Two New World Bank Carbon Facilities Will Help Fight Climate Change And Deforestation | ||
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| Press Release No:2008/091/SDN | ||
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Contacts: Anita Gordon, 202-473-1799 Roger Morier, 202-473-5675 | ||
WASHINGTON, October 11, 2007—The World Bank is working to increase significantly the world’s ability to tackle global climate change and deforestation with two new carbon finance facilities to benefit developing countries.
An innovative Forest Carbon Partnership Facility (FCPF) would prevent deforestation by compensating developing countries for carbon dioxide reductions realized by maintaining their forests.
Details are being finalized on that facility, as well as a new Carbon Partnership Facility (CPF). Both aim to support developing countries in their moves towards lower carbon development paths, by helping remove heat trapping gases from the atmosphere which are changing the climate.
“Developing countries will earn money and obtain clean technology in exchange for the greenhouse gas emission reductions they will sell to developed countries,” said World Bank Group President, Robert B. Zoellick. “Both facilities will pilot ways to ratchet up the fight against climate change by adopting a larger-scale, longer-term approach to greenhouse gas emission reductions. They will also build on the World Bank Group’s traditional relationship with developing countries, and the new relationships it has forged over the past decade as a pioneer in carbon finance.”
The Carbon Partnership Facility is expected to be used in areas such as power sector development, energy efficiency, gas flaring, transport, and urban development, including integrated waste management systems.
“The CPF is significant because instead of purchasing greenhouse gas emission reductions from one project at a time, say reducing methane emissions from a landfill, we will be able to work on 10 projects simultaneously across a country or a region,” said Katherine Sierra, World Bank Vice President for Sustainable Development. “We will also be able to purchase greenhouse gas emissions far beyond 2012, which will help to remove some of the uncertainty currently surrounding the post-Kyoto Protocol era.”
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