GCF: GCF REDD+ pilot pushes Paris momentum, according to COP23 side event
Bonn, 14 Nov 2017 A new Green Climate Fund pilot for REDD+ results-based payments is helping put the Paris Agreement into action, participants at an event during the global Climate Change Conference heard.
“I believe it is a symbolic signal of rewarding early movers when it comes to REDD+,” said Tosi Mpanu-Mpanu, who works in the Prime Minister’s office of the Democratic Republic of Congo and is also a GCF Board member. “I think this decision of the GCF is a clear application and entry into action of article 5.2 of the Paris Agreement.”
Mr Mpanu-Mpanu made the comments during an information side event focusing on GCF and REDD+ at the 23rd Conference of the United Nations Framework Convention on Climate Change (UNFCCC) currently convening in Bonn, Germany.
Article 5 of the Paris Agreement encourages countries under the UNFCCC to implement and support REDD+, including through results-based payments.
Last month, the GCF Board approved the pilot programme for REDD+ results-based payments. This is the third and final phase of REDD+ which provides assurance to funding providers that their finances result in substantial and verifiable reduction of greenhouse gases.