The World Bank Implementation Status & Results Report Fiji Carbon Fund ER Program (P163484) Fiji Carbon Fund ER Program (P163484) EAST ASIA AND PACIFIC | Fiji | Environment, Natural Resources & the Blue Economy Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2021 | Seq No: 5 | ARCHIVED on 03-Jan-2024 | ISR59141 | Implementing Agencies: Ministry of Economy, Ministry of Forestry Key Dates Key Project Dates Bank Approval Date: 08-Jul-2020 Effectiveness Date: 08-Oct-2021 Planned Mid Term Review Date: 02-Feb-2024 Actual Mid-Term Review Date: Original Closing Date: 31-Dec-2025 Revised Closing Date: 31-Dec-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the Project is to make payments to the program entity for measured, reported, and verified ERs from reduced deforestation and, forest degradation, and enhancement of forest carbon stocks (REDD+) at the national level in the Republic of Fiji and to ensure that paid amounts are distributed according to an agreed benefit sharing plan. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Measurement, reporting, and verification and payment of the ERs generated by the project:(Cost $12.50 M) Distribution of ER Payments as per the Benefit Sharing Plan Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Unsatisfactory Moderately Unsatisfactory Overall Implementation Progress (IP) Unsatisfactory Moderately Unsatisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The first Emission Reductions Monitoring Report (MR) for the reporting period 2019-2020 was submitted to the FMT on December 21, 2023 for review and was deemed complete. The independent verification of the emission reductions (ER) generated is in progress and expected to be completed by February 2024.The target for the first reporting period is 300,000 tonnes of ERs, as part of Fiji’s Emission Reductions Payment Agreement – a five-year agreement that will unlock up to US$12.5 million (for 2.5 million tonnes of ERs) in results-based payments in exchange for increasing carbon sequestration and reducing emissions. This ER-Program covers 90% of Fiji’s landmass, with a focus on Viti Levu, Vanua Levu and Taveuni. The ERs are based on an integrated land-use planning approach to address multi-sectoral drivers of deforestation and forest degradation through climate smart agriculture, selective logging, etc. 1/3/2024 Page 1 of 5 The World Bank Implementation Status & Results Report Fiji Carbon Fund ER Program (P163484) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Substantial Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Substantial Substantial Technical Design of Project or Program -- Substantial Substantial Institutional Capacity for Implementation and -- Substantial Substantial Sustainability Fiduciary -- Substantial Substantial Environment and Social -- Substantial Substantial Stakeholders -- Substantial Substantial Other -- Low -- Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes Payments for measured, reported and verified ERs and distribution of ER payments IN01377326 ►Volume of ERs measured and reported by the Program Entity, verified by an independent reviewer, and transferred to the FCPF Carbon Fund (Metric ton, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2,500,000.00 Date 03-Jul-2020 02-May-2023 01-Dec-2023 31-Dec-2025 The Government has submitted the ER Monitoring Report for the first reporting period, and independent Comments: verification is currently underway. IN01377327 ►Payments received from the FCPF Carbon Fund for ERs generated by the ER Program (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 12,500,000.00 Date 03-Jul-2020 02-May-2023 01-Dec-2023 31-Dec-2025 1/3/2024 Page 2 of 5 The World Bank Implementation Status & Results Report Fiji Carbon Fund ER Program (P163484) Payment will be made subject to successful completion of the verification that is currently underway. Comments: IN01377328 ►ER payments distributed in accordance with agreed Benefit Sharing Plan (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 03-Jul-2020 02-May-2023 01-Dec-2023 31-Dec-2025 The Benefit Sharing Plan was approved by Cabinet on April 25, 2023. Regulations or interim processes to issue certificates, leases and licenses are needed in order to share benefits in line with the Benefit Comments: Sharing Plan. Intermediate Results Indicators by Components Measurement, reporting, and verification and payment of the ERs generated by the project IN01388134 ►N/A (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value - -- - - Date 08-Jul-2020 -- 01-Dec-2023 31-Dec-2025 There are no intermediate indicators for the project. Comments: Distribution of ER Payments as per the Benefit Sharing Plan IN01388135 ►N/A (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value - -- - - Date 08-Jul-2020 -- 01-Dec-2023 31-Dec-2025 There are no intermediate indicators for the project. Comments: Overall Comments IR There are no intermediate indicators for the project. Performance-Based Conditions 1/3/2024 Page 3 of 5 The World Bank Implementation Status & Results Report Fiji Carbon Fund ER Program (P163484) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P163484 TF-B2733 Effective USD 0.63 0.63 0.00 0.00 0.63 0%% P163484 TF-B2734 Effective USD 11.88 11.88 0.00 0.00 11.88 0%% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P163484 TF-B2733 Effective 08-Jul-2020 08-Jul-2020 08-Oct-2021 31-Dec-2025 31-Dec-2025 P163484 TF-B2734 Effective 08-Jul-2020 08-Jul-2020 08-Oct-2021 31-Dec-2025 31-Dec-2025 Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) 1/3/2024 Page 4 of 5 The World Bank Implementation Status & Results Report Fiji Carbon Fund ER Program (P163484) There are no related projects. 1/3/2024 Page 5 of 5