Presented by Stibniati Atmadja (CIFOR-ICRAF) at COP28 Session: Strengthening the profile of REDD+-related finance in Central Africa, Dubai, United Arab Emirates, 9 Dec 2023

1. The evolution of REDD+ finance
in DRC across the years:
The rise of private REDD+
finance?
Dr. Stibniati Atmadja, CIFOR-ICRAF
s.atmadja@cifor-icraf.org
9 December 2023

2. Finance from where?
Public
Private
This presentation: Developed country contributions: ODA transfers (‘REDD+
Aid’) and Voluntary Carbon Markets/VCM (‘REDD+ Market)
There are others not included (e.g., domestic funds, regional funds)
Private
(since
2021)

3. Analyses and data
REDD+ aid: ODA for REDD+
(2010-2021)
• $ committed vs. disbursed
• DRC vs. other countries
• Private actors - role
OECD-CRS data tagged for
REDD+ activities using
keywords
REDD+ markets: REDD+
projects on VCM
Ongoing and new projects
Est. $ from carbon markets
Private actors - role
www.reddprojectsdatabase.org
(ID-RECCO), updated 2022
Verra registry
www.reddprojects
database.org

4. REDD+ ODA Funding: Committed vs. Disbursed
Definition (OECD)
Commitme
nt
“commitment is a firm obligation,
expressed in writing and backed by the
necessary funds, undertaken by an official
donor to provide specified assistance to a
recipient country or a multilateral
organization”
Disbursem
ent
“the release of funds to or the purchase of
goods or services for a recipient; by
extension, the amount thus spent.
Disbursements record the actual
international transfer of financial
resources, or of goods or services valued
at the cost to the donor.”
Expectation:
• Commitments are Disbursed (100%
rate)
But
• Commitments often are not
disbursed (<100% rate)
Why? Some possibilities
• Donor conditions (procurement, co-
financing, aid-effectiveness),
• Recipient capacity (programming,
fund absorption),
• Both sides’ bureaucratic and
technical delays [1]
[1] Savvidou, G. "Quantifying international public finance
for climate change adaptation in Africa." Climate
Policy 21.8 (2021): 1020-1036. (link)

5. REDD+ ODA Funding: Committed vs. Disbursed – comparison across time
0%
50%
100%
150%
200%
0
200
400
600
800
1000
1200
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Global
Commitment Disbursement % Disbursed
0%
50%
100%
150%
200%
0
10
20
30
40
50
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
RDC
Commitment Disbursement % Disbursed
Global REDD+ ODA: 98% disbursed
USD 9b committed, 8.3b disbursed
DRC REDD+ ODA: 71% disbursed
USD 139m committed, 97m disbursed
Ave. $11,4m/year committed,
$8,11m/year disbursed
Increased funding in 2020-2021 (Global + DRC)

6. REDD+ ODA Funding: Committed vs. Disbursed in DRC
UK
0%
Spain
0%
Canada
1%
France
3%
USA
4%
Korea
6%
Belgium
9%
Sweden
10%
Norway
15%
GEF
6%
CIF
22%
Arcus
Foundation
0,0%
Bezos Earth
Fund
19%
UNDP
5%
REDD+ ODA Fund (Committed)
2010-2021, USD 139m
UK
5%
Spain
0%
Canada
1%
France
0%
USA
3% Korea
0%
Belgium
12%
Sweden
14%
Norway
16%
GEF
0%
CIF
15%
Arcus Foundation
0,1%
Bezos Earth Fund
27%
UNDP
7%
REDD+ ODA Fund (Disbursed)
2010-2021, USD 97m
New major donor: Bezos Earth Fund
100% disbursed
9 donors = 95% commitments
(Vs 4 donors by 2019)

7. Quick Update on REDD+ Projects in DRC
Evolution
• 2014: 14 projects
• 2020: 3 certified VCS/CCB and
CDM, trading credits on VCM)
• 2022: 1 more certified in Gold
Standard
• 2023: 5 in pipeline: VCS (4) and
Gold Standard (1)
2 huge projects
Increase the area in projects from
491 thousand ha to 4,9 million
(10x)
Name
Certification
status Area (Ha)
Est. Annual
Emission
Reductions
EcoMakalaVirunga
Reforestation
Certified - Gold
Standard
3,485-12,000
365,307
Isangi REDD+ project
Certified - VCS +
CCB
187,571 324,534
The Mai N'dombe REDD+
Project
Certified - VCS 299,640 5,671,613
Ibi-Bateke Certified - CDM 4,129 54,511
DRC REDD+ Carbon Credit
Harvesting Project Pipeline - VCS
1,346,360 27,604,998
Kokolopori Bonobo Peace
Forest Grouped REDD ProjectPipeline - VCS 421,000 1,047,213
Tshopo Lomami Grouped
REDD Project Pipeline - VCS
446,080 2,944,128
Sankuru Peace Forest
Grouped REDD Project Pipeline - VCS 2,190,831
7,390,562
N’situ Pelende by Colruyt
Group
Pipeline - Gold
Standard 14,430
89,971
Source: reddprojectsdatabase.org;
registry.verra.org;
registry.goldstandard.org

