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The World Bank Thursday said it has launched two new carbon facilities, which could total as much as $800 million, aimed at providing financial support for developing countries to cut their greenhouse gas emissions.
"Developing countries will earn money and obtain clean technology in exchange for the greenhouse gas emission reductions they will sell to developed countries," World Bank Group President Robert Zoellick said in a statement.
The Forest Carbon Partnership Facility will target investment into projects that prevent deforestation by compensating developing countries for carbon reductions made by keeping forests. This fund has a target size of $300 million.
The Carbon Partnership Facility, with a target size of $500 million, will mainly be used to finance investment in the energy sector - renewbale technology, energy efficiency and gas flaring, as well as waste management and transportation.
The two facilities are designed so their resources could be used under any new climate change regime negotiated after 2012.
Under the Kyoto protocol, developed countries with commitments to cut their emissions can pay for offset projects in the developing world instead of cutting their own emissions.
2007-10-12 |
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