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ADB Sets Up "Carbon Market Trust Fund" To Boost Clean Energy Projects

The carbon fund will help provide capital for clean energy projects.
by Staff Writers
Manila (AFP) Nov 22, 2006
The Asian Development Bank said Wednesday it would set up a "carbon market" trust fund to encourage more clean energy projects in the Asia-Pacific region.

Manila-based ADB said it has "has already received several expressions of interest," from member countries to finance the 150 million-dollar fund.

The Asia Pacific Carbon Fund will be part of ADB's broader Carbon Market Initiative which is already under development, the multilateral institution said in a statement.

The carbon fund will help provide capital for clean energy projects -- those involving renewable energy or energy efficiency -- by paying for Certified Emission Reductions that are expected to be generated by these projects.

Under the Kyoto Protocol, intended to cut greenhouse gases, developed countries can meet their obligations to reduce carbon emissions by buying these certificates, also called "carbon credits," from developing countries.

However, payments for the credits up to now have been made predominantly to those projects that have sufficient capital on their own.

Under the new scheme, upfront payments from the ADB's carbon fund would help cover the financing of the proposed projects and will hopefully "result in an increase in viable environment friendly ADB projects in its developing member countries," the bank said.

Source: Agence France-Presse

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