Costa Rican Example Offsets from multiple sectors and domestic ETS initially REDD, eventually other offset units e.g., agriculture and waste management. Buyers both domestic and international Phased registry development No need to handle multiple transactions in the early stages ( one off sales, no secondary market), but would grow to accommodate multiple users. Registry provider assessment Costa Rica has already met with multiple registry developers and would like help to make a robust comparison. Interest in making use of a centralized ER Registry in the near term and then transition to a Costa Rican registry over time Immediate Needs Design an data management and environmental asset management architecture (PMR and FCPF to provide advice in close technical coordination) 13

14 Towards a Carbon Fund Vision for REDD+ Data Management Systems The FCPF enhances its web page to report all relevant information on ER Programs Some countries may not need a sophisticated system and may only use this web page to meet CF requirements FCPF finalizes "Good Practice Guidance for REDD+ Data Management System (Draft under review) Many countries such as Mexico, Colombia, Peru, DRC, Ghana and Indonesia are developing their own system GPG can help REDD+ countries assess whether their system meets basic requirements of FCPF CF 14

15 Towards a Carbon Fund Vision for Creation and Transfer of Emission Reductions The World Bank enhances its Climate Asset Registry System (CARS) which will serve as the centralized ER registry for the FCPF Carbon Fund World Bank will manage accounts on behalf of ER Program entities and CF participants If an ER Program meets national standards or 3 rd party standards additionally to the Carbon Fund requirements, verified ERs could be issued under the national or 3rd party program and use a national or 3 rd party ER Registry Use of other systems would require an assessment of whether the National or 3rd party system meets FCPF CF requirements A Carbon Fund tag could then be added to such units to mark compliance with FCPC-CF Methodological Framework 15

16 About the World Bank Climate Asset Registry System (CARS) The World Bank Carbon Finance Unit has developed its own Carbon Asset Registry and Reporting System (CARS) to manage the issuance and initial custody of ERs. CARS enables the Carbon Finance Unit to perform timely and accurate recording, tracking, allocation and distribution of emission reductions (ER) or carbon assets purchased on behalf of the private and public sector participants ("Participants") of the carbon funds and facilities ("Carbon Funds") managed by the World Bank in its role of Trustee. CARS could fulfill the functions of ER registry for the Carbon Fund, but Only manage Carbon Fund transactions Only the creation, set-aside (buffer), retirement or initial distribution of ERs to the CF participants Secondary transactions would have to be dealt with in other systems. 16

17 Towards a Carbon Fund Vision for Buffers World Bank CARS manages buffer accounts on behalf of ER Program entities CARS will have to be enhanced for this purpose If an ER Program meets 3 rd party standards additionally to the Carbon Fund requirements, buffer ERs could be managed under the 3rd party program and use 3 rd party ER Registry If a National system that meets FCPF CF requirements is in place at the time of ERPA signature, buffer ERs could be managed by the National ER Registry Buffers ERs managed by World Bank CARS would be transferred to a national or 3 rd party registry at the end of the ERPA term if such a system is in place This would provide an incentive for countries to develop long term solutions to manage risks of reversals 17

18 The Path of an FCPF-CF Emission Reduction 1 ER-Program results verified against CF Meth Framework (MF) 2 3 Creation of FCPF-CF ERs in ER Program Entity account in CARS (or other Registry) ER Program Entity Buffer account 7 If no National Registry or 3rd Party Registry ifs operational by end of ERPA Buffer ERs are permanently retired to cover long term risks of permanence 4 Tranche B ERs retired directly in CARS Carbon Fund (in CARS) 5 6 Transfer ERs to Tranche A for own use, conversion, sale or retirement (CARS handles only the initial transfer out of the ER Program Entity account) Transfer ERs to other buyers (CARS handles only the initial transfer out of the ER Program Entity account) Potential Subsequent Use 8 ERs in the Country Buffer account are transferred to REDD+ country account in National Registry or 3 rd Party Registry if operational by end of ERPA ERs used under UNFCCC ERs qualify for use under another 3 rd party standard ERs qualify for use in national, regional or international trading system NB: Any conversion or recognition of ERs under another standard is uncertain. To increase the possibility of conversion or recognition of ERs in the future, coherence with other systems or standards will have to be sought by the ER-Program Entity from the onset of Program design

19 REDD+ Data Management Systems: Work Plan for FY14 Develop/modify webpage to provide de minimis reporting functions for REDD countries that do not need a REDD+ Data Management System(December 2014) Missions to provide (on request) in-depth needs assessment and technical advice. Merged with FMT work program on MRV and RL Facilitate collaboration and exchanges for countries on a similar trajectory 19

20 ER Registry Work Plan for FY14 Establish a cross-functional DMS/Registry team to support work in FCPF/PMR. Missions to provide (on request) in-depth needs assessment and technical advice to countries (ongoing PMR-FCPF) Develop functional specifications for the enhancement of CARS (March 2014) Develop funding model and secure investment for the USE of CARS (June 2014). FY-15 commence implementation of enhanced CARS 20

21 Gracias Merci Thank you 21

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