Forest Carbon Partnership Facility - 2009 Annual Report

With the first full year of FCPF operations completed on June 30, 2009, this Annual Report focuses primarily on the progress and financial status of the Readiness Fund, as the first fund of the FCPF. The Carbon Fund, representing a later phase of the FCPF’s work, is highlighted, but will be reported on more fully after that Fund becomes operational.

This first fiscal year of the FCPF (the “Facility”) has been one of tremendous progress. The most striking characteristic of the first year, in addition to laying the groundwork for how this unique partnership operates, has been an early expansion of the FCPF to meet the much higher than expected demand arising from developing countries interested in building capacity for REDD.