SUPPORTING THE NEXT GENERATION OF

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1 WORLD BANK CARBON FINANCE UNIT April 2013 SUPPORTING THE NEXT GENERATION OF CARBON MARKETS: FUNDS & FACILITIES CLIMATE CHANGE GROUP THE WORLD BANK GROUP May

2 Strategic Focus of World Bank Carbon Market Initiatives Innovation Innovation to fund and implement climate mitigation including results-based finance, GHG accounting methodologies, REDD+, landscapes, energy generation including renewable energy, energy access, methane, etc. Energy Access Partnerships w/ Global Impact Managing partnerships with global impact including Forest Carbon Partnership Facility with 60+ countries and the PMR with all the major economies represented; building coalitions and setting good practices Deforestation Catalyze Global Carbon Market Existing portfolio includes 140 projects, deliveries of 187 Mt of CO2e and $1.44 billion disbursed to-date. Aim to pilot the implementation of future carbon pricing approaches and explore ways to connect markets Food/Agriculture Technical Assistance to Developing Countries Providing funding (via the WB Regions and soon to be Global Practices) to Clients for Technical Assistance, Capacity Building and other measures in support of climate mitigation goals Short Lived Climate Pollutants 2

3 Facilities for the Next Generation of Carbon Markets: 2015 WB Facility Focus Resources ($ million) Partners 1 Partnership for Market Readiness Capacity building to support market based tools for GHG reduction $ country participants including 13 donor governments 2 Carbon Partnership Facility Piloting scaled-up carbon crediting programs $147 6 selling country, 3 buying country and 2 donor participants 3 Carbon Initiative For Development Support low-income countries to benefit from carbon finance $125 2 donor governments and 1 foundation 4 BioCarbon Fund For Sustainable Forest Landscapes Incentivizing sustainable landscapes with private sector $300 3 donor governments; under development for private sector relationships 5 Forest Carbon Partnership Facility Guiding readiness and carbon finance for REDD+ and testing purchase of REDD+ $ country participants including 15 donor governments; 2 private sector; 1 foundation 6 Pilot Auction Facility For Methane & Climate Change Mitigation Testing disbursement of climate finance using auctions w/ initial focus on potent SLCP $100 (target) TBD *Sum of all facilities including technical assistance and carbon purchase equals $1.62 billion 3

4 Carbon Partnership Facility CPF s mission is to innovate in developing scaled-up crediting mechanisms, utilizing programmatic modalities that go beyond the project-by-project approach CPF Objective & Structure CADF Carbon Fund Existing Work Program Prepare and implement ER programs Purchase carbon credits from the ER programs The CPF currently funds: Portfolio of 8 large CDM PoAs Development of economy-wide policy MRV including carbon crediting concepts for cities Initial ideas for scaled-up crediting pilots at the country level CPF s Next Phase Pilot Fund for the Next Generation of Carbon Markets World Bank is developing Pilot Fund with dual objectives: 1. to catalyze the transition from the "preparation" of scaled-up emission reductions crediting approaches to piloting their "implementation" 2. to explore ways to create fungibility across a range of different carbon asset types and network carbon markets together. Pilot Fund will be separate from the Partnership for Market Readiness, but links made to ensure complementarity The CPF will be the vehicle on which new Pilot Fund will be built. Reasons include: 1. Alignment with CPF original objectives 2. Build from CPF existing work program 3. Flexible legal structure with dedicated tranches 2 Supporting the design of blueprints that could lead to ER programs that try to anticipate/inform modalities and procedures the next generation of carbon crediting Working Group of interested donor governments and implementing countries will provide feedback on design 4

5 Carbon Initiative for Development 3 Objectives Assist LDCs to use carbon finance to promote energy access and low carbon development Support CDM projects with high development benefits through technical assistance and CER purchases Support the design and dissemination of new methodologies, standardized baselines and proposals for simplification of the CDM project cycle Participants and Funding Switzerland, Sweden and UK participate in the fund The facility has a budget of circa 125 million US$ Priority areas / supported activities Private sector lead energy access programs Household level / community scale programs Priority countries poorest countries with strong focus on Africa and LDCs Programs under consideration include: Renewable Energy and Clean Cooking PoAs in East Africa Off-grid Solar Home systems and On-grid Extension programmes in East Africa Water purification programmes in South Asia and East Africa 30 million US$ in Readiness Fund, and 95 million US$ in Carbon Fund 5

6 BioCarbon Fund for Sustainable Forest Landscapes 4 Launched in Warsaw in November 2013 Background Results-based financing for 4 large-scale ER Programs ($40-50m) combined with substantial TA packages ($5-10m). Adopting a landscape approach to transform large rural areas by addressing agriculture, energy, and forest protection. Programs designed to maximize private sector engagement and financial leverage. The objective is to "forest-proof" the sourcing of commodities and redirect market forces towards more sustainable and equitable land management practices. Targeted countries Objectives Moving from projects to large-scale land-use programs at jurisdictional scale. Deploy results-based finance to incentivize changes at the landscape level. Ethiopia Colombia Indonesia Zambia Country selected Country under consideration 6

7 Forest Carbon Partnership Facility 5 Has established collaborative partnership & transparent platform for meaningful exchanges on REDD plus issues Operational since June 2008 Readiness fund $360 million pledged ($5 million minimum contribution) to Mission Prepare developing forest countries for REDD+ (national monitoring, reference scenarios, strategies, management arrangements) Inform UNFCCC negotiations on REDD plus Due to high demand, REDD Country participation increased from 0 to 20 to 37 to Donor Participants 10 Carbon Fund Participants Balanced governance structure; role of the Bank is facilitator 6 Observers Participation Carbon Fund $465 million raised to date Guide REDD+ readiness preparation process 7

8 6 Pilot Auction Facility For Methane and Climate Change Mitigation How the Facility Works Current status Facility proposal presented and discussed at series of recent climate meetings, including Ministerial meetings of the Climate and Clean Air Coalition Several potential donors expected to contribute The fund is targeting $100 million Public launch expected in 2014; first auction round by end-2014 Project implementers bid to purchase put option contracts from facility Use auction to determine the winning bids Sign put option contracts with winning bidders that permit the contracts to be transferred/sold Intended to inform future scaled-up flows of pay-forperformance climate finance, including through the Green Climate Fund Key design issues Should the market price be below the put option strike price contract holders exercise options and facility purchases tco2e Auctions will encompass multiple countries to foster competition Auctions will be sector specific (starting with targeted methane sectors) Facility will consider opening to non-methane sectors in subsequent auction rounds 8

9 Contact Information Partnership for Market Readiness Xueman Wang Carbon Partnership Facility Richard Zechter Carbon Initiative For Development Daniel Radack BioCarbon Fund For Sustainable Forest Landscapes Ellysar Baroudy Forest Carbon Partnership Facility Ellysar Baroudy Pilot Auction Facility For Methane & Climate Change Mitigation Brice Quesnel 9

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