WB launches emerg­ing car­bon mar­ket drive

The Pak Banker - - Front Page -

CAN­CUN, MEX­ICO: The World Bank launched an ini­tia­tive to help emerg­ing and de­vel­op­ing coun­tries set up car­bon mar­kets, in­au­gu­rat­ing a fund that it hopes will reach 100 mil­lion dol­lars. The World Bank ex­pected a grow­ing num­ber of na­tions to look at so-called cap-and-trade sys­tems, in which firms or coun­tries face re­stric­tions on car­bon emis­sions blamed for cli­mate change but can trade cred­its on the mar­ket.

"We are launch­ing this part­ner­ship for mar­ket readi­ness to try to share in­for­ma­tion but also pro­vide some ad­di­tional fi­nan­cial sup­port," World Bank pres­i­dent Robert Zoel­lick an­nounced on the side­lines of UN-led cli­mate talks in Can­cun, Mex­ico.

"We have a num­ber of coun­tries such as China, Chile, In­done­sia (and) Mex­ico ac­tively ex­plor­ing how they can use mar­ket-based in­stru­ments to sup­port their over­all do­mes­tic emis­sions mit­i­ga­tion and ac­tion plans," Zoel­lick said.

China's cli­mate negotiator Xie Zhen­hua wel­comed the ini­tia­tive, say­ing that his coun­try --the world's largest car­bon emit­ter --has set up low­car­bon pi­lot projects in five cities and eight prov­inces.

"China in­tends to ex­plore fea­si­bil­ity of do­mes­tic emis­sions trad­ing schemes to achieve mit­i­ga­tion," Xie said in a state­ment.

The World Bank part­ner­ship would help coun­tries set up mar­kets sim­i­lar to the cap-and-trade sys­tem in place for for com­pa­nies in the Euro­pean Union.

The World Bank ini­tia­tive would also look at sys­tems along the line of the Ky­oto Pro­to­col's Clean Devel­op­ment Mech­a­nism, un­der which wealthy na­tions re­quired to cut emis­sions can re­ceive credit by in­vest­ing in green en­ergy projects in the de­vel­op­ing world. -PB News

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.