The board of directors of World Bank has decided to set up a carbon partnership facility for buying carbon credits beyond the Kyoto Procotol which ends in 2012. The partnership facility is expected to go operational once the initial corpus of $500 million gets accumulated. The bank is looking at institutions which will be interested in investing in the partnership facility across the globe.
Speaking to FE, in the sidelines of the INCAL 2007 seminar, Charles J Cormier, senior carbon finance specialist, south Asia region, World Bank said, sometime in September 2007, the board decided to set up the facility. “We are talking to couple of participants to join us by investing in the fund. But it is little premature to talk about them. The World Bank is looking beyond Kyoto Protocol so with the use of the fund we will be buying carbon credits post 2012. We have been associated with carbon market since the late 1990s. We have been constantly looking out for investment programmes across markets and sectors,” he said.
In India, he said, the World Bank is working with institutions like the Indian Railways, Hydro Power. “If you look at sectors then we are associated in transmission and energy efficiency sector, afforestation and deforestation, water waste management sector etc,” he added.