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Carbon Finance at the World Bank: List of Funds
| Prototype Carbon Fund |
| A partnership between seventeen companies and six governments, and managed by the World Bank, the PCF became operational in April 2000. As the first carbon fund, its mission is to pioneer the market for project-based greenhouse gas emission reductions while promoting sustainable development and offering a learning-by-doing opportunity to its stakeholders. The Fund has a total capital of $180 million. more... |
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| BioCarbon Fund |
The World Bank has mobilized a fund to demonstrate projects that sequester or conserve carbon in forest and agro-ecosystems. The Fund, a public/private initiative administered by the World Bank, aims to deliver cost-effective emission reductions, while promoting biodiversity conservation and poverty alleviation. The Fund is composed of two Tranches: Tranche One started operations in May 2004, has a total capital of $53.8 million; Tranche Two was operationalized in March 2007 and has a total capital of $36.6 million. Both Tranches are closed to new fund participation.
The BioCarbon Fund can consider purchasing carbon from a variety of land use and forestry projects; the portfolio includes Afforestation and Reforestation, Reducing Emissions from Deforestation and Degradation and is exploring innovative approaches to agricultural carbon.
NOTICE: Private or public sector entities interested in participating in the BioCarbon Fund should contact the BioCarbon Fund Management Team (Biocarbonfund@worldbank.org). The project portfolio of Tranche One is now identified and no new project proposals will be received. However,the call for project proposals for Tranche Two is currently open. Proponents interested in submitting a LULUCF project proposal to the BioCarbon Fund should submit a Project Idea Note via the website (http://wbcarbonfinance.org/Router.cfm?Page=SubmitProj&ItemID=24683). The BioCarbon Fund's capacity to respond is conditioned upon available capital. Please also note that priority will be given to projects from the World Bank's project portfolio or that fit in the World Bank's country dialogue and have demonstration value and replication potential.
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| Community Development Carbon Fund |
| The CDCF provides carbon finance to projects in the poorer areas of the developing world. The Fund, a public/private initiative designed in cooperation with the International Emissions Trading Association and the United Nations Framework Convention on Climate Change, became operational in March 2003. The first tranche of the CDCF is capitalized at $128.6 million with nine governments and 16 corporations/organizations participating in it and is closed to further subscriptions. The CDCF supports projects that combine community development attributes with emission reductions to create "development plus carbon" credits, and will significantly improve the lives of the poor and their local environment. more... |
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| Italian Carbon Fund |
| In fall 2003, the World Bank entered into an agreement with the Ministry for the Environment and Territory of Italy to create a fund to purchase greenhouse gas emission reductions from projects in developing countries and countries with economies in transition that may be recognized under such mechanisms as the Kyoto Protocol's CDM and JI. The Fund is open to the participation of Italian private and public sector entities and has a total capital of $155.6 million. more... |
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| The Netherlands CDM Facility |
| The World Bank announced an agreement with The Netherlands in May 2002, establishing a facility to purchase greenhouse gas emission reduction credits. The Facility supports projects in developing countries that generate potential credits under the Clean Development Mechanism (CDM) established by the Kyoto Protocol to the UN Framework Convention on Climate Change. more... |
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| The Netherlands European Carbon Facility |
| The Netherlands, acting through its Ministry of Economic Affairs, the World Bank and the International Finance Corporation (IFC) in August 2004, signed an agreement appointing the World Bank and the IFC as Trustees of the Netherlands European Carbon Facility, in order to purchase greenhouse gas emission reductions for the benefit of the Netherlands. The Facility purchases emission reductions from JI projects only, i.e. from projects located in countries with economies in transition. more... |
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| Danish Carbon Fund |
| The Danish Carbon Fund (DCF) was established in January 2005 with an initial capitalization of €26.4 million. The full capitalization of the DCF now stands at €90 million. The fund consists of five Participants: the Danish Ministry of Climate and Energy, DONG Energy A/S, Aalborg Portland A.S., Maersk Olie og Gas A.S., and Nordjysk Elhandel A/S. more... |
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| Spanish Carbon Fund |
| The Spanish Carbon Fund was created in 2004 in an agreement between the Ministries of Environment and Economy of Spain and the World Bank. This fund was established to purchase greenhouse gas emission reductions from projects developed under the Kyoto Protocol to mitigate climate change while promoting the use of cleaner technologies and sustainable development in developing countries and countries with economies in transition. The Fund has a total capital of $278.6 million. more... |
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| Umbrella Carbon Facility T1 |
| As initially established, the Umbrella Carbon Facility (UCF) was intended to manage the purchase of very large volumes of emission reductions (over 10 million tons CO2e) for varying groups of participants in multiple tranches. In 2006, the first tranche of the UCF (UCFT1) contracted to purchase 129.3 million tons of certified emission reductions (CERs) generated from two Chinese HFC-23 incinerators. more... |
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| Carbon Fund for Europe |
| The Carbon Fund for Europe (CFE) is designed to help European countries meet their commitments to the Kyoto Protocol and the European Union's Emissions Trading Scheme (EU ETS). The CFE is a trust fund established by the World Bank, in cooperation with the European Investment Bank (EIB). The Fund will purchase greenhouse gas emission reductions through the Kyoto Protocol’s Clean Development Mechanism and Joint Implementation from climate-friendly investment projects from either bank’s portfolio as well as self-standing projects. While the World Bank brings its expertise and experience of the carbon market to the CFE, the EIB brings its intimate knowledge of the European economy and a rich project pipeline in developing countries. Through the CFE, the two institutions will complement private sector development in the emerging carbon market and seek ways to support essential private carbon market development. more... |
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| Umbrella Carbon Facility T2 |
| As initially established, the Umbrella Carbon Facility (UCF) was intended to manage the purchase of very large volumes of emission reductions (over 10 million tons CO2e) for varying groups of participants in multiple tranches. In 2006, the first tranche of the UCF (UCFT1) contracted to purchase 129.3 million tons of certified emission reductions (CERs) generated from two Chinese HFC-23 incinerators. That tranche included 16 participants, five of which were other Carbon Funds. Subsequently, in March 2008, the requirement that the Facility only purchase emission reductions from projects of over 10 million ton project minimum was eliminated.
Tranche 2
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| Forest Carbon Partnership Facility |
| Developing and industrialized countries have requested the World Bank to explore a framework for piloting activities that would reduce emissions from deforestation and degradation using a system of policy approaches and performance-based payments. The proposed framework is called the Forest Carbon Partnership Facility. more... |
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| Carbon Partnership Facility |
| The new proposed Carbon Partnership Facility is designed to develop emission reductions and support their purchase over long periods after 2012. Its objective and business model are based on the need to prepare large-scale, potentially risky investments with long lead times, which require durable partnerships between buyers and sellers. more... |
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