This report makes the third year of the implementation of the FCPF. The first three years have seen the development of the FCPF and REDD+ at the global and national levels. Remarkable progress was achieved in the UNFCCC , an international REDD+ Partnership was established, and global initiatives such as the FCPF, the UN-REDD Programme, the Forest Investment Program and the GEFs new SFM/REDD+ window were set up to assist forest countries in tackling the REDD+ challenge. Under this new international framework, dozens of forest countries have started formulating broad strategies and investing in activities on the ground. This first evaluation reveals the main strengths and weaknesses of the FCPF.