8. REDD+ Projects in DRC
Name
Est. Annual
Emission
Reductions
Annual
ave. traded
in VCMa
Ratio
estimated
vs. Traded
Est. Traded
(ratio 0,53)
EcoMakalaVirunga
Reforestation
365,307 0 n/a n/a
Isangi REDD+ project 324,534 173 953 1: 0.54 173 953
The Mai N'dombe
REDD+ Project 5,671,613
2 985 330 1: 0.53 2 985 330
Ibi-Bateke*
54,511
n/a n/a n/a
DRC REDD+ Carbon
Credit Harvesting
Project
27,604,998
n/a n/a
14 528 946
Kokolopori Bonobo
Peace Forest Grouped
REDD Project 1,047,213
n/a
n/a
551 165
Tshopo Lomami
Grouped REDD Project 2,944,128
n/a n/a
1 549 541
Sankuru Peace Forest
Grouped REDD Project 7,390,562
n/a n/a
3 889 769
N’situ Pelende by
Colruyt Group
129,011
n/a
n/a
2 projects sold credits
in VCM
• ave. 3,16 mtCO2e/yr
• Assume $10/tCO2e =
$31,6 million/year
• 1 tCO2eq sold for
each 1,9 tCO2eq
estimated
• Isangi REDD+
Withdrawn June
2023, land tenure
issue over concession
aSource:
https://registry.verra.org/app/search/VC
S/VCUs, 17 Oct 2023

9. REDD+ Project Proponents
Name
Proponent
(Yellow – Private company) Source
EcoMakalaVirunga Reforestation CO2logic (Belgium)
Transition Annex,
2017. Link
Isangi REDD+ project SAFBOIS, SPRL (USA) Link
The Mai N'dombe REDD+ Project Wildlife Works Carbon LLC (USA) Link
Ibi-Bateke* Novacel
DRC REDD+ Carbon Credit Harvesting
Project
R.E.D.D. Carbon Credit Harvesting L.P
(USA)
Link
Kokolopori Bonobo Peace Forest
Grouped REDD Project
Bonobo Conservation Initiative
(USA); Future Carbon Intl LLC (USA)
Link
Tshopo Lomami Grouped REDD Project
Africa Climate Investments LLC (USA);
Renewable Solutions Ltd. (USA);
Green Initiatives Ltd. (USA);
Biodiversity Developments Ltd (USA)
Link
Sankuru Peace Forest Grouped REDD
Project
Bonobo Conservation Initiative
(USA); Future Carbon Intl LLC (USA
Link
N’situ Pelende by Colruyt Group
Colruyt Group (Belgium)
Gold Standard PDD
(Link)

10. Summary – REDD+ ODA
Fund commitment - disbursement
• ODA funding in DRC increased in size and
diversity of donors
• Ave. $11,4m/year committed, $8,11m/year
disbursed
Compared to other countries:
• DRC: Lower disbursement rate compared to
Global REDD+ funds
Role of private sector
• New (private) major player: Bezos Earth Fund
(Private Development Fund)
• 100% disbursement

11. Summary – REDD Projects
• The 2 REDD+ projects currently trading in the
VCM generates an estimated $31,6
million/year
• Compared with ODA: $8,11m/year disbursed
• One was withdrawn in June’23 – land tenure
issue  High risks for investors
• 5 projects in the pipeline, of which 2 are huge
• Increases area in REDD+ project by 10x
• Potentially increases funding from carbon
credits to $ 230,7 million/year
• All project proponents
• at least 1 private sector
• Based in USA or Belgium

12. Key message
• REDD+ AID
• Private sector funding is starting to take a
prominent role in DRC’s REDD+ landscape
• ODA disbursement in DRC is lower than
global level
• Local civil society is absent
• REDD+ Markets: Private sector prominent
player as project proponent.
• Land tenure is an issue
• Who benefits? Who provides oversight?

13. Merci!
www.reddprojectsdatabase.org
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