The FCPF was launched in 2007 at the UN Climate Change Conference in Bali. A key component of the FCPF was the Readiness Fund, which would provide developing countries with technical and financial assistance to set up the REDD+ building blocks needed to access results-based payments: the development of national reference levels; national REDD+ strategies; measurement, reporting, and verification (MRV) systems; and inclusive stakeholder engagement, among others.

After 14 productive years, the FCPF Readiness Fund officially closed its operations in December 2022. 

With more than $470 million in funding and pioneering technical assistance, the FCPF Readiness Fund supported 47 developing countries across Africa, Asia-Pacific, and Latin America and the Caribbean.