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World Bank mulls $5.25-b funds for CDMs
K.V. Kurmanath
Hyderabad, Aug. 30 With a view to removing uncertainties for the CDM (Clean Development Mechanism) markets beyond 2012, the World Bank is considering to launch two funds with a size of $5 billion and $250 million, respectively.
These funds are aimed at ensuring market continuity by purchasing emission reductions beyond 2012, the deadline set by Kyoto Protocol for the developed world (the US is not party to this) for reducing significantly the greenhouse gas emissions.
“We have submitted the proposal to launch the two funds to the Bank’s board. It is likely to be discussed on September 25,” Mr Michel J.L. Pommier, Regional Carbon Finance Coordinator (South Asia Region) of the World Bank, told Business Line.
Two funds
The two funds the bank proposes to raise are the $5-billion Carbon Partnership Facility (CPF) and Forestry Carbon Partnership Fund.
The bank has so far raised nine funds with an aggregated size of $1.92 billion. “Of this, only $350 million is left, with the rest of the amount being committed to different projects,” he said. Mr Pommier was here in connection with the two-day workshop on capacity building in CDM projects.
The CPF would buy carbon credits that are to be distributed among those who contribute to the funds.
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