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: 3 | ARCHIVED on 30-Jun-2022 | ISR52145 | 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: 25-Sep-2023 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 Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Fiji is the first country in the Pacific region and the first Small Island Developing State to sign an Emission Reductions Payment Agreement (ERPA). The ERPAs represent a landmark agreement with the Forest Carbon Partnership Facility, comprising a five-year agreement that will unlock up to US$12.5 million (for 2.5 million tonnes of emission reductions, or ERs) in results-based payments for increasing carbon sequestration and reducing emissions. The ER-Program covers 90% of Fiji’s landmass, with a focus on Viti Levu, Vanua Levu and Taveuni, and takes an integrated land-use planning approach to addressing multi-sectoral drivers of deforestation and forest degradation, including agriculture, conventional logging and poorly planned infrastructure development. To date, Fiji has successfully met the effectiveness conditions of the ERPA and the government has submitted an ER Monitoring Report for the first reporting period to the FCPF Facility Management Team. 6/30/2022 Page 1 of 4 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 -- Substantial Substantial Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes Payments for measured, reported and verified ERs and distribution of ER payments IN01161552 ►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 10-Nov-2021 24-Jun-2022 31-Dec-2025 IN01161553 ►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 10-Nov-2021 24-Jun-2022 31-Dec-2025 IN01161554 ►ER payments distributed in accordance with agreed Benefit Sharing Plan (Yes/No, Custom) 6/30/2022 Page 2 of 4 The World Bank Implementation Status & Results Report Fiji Carbon Fund ER Program (P163484) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 03-Jul-2020 10-Nov-2021 24-Jun-2022 31-Dec-2025 Intermediate Results Indicators by Components Measurement, reporting, and verification and payment of the ERs generated by the project IN01161555 ►NA (Date, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 19-Jul-2020 01-Dec-2021 24-Jun-2022 31-Dec-2025 Date 01-Dec-2021 01-Dec-2021 24-Jun-2022 01-Dec-2021 Distribution of ER Payments as per the Benefit Sharing Plan IN01161571 ►NA (Date, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 19-Jul-2019 01-Dec-2021 24-Jun-2022 31-Dec-2025 Date 01-Dec-2021 01-Dec-2021 24-Jun-2022 31-Dec-2025 Performance-Based Conditions 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 6/30/2022 Page 3 of 4 The World Bank Implementation Status & Results Report Fiji Carbon Fund ER Program (P163484) 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) There are no related projects. 6/30/2022 Page 4 of 4