The funds and facilities include the PCF; the Community Development Carbon Fund (CDCF), which extends c arbon finance to small poorer countries and communities; the BioCarbon Fund (BioCF), which applies carbon finance to forestry and land use projects; the Netherlands (Clean Development Mechanism (CDM) and Joint Implementation (JI) (*) Facilities; the Italian Carbon Fund; The Spanish Carbon Fund; the Danish Carbon Fund; the Umbrella Carbon Facility; and the Carbon Fund for Europe, launched in March 2007.
While the Bank’s initial role was to catalyze the global market for carbon emission reductions, carbon finance is now emerging into the mainstream of the Bank’s lending program. In December 2005, the Executive Directors endorsed the Bank’s approach for further engagement in carbon finance, focusing on three clear objectives – to:
Ensure that carbon finance contributes to sustainable development;
assist in building, sustaining, and expanding the international market for carbon emission reductions; and further strengthen the capacity of developing countries to benefit from the emerging market for emission reduction credits.
Operationally, the carbon finance program essentially supports the objectives of the second pillar of the Investment Framework for Clean Energy and Development, by providing incentives for transitioning to a low-carbon economy in the Bank’s client countries.
(*) The Clean Development Mechanism, (CDM) and Joint Implementation (JI) are flexible mechanisms under the Kyoto Protocol that allow OECD countries to fulfill some of their greenhouse gas emission-reduction commitments through projects in the developing world (CDM) and countries with economies in transition (JI) .
Emmanuel Ayomide Praise
Emmanuel Ayomide Praise is a world leading internet entreprenuer and investor. Some of his areas of interest include sport management,merchandise,ownership,internet entreprenuership,investments, media and writing amongst others.
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