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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.
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State and Trends of the Carbon Market 2008The carbon market is the most visible result of early regulatory efforts to mitigate climate change. Regulation constraining carbon emissions has spawned an emerging carbon market that was valued at US$64 billion (Euro 47 billion) in 2007. Its biggest success so far has been to send market signals for the price of mitigating carbon emissions. This, in turn, has stimulated innovation and carbon abatement worldwide, as motivated individuals, communities, companies and governments have cooperated to reduce emissions. The European Union Emission Trading Scheme (EU ETS) market has been successful in its mission of reducing emissions through internal abatement at home, and of stimulating emission reductions abroad. The European Commission, learning from the experience of Phase I, has strengthened several important design elements for EU ETS Phase II. Clean Development Mechanism (CDM) accounted for the vast majority of project-based transactions (at 87 percent of volumes and 91percent of values) and JI saw transacted volumes doubling and values tripling in 2007 over the previous year. The CDM alone saw primary transactions worth US$7.4 billion (Euro 5.4 billion), with demand coming mainly from private sector entities in the EU, but also from EU governments and Japan.
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State and Trends of the Carbon Market 2008The carbon market is the most visible result of early regulatory efforts to mitigate climate change. Regulation constraining carbon emissions has spawned an emerging carbon market that was valued at US$64 billion (Euro 47 billion) in 2007. Its biggest success so far has been to send market signals for the price of mitigating carbon emissions. This, in turn, has stimulated innovation and carbon abatement worldwide, as motivated individuals, communities, companies and governments have cooperated to reduce emissions. The European Union Emission Trading Scheme (EU ETS) market has been successful in its mission of reducing emissions through internal abatement at home, and of stimulating emission reductions abroad. The European Commission, learning from the experience of Phase I, has strengthened several important design elements for EU ETS Phase II. Clean Development Mechanism (CDM) accounted for the vast majority of project-based transactions (at 87 percent of volumes and 91percent of values) and JI saw transacted volumes doubling and values tripling in 2007 over the previous year. The CDM alone saw primary transactions worth US$7.4 billion (Euro 5.4 billion), with demand coming mainly from private sector entities in the EU, but also from EU governments and Japan.