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About Italian Carbon Fund (ICF)

Introduction
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 Italian Carbon Fund has an initial endowment from Italy of US$15 million. This amount is expected to increase over time, as the Fund will be open to the subscription of Italian entities for 24 months from its constitution. The minimum contribution from each additional participant is set at US$1 million.

A Diversified Approach
The project portfolio of the Italian Carbon Fund will be fairly diversified with support being provided to a wide range of technologies, including carbon sequestration, and regions, including The People’s Republic of China, the Mediterranean Region, the Latin and Central America regions, as well as the Balkans and the Middle Eastern countries.

Italy has an ambitious emission reduction objective which would be difficult to achieve through domestic measures without an exorbitant investment. The Fund provides one alternative to obtaining emission reductions which may be used to help meet the Italian emission reduction target.

At the same time, the Italian Carbon Fund will help developing countries achieve sustainable development by leveraging substantial investments in modern energy services and technologies.

As with other carbon funds facilitated by the World Bank, the income from payments by the participants in the fund will be held in a separate trust and used for project identification and preparation activities such as capacity-building, outreach and research—thus leading to the creation of supportive project approval systems in host countries.


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