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This report marks the third year of the Forest Carbon Partnership Facility (FCPF) and sets out to analyse its performance, outlining strengths and weaknesses, as well as any key milestones that have been made over the last twelve months, which include: the the signing of the first Readiness preparation grants for several forest countries; the adoption of the Common Approach to safeguards among Multiple Delivery Partners under the Readiness Fund; the start of operations of the Carbon Fund; and the completion of the first evaluation of the Facility.