Egypt reviews airport security, services    Egypt seeks Indian expertise to boost pharmaceutical industry    Egyptian pound shows stability vs. USD in early trade    Egypt's PM heads to Japan for TICAD 9 Africa development summit    National Council for Childhood reviews plan to combat child labour    Egypt's Supreme Organ Transplant Committee strengthens oversight, standards    Price cuts underway across Egypt, says trade federation report    African agribusiness market expected to reach $1tr by 2030    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



World Bank ups carbon finance support to poorest countries
Published in Daily News Egypt on 06 - 12 - 2011

DURBAN: The World Bank launched two new financial initiatives to help the least-developed countries access financing for low-carbon investments, according to a statement.
The Carbon Initiative for Development (Ci-Dev) and the third tranche of the BioCarbon Fund (BioCF T3) will enable target countries to tap into carbon markets after 2012.
By focusing on agriculture and access to energy, the initiatives “will strengthen links … for the world's poorest communities to these markets, as well as the flow of financing to action on the ground,” said Rachel Kyte, World Bank vice president for sustainable development.
“The World Bank is helping countries in the further development of carbon markets and other market mechanisms to support acceleration of mitigation efforts, and access to those markets for less developed countries,” said Kyte. “The bank wants to ensure that its suite of financial instruments, including private sources of capital via carbon markets, is accessible to all country clients so they can invest in their sustainable development.”
Through the carbon finance instruments, client countries can purchase certified emission reductions (commonly called ‘carbon credits') from a diverse range of projects such as household biogas systems in Nepal, cook stoves in Africa, reforestation in the Democratic Republic of Congo, soil carbon in Kenya, and municipal solid waste in Uganda.
The Ci-Dev, aiming to raise $120 million, is a partnership of donor and recipient countries where public and private sector entities are pledging their support to capacity building and carbon market development in the poorest countries of the world.
The Walloon Region (Belgium) is seeking to pledge €5 million with an immediate €1.2 million by the end of 2011.
A number of public and private sector entities, including the Norwegian company Statoil, have expressed interest in the Ci-Dev as buyers of the ensuing carbon credits.
“We anticipate that the Ci-Dev, through successful demonstration and piloting, will have a multiplier effect to bring even greater resources to help these countries grow sustainably,” said Walloon Minister of Environment, Philippe Henry.
BioCF T3 will focus on reforestation and agriculture projects that go hand in hand with co-benefits such as decreased soil erosion and increased land fertility. The expansion of the BioCF will build on seven years of work in these areas.
Eight out of nine forestry projects registered in Africa to date have been developed by this World Bank initiative, the statement read.
“By focusing on forestry and agriculture, the projects will develop new opportunities in crucial sectors because the farm economy predominates and is the single-largest source of income, jobs, and livelihoods in the poorest countries including in Africa,” according to the World Bank.
Wondwossen Sintayehu, director of environmental law and policy division at Ethiopia's Environmental Protection Authority, said, “For Ethiopia, sustainable land management, reforestation of degraded lands, improving agriculture yields and access to energy are critical development priorities. The carbon markets have provided capital to help Ethiopia start achieving this. But it's not enough — we are eager to do many more projects, scale up those we have started and test new approaches to expand the financial resources available to our country, and the expanded BioCarbon Fund will help us do this.”
Despite current concerns in the carbon market stemming from uncertainty over the future of the Kyoto Protocol, the decision by the World Bank to launch post-2012 carbon initiatives is indicative of the institution's commitment to support market-based instruments to fight climate change.
The World Bank is trustee of 12 carbon funds and facilities capitalized at $2.7 billion.
Twenty percent of the World Bank's portfolio of Clean Development Mechanism (CDM) projects is in sub-Saharan Africa, substantially higher than the 2 percent average generally for CDM projects.


Clic here to read the story from its source.