Evaluation of Carbon Market Finance Programme

LTS is conducting an independent programme-level evaluation of the Carbon Market Finance Programme (CMFP).

The CMFP is an innovative programme providing £50 million from the International Climate Fund (ICF) over the period 2013 to 2025. It is funded jointly by the UK’s Department for International Development (DFID) / Department of Energy and Climate Change (DECC) and administered by the World Bank.

The programme aims ‘to increase the flow of international carbon finance to Least Developed Countries (LDCs) – with a focus on Africa – to support climate change mitigation and poor peoples’ access to clean energy and other poverty reducing technologies.’

  • The CMFP is being implemented through the World Bank’s (WB) Carbon Initiative for Development (Ci-Dev) programme.
  • The programme is developing capacity, tools, pilot programmes and methodologies to increase energy access in LDCs using clean and efficient technologies.
  • LTS is leading the evaluation, partnering with Ecofys, and reporting primarily to the DFID/DECC evaluation management group, and also to the evaluation reference group which includes Ci-Dev partners.


The programme is complex, long-term, operates in a new market area, is innovative and involves multiple partners. Independent evaluation is thus required to assess progress of the programme towards objectives; enable real-time learning and programme management adjustments; capture lessons; evaluate and demonstrate impacts and test the effectiveness of carbon markets to incentivise greater investment in low carbon technologies and reduce poverty.


Given the uncertainty around carbon markets, the evaluation is taking a flexible approach that allows it to adapt to the changing environment over the next decade. The learning aspect of the evaluation is important, and we are using a mix of theory-based, participatory, utilisation focused and case study approaches to achieve this. The emphasis of the evaluation is likely to evolve, from relevance to efficiency and effectiveness and then to impact and sustainability, putting the emphasis of each evaluation on a different set of evaluation questions/sub-questions. This is appropriate to the nature of the programme, allowing us to use the Theory of Change as the foundation, but to draw on other design elements to help answer the evaluation questions at the right points through the evaluation process.

Value and benefits

The aim is to provide a high-quality evaluation that will enable DFID, DECC, the Evaluation Management Group, the Reference Group, the programme staff at the Ci-Dev to improve the performance and effectiveness of the programme and demonstrate impact. It is expected that other donors (World Bank, Sweden, Swiss Cent Foundation) and stakeholders (UNFCCC bodies, the carbon industry bodies and recipient representatives) will also use the findings within international policy processes, and to strengthen their own M&E frameworks.

Organisational Review and Systems Audit of the Energy Efficiency Fund

This assignment focuses on energy savings and CO2 reductions and other results driven national priorities and aspirations, such as institutional development. The objective of this consultancy is to conduct an organisational review and systems audit of the Energy Efficiency Fund, which itself has the main objective to promote and support investments projects for energy efficiency and renewable energy.

The consultancy is responsible to the Ministry of Economy (MoE); the Energy Efficiency Agency (EEA); the Energy Efficiency Fund (EEF) & affiliate institutions; and the implementing partners of these organisations. The majority of tasks will be undertaken in collaboration with implementing sub-sector working groups and other stakeholders.

Desk study and preparations were followed by an inception meeting with the Embassy and EEF, and findings presented with an Inception Report. Two field missions to Moldova to meet with relevant stakeholders were carried out and draft final and final reports prepared. A final field mission was conducted to present findings at a presentation workshop in Chisinau with the Client and key stakeholders.

Liberia-National REDD+ Strategy Consultation

The overall objective is to support Liberia to design a socially and environmentally sound national strategy to reduce emissions from deforestation and forest degradation (REDD+) that is prepared and validated by national stakeholders.

  • $477,000 contract value, contracted by Liberia’s FDA.
  • Implementation is in partnership with NIRAS A/S.
  • Project has provided in-depth analytical work so that the FDA and other stakeholders can consider strategic options for the REDD+ Strategy.


An estimated 20% of Liberia’s forested area was lost between 2000 and 2014. Since 2007, Liberia has been engaging in REDD+ readiness processes by developing a Readiness Preparation Proposal (R-PP). Going forward, the country needs a national strategy to ensure that REDD+ activities are implemented in a coherent manner that complies with REDD+ requirements at UNFCCC level.


LTS has supported REDD+ stakeholders with in-depth analytical work to assess and validate preliminary strategic options for the REDD+ Strategy, including

  • Quantitative analysis of the different land use options in forested and mixed agricultural lands for development of the national REDD+ Strategy.
  • Cost-benefit analyses of different proposed REDD+ Strategy options (opportunity, implementation, transaction cost).
  • Policy, legal and institutional analysis of domestic and international frameworks for REDD+.

Preparation of a roadmap for the implementation of the strategy.

Value and benefits

A draft national REDD+ strategy and implementation Roadmap will guide the FDA and REDD+ stakeholders in the next steps of REDD+ readiness.

The opportunities for conserving the carbon stocks in concessions and proposed Protected Areas are substantial.

Final Report

Technical Annex A – Liberia’s national REDD+ strategy

Technical Annex B – Liberia’s REDD+ roadmap

Technical Annex C – Forest cover and land use analysis

Technical Annex D – REDD+ strategy options

Technical Annex E – Cost-benefit analysis of REDD+ strategy options

Technical Annex F – Policy, legal and institutional framework analysis

Technical Annex G – Consultation Report