News

ADB Establishes a US$100 Million post-2012 Carbon Fund

Carbon_finance_initiative

8 July 2008: The Asian Development Bank

(ADB) has established a new fund to finance clean energy projects, in the

Asia-Pacific region, that generate carbon credits beyond 2012. “The new fund will provide an incentive

for the ADB's developing member countries to scale up energy efficiency and the

use of renewable energy sources that will contribute to both climate change

mitigation and enhanced energy security,” ADB Vice President Ursula

Schäfer-Preuss said.

The new Future Carbon Fund is designed to stimulate

investments in clean energy projects, keeping the momentum until an agreement

on a post-Kyoto climate framework is reached. Participants in the fund may

include both public and private sector entities in the ADB's 67 member

countries. It is a public-private partnership between ADB and governments and

companies. The new fund will complement the ADB's US$150 million Carbon Market

Initiative (CMI), which provides finance and technical support to projects in

the lead-up to 2012.  [ADB

Press Release]