The World Bank Implementation Status & Results Report Emission Reductions Program in Sangha and Likouala (P163361) Emission Reductions Program in Sangha and Likouala (P163361) WESTERN AND CENTRAL AFRICA | Congo, Republic of | IBRD/IDA | Investment Project Financing (IPF) | FY 2021 | Seq No: 8 | Archived on 16-Feb-2025 | ISR03167 Implementing Agencies: Republic of Congo - Ministry of Forest Economy 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 06-Apr-2021) To make payments to the Program Entity for measured, reported, and verified greenhouse gas emission reductions from reduced deforestation, forest degradation and the enhancement of forest carbon stocks in Sangha and Likouala of the Republic of Congo, and to distribute these payments in accordance with an agreed Benefit Sharing Plan Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name Payments of Emission Reductions generated in Sangha and Likouala following Measurement, Reporting, and Verification:(Cost 0.00) Distribution of the financial benefits from the Emission Reductions sale in accordance with a Benefit Sharing Plan:(Cost 0.00) Program Management, Monitoring and Evaluation:(Cost 0.00) 3. OVERALL RATINGS Name Previous Current Progress towards achievement of PDO Moderately Satisfactory Moderately Unsatisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Unsatisfactory Overall Risk Rating Substantial Substantial Feb 16, 2025 Page 1 of 6 The World Bank Implementation Status & Results Report Emission Reductions Program in Sangha and Likouala (P163361) 4. KEY ISSUES & STATUS 4.1 Implementation Status and Key Decisions The Program has made some progress during the reporting period of this ISR. The third-party verification process of the Program's first Emission Reductions Monitoring Report is awaiting some final clarifications from the Government. The PMU continues to resolve remaining technical questions, particularly regarding the Benefit Sharing Plan. As the Program is scheduled to close on December 31, 2025, the World Bank's task team is discussing with the Government the likelihood of the Program to achieve its objectives and measures to be taken to expedite implementation. 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Last Approved Rating Risk Category Approval Package - ISR Seq. 07 - 07 Aug Proposed Rating 06 Apr 2021 2024 Political and Governance Moderate Moderate Substantial Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Low Low Low Technical Design of Project or Program Moderate Moderate Substantial Institutional Capacity for Implementation and High High High Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Substantial Moderate Moderate Stakeholders Substantial Substantial Substantial Overall Substantial Substantial Substantial Feb 16, 2025 Page 2 of 6 The World Bank Implementation Status & Results Report Emission Reductions Program in Sangha and Likouala (P163361) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes To make payments to the Program Entity for measured, reported, and verified GHG emission reductions Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Volume of CO2e Emissions 0.00 Jul/2021 0.00 01-Aug-2024 0.00 28-Jan-2025 8,359,000.00 Dec/2025 Reductions that have been Comments on The volume will be measured at least once per Reporting Period, with interim reporting measured and reported by achieving targets possible: RP1 (2020): 859,000 tons; RP2 (2021/22): 1,500,000 tons; RP3 (2023/24): 6,000,000 the Program Entity and tons transferred to the FCPF Carbon Fund (Metric ton) Payment by the FCPF Carbon 0.00 Jul/2021 0.00 01-Aug-2024 0.00 28-Jan-2025 41,795,000.00 Dec/2025 Fund for CO2 Emission Comments on Payments will be made at least once per Reporting Period, with annual payments for interim Reductions generated by the achieving targets reporting possible as per the ERPA terms. RP1 (2020): US$4,295,000; RP2 (2021/22): program (Amount(USD)) US$7,500,000; RP3 (2023/24): US$30,000,000 Distribute payments in accordance with an agreed Benefit Sharing Plan Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Emission Reductions No Jul/2021 No 01-Aug-2024 No 28-Jan-2025 Yes Dec/2025 payments distributed in Comments on Payments will be made at least once per Reporting Period, with annual payments possible accordance with agreed achieving targets through interim reporting as per the ERPA terms. RP1 (2020): US$4,295,000; RP2 (2021/22): Benefit Sharing Plan and US$7,500,000; RP3 (2023/24): US$30,000,000 arrangements (Yes/No) 6.2 Intermediate Results Indicators by Components Feb 16, 2025 Page 3 of 6 The World Bank Implementation Status & Results Report Emission Reductions Program in Sangha and Likouala (P163361) Program Management, Monitoring and Evaluation Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year n/a (Yes/No) No Jul/2021 No 01-Aug-2024 No 01-Aug-2024 No Dec/2025 Feb 16, 2025 Page 4 of 6 The World Bank Implementation Status & Results Report Emission Reductions Program in Sangha and Likouala (P163361) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed TF-B4985 Effective 2.24 2.24 0.00 0.00 2.24 0% TF-B4984 Effective 39.55 39.55 0.00 0.00 39.55 0% 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing TF-B4984 Effective 06-Apr-2021 22-Apr-2021 05-Oct-2022 31-Dec-2025 31-Dec-2025 Feb 16, 2025 Page 5 of 6 The World Bank Implementation Status & Results Report Emission Reductions Program in Sangha and Likouala (P163361) TF-B4985 Effective 06-Apr-2021 22-Apr-2021 05-Oct-2022 31-Dec-2025 31-Dec-2025 8. KEY DATES Key Events Planned Actual Approval 09-Apr-2021 06-Apr-2021 Effectiveness 05-Oct-2022 05-Oct-2022 Mid-Term Review No. 01 31-Dec-2025 29-Nov-2024 Operation Closing/Cancellation 31-Dec-2025 9. RESTRUCTURING HISTORY Restructuring Level 2 Approved on 06-Jul-2023 10. ASSOCIATED OPERATION(S) There are no associated operations Feb 16, 2025 Page 6 of 6