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Low-Carbon Development : Latin
 American Responses to Climate ChangeClimate change is already a reality.
 This is evidenced by the acceleration of global temperature
 increases, the melting of ice and snow covers, and rising
 sea levels. Latin America and the Caribbean region (LCR) are
 not exempt from these trends, as illustrated by the changes
 in precipitation patterns that are already being reported in
 the region, as well as by observations of rising
 temperatures, the rapid melting of Andean tropical glaciers,
 and an increasing number of extreme weather events. The most
 important force behind climate change is the rising
 concentration of greenhouse gases (GHGs) in the earth's
 atmosphere driven mainly by manmade emissions of carbon
 dioxide (CO2) and other greenhouse gases. Because of inertia
 in the climate system, the planet is likely to continue
 warming over the twenty-first century, and unless emissions
 are significantly reduced, this process could accelerate,
 with potentially very serious consequences for nature and
 mankind. There is still, however, a high degree of
 uncertainty regarding the specific drivers, timing, and
 impact of global climate change, as well as about the costs
 and efficacy of actions aimed at either mitigating it or
 dealing with its physical and economic impacts. As a result,
 it is very hard, at this point, to unambiguously determine
 economically efficient emission pathways for which the
 benefits of actions to mitigate climate change will exceed
 the costs of those actions. Despite these problems and
 uncertainties, there is increasing evidence suggesting that
 urgent action is needed in order to alter current emission
 trends so as to avoid reaching GHG concentration levels that
 could trigger large and irreversible damages. Negotiations
 are under way and are scheduled to be concluded in 2012 with
 a new agreement on a way forward. At the same time,
 individual countries are also considering how to respond in
 their own domestic policy to the challenges of climate
 change. LCR governments and civil society should be well
 informed about the potential costs and benefits of climate
 change and their options for decisions that will need to be
 made over the next decades as well as the global context in
 which these decisions must be taken. At the same time, the
 global community needs to be better informed about the
 unique perspective of the LCR, problems the region will
 face, potential contributions the region can make to combat
 global warming, and how to unlock the region's full
 potential so as to enable it to maximize its contribution
 while continuing to grow and reduce poverty. This report
 seeks to help fill both these needs.
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Low-Carbon Development : Latin American Responses to Climate ChangeClimate change is already a reality. This is evidenced by the acceleration of global temperature increases, the melting of ice and snow covers, and rising sea levels. Latin America and the Caribbean region (LCR) are not exempt from these trends, as illustrated by the changes in precipitation patterns that are already being reported in the region, as well as by observations of rising temperatures, the rapid melting of Andean tropical glaciers, and an increasing number of extreme weather events. The most important force behind climate change is the rising concentration of greenhouse gases (GHGs) in the earth's atmosphere driven mainly by manmade emissions of carbon dioxide (CO2) and other greenhouse gases. Because of inertia in the climate system, the planet is likely to continue warming over the twenty-first century, and unless emissions are significantly reduced, this process could accelerate, with potentially very serious consequences for nature and mankind. There is still, however, a high degree of uncertainty regarding the specific drivers, timing, and impact of global climate change, as well as about the costs and efficacy of actions aimed at either mitigating it or dealing with its physical and economic impacts. As a result, it is very hard, at this point, to unambiguously determine economically efficient emission pathways for which the benefits of actions to mitigate climate change will exceed the costs of those actions. Despite these problems and uncertainties, there is increasing evidence suggesting that urgent action is needed in order to alter current emission trends so as to avoid reaching GHG concentration levels that could trigger large and irreversible damages. Negotiations are under way and are scheduled to be concluded in 2012 with a new agreement on a way forward. At the same time, individual countries are also considering how to respond in their own domestic policy to the challenges of climate change. LCR governments and civil society should be well informed about the potential costs and benefits of climate change and their options for decisions that will need to be made over the next decades as well as the global context in which these decisions must be taken. At the same time, the global community needs to be better informed about the unique perspective of the LCR, problems the region will face, potential contributions the region can make to combat global warming, and how to unlock the region's full potential so as to enable it to maximize its contribution while continuing to grow and reduce poverty. This report seeks to help fill both these needs.
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The Prototype Carbon Fund : Addressing Challenges of Globalization - An Independent Evaluation of the World Bank's Approach to Global ProgramsThe prototype carbon fund (PCF) is a public-private partnership whose mission is to pioneer a market for project-based greenhouse gas emission reductions within the framework of the Kyoto protocol to the United Nations Framework Convention on Climate Change (UNFCCC). PCF seeks to show how project-based greenhouse gas emission reduction transactions can lower the cost of compliance with Kyoto, promote sustainable development, and mobilize new resources for Bank clients. Recognizing the global environmental benefits of emissions reductions regardless of location, Kyoto allows industrialized countries and firms to offset certain obligations through the purchase of lower-cost emission reductions (ERs) in developing and in-transition countries. This review identifies Bank comparative advantage-related issues, as well as the issues raised by competition between the Bank and International Finance Corporation (IFC) in carbon finance.