This is the third in a series of reports in which FERN and the Forest Peoples Programme (FPP) look at the World Bank’s Forest Carbon Partnership Facility (FCPF). This case study concludes that unless major changes are made in FCPF planning, design and validation of emissions reduction programmes, the FCPF Carbon Fund risks enabling seriously flawed REDD pilots that could generate negative impacts on indigenous peoples and local communities as the FCPF moves towards implementation of activities on the ground. It looks in particular at the Democratic Republic of Congo Emission Reduction - Project Idea Note (ER-PIN).