Early Warning System

Countries

Costa Rica

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

Green Climate Fund (GCF)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Nov 12, 2020

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

government of Costa Rica and United Nations Development Programme (UNDP)

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Agriculture and Forestry
Climate and Environment

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Grant

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 54.10 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Project Cost (USD)

$ 54.10 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Bank Documents

Funding proposal

Corporate Actor Documents

Primary Source

Original disclosure @ GCF website

Updated in EWS Oct 21, 2020

Disclosed by Bank Oct 6, 2020

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the implementing agencies, the project seeks to implement the National REDD + Strategy through the strengthening of Payments for Environmental Services (PES) as an instrument to guarantee the conservation of forests and improvement of carbon stocks through reforestation, tree plantations, agroforestry and silvopastoral systems, as well as optimizing fire prevention measures, focusing on three main products:
• Enabling conditions with two activities, ensuring the implementation of the safeguards provisions and monitoring and reporting on the implementation of REDD.
• Payment for environmental services (PES) and forest fire fighting, focusing on three activities:
- Strengthening the Payment for Environmental Services in all its existing modalities (conservation and reforestation PES).
- Special payment for Environmental Services in Indigenous Territories.
- Prevention of forest fires.
• Projects management.
This program contributes to reiterate the political will to reduce emissions, conserve forest carbon stocks and increase mitigation actions, while seeking to eradicate poverty, as well as promoting entrepreneurship among micro, small and medium producers and landowners.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

Green Climate Fund (GCF)

REDD-plus Results-Based Payments

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

UNDP Costa Rica
Office Center La Virgen #2, from American Embassy 300m south and 200m south east.
Pavas, San José
PO BOX: 4540-1000
Republic of Costa Rica

UNDPs Stakeholder Response Mechanism

https://www.undp.org/content/undp/en/home/accountability/audit/secu-srm/stakeholder-response-mechanism.html#:~:text=The%20Stakeholder%20Response%20Mechanism%20helps,successfully%20resolved%20issues%20of%20concern.

Ministry of Environment and Energy (MINAE)
Calle 25, Av. 8-10,
San Jose,
Republic of Costa Rica