Regional Blue Carbon Monitoring, Reporting and Verification Mechanism

The purpose of this Technical Cooperation (TC) is to implement a monitoring verification and reporting (MRV) system for mangrove ecosystems that provides a science-based data platform on the sequestration and release of blue carbon in participant countries. In 2019, the IDB, with support from the Department for Environment, Food and Rural Affairs (DEFRA), established the "UK Blue Carbon Fund" (the Fund) to finance projects that will help reduce climate change's negative impacts increasing carbon sequestration. The regional MRV is to be used to help monitor the progress of the projects that are to be implemented under the Fund. With this MRV system, the blue carbon projects of the Fund will be able to: (i) Improve the valuation of ecosystem services provided by mangrove ecosystems; (ii) Potentially include blue carbon data in the Nationally Determined Contributions (NDC), Reduced Emissions from Deforestation and Forest Degradation (REDD+) schemes, Sustainable Development Goals (SDG) programs, UNFCCC National Communications and carbon markets programs; (iii) Utilize an MRV system for results-based payments under a reforestation program. There is a growing trend to support or encourage results-based actions for reforestation, conservation, or reduced deforestation efforts. To effectively participate in or take advantage of these types of efforts, a key element of the results-based payment scheme will be a fully functional MRV.

Project Detail

Country

Regional

Project Number

RG-T3409

Approval Date

August 26, 2022

Project Status

Implementation

Project Type

Technical Cooperation

Sector

ENVIRONMENT AND NATURAL DISASTERS

Subsector

CLIMATE CHANGE MITIGATION POLICY

Lending Instrument

Lending Instrument Code

Modality

Facility Type

Environmental and Social Impact Category (ESIC)

Category C: Likely to cause minimal or no negative environmental and associated social impacts

Total Cost

USD 1,136,000.00

Country Counterpart Financing

USD 140,000.00

Original Amount Approved

USD 996,000.00

Financial Information

Operation Number	Lending Type	Reporting Currency	Reporting Date	Signed Date	Fund	Financial Instrument
ATN/BB-19466-RG	Sovereign Guaranteed	USD - United States Dollar	Jan. 15, 2025	Dec. 12, 2022	UK Blue Carbon Fund	Nonreimbursable

Operation Number

ATN/BB-19466-RG

Lending Type: Sovereign Guaranteed
Reporting Currency: USD - United States Dollar
Reporting Date: Jan. 15, 2025
Signed Date: Dec. 12, 2022
Fund: UK Blue Carbon Fund
Financial Instrument: Nonreimbursable

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