The World Bank Report No: ISR12829 Implementation Status & Results Colombia Colombia: San Nicolas Carbon Sequestration Project (P098615) Public Disclosure Copy Operation Name: Colombia: San Nicolas Carbon Sequestration Project Project Stage: Implementation Seq.No: 5 Status: ARCHIVED Archive Date: 22-Dec-2013 (P098615) Country: Colombia Approval FY: 2007 Product Line: Carbon Offset Region: LATIN AMERICA AND CARIBBEAN Lending Instrument: Implementing Agency(ies): MASBOSQUES Key Dates Board Approval Date 28-Jun-2007 Original Closing Date 31-Dec-2018 Last Archived ISR Date 12-Nov-2012 Effectiveness Date 29-Jun-2007 Revised Closing Date 31-Dec-2018 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Moderately Unsatisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Unsatisfactory Moderately Satisfactory Overall Risk Rating Moderate Implementation Status Overview The San Nicolas Carbon Sink and Arboreal Species Recovery Project is a carbon finance stand-alone operation that was approved in June 2007. The project was conceived as to become the first project to support avoided deforestation (REDD) scheme in LAC, including the development of the associated methodology as well as reforestation with endangered arboreal species. Delays in the planting schedule and difficulties to put 100% of the Project's area under control, resulted in an amendment of the Emissions Reduction Purchase Agreement (ERPA) on October 1, 2012 to downgrade the project goals in terms of hectares to be reforested and volume of emission reductions (ERs), and to cancel the avoided deforestation (REDD) Component. The total goal of hectares has been reduced from 1,300 to 700 hectares and values on growth data for native species were reverted to conservative IPCC default values. Therefore the volume of ERs has been reduced from originally 120,000 ERs for 2014 to 39,322 ERs until 2017. Despite project's bottlenecks, CORNARE-MASBOSQUES remains committed to the project and in search of new opportunities to continue the climate change mitigation's agenda in the Region. This project has been registered as a CDM project on October 25, 2013 with a retroactive date of December 29, 2012. Public Disclosure Copy Locations Country First Administrative Division Location Planned Actual Colombia Not Entered San Vicente Colombia Not Entered Santuario Colombia Not Entered Cerro San Nicolas Colombia Not Entered Rio Samana Norte Colombia Not Entered Alto Rionegro Page 1 of 2 The World Bank Report No: ISR12829 Country First Administrative Division Location Planned Actual Colombia Not Entered Rio Negro Public Disclosure Copy Colombia Not Entered Rionegro Colombia Not Entered Retiro Colombia Not Entered Rio Negro Colombia Not Entered Rio Nare Colombia Not Entered Marinilla Colombia Not Entered La Union Colombia Not Entered La Ceja Colombia Not Entered Guarne Colombia Not Entered El Carmen de Bolivar Colombia Not Entered Carmen de Viboral Colombia Not Entered Rio Arma Key Decisions Regarding Implementation This project has been registered as a CDM project on October 25, 2013 with a retroactive date of December 29, 2012. Due to its limited size, it is foreseen to carry out verification only in 2017. A joint World Bank-BioCarbon Fund regular supervision mission will take place in early December 2013. Related Projects P102839-CO San Nicolas Avoided Deforestation Public Disclosure Copy Page 2 of 2