Saving up for the "Copenhagen Protocol", COP 15
Release Date: 2009-04-09
A new fund under the Asian Development Bank is well under way to secure its first 100 million USD to buy carbon credits under regulation to succeed the Kyoto Protocol, which expires in 2012.
The Future Carbon Fund – set up to invest in projects that issue carbon credits after 2012 when the Kyoto Protocol has expired – may raise more than 100 million USD during the first half of 2009 alone, a spokesman tells news agency Bloomberg.
The fund is administered by Manila-based Asian Development Bank (ADB). In response to Bloomberg's questions, ADB spokesman Philip Wood says:
"ADB is still in the process of screening projects so the fund's first carbon contract, first investment, is not expected until the end of 2009."
The fund – backed by a range of nations including Finland, Belgium and Sweden – began operations in January 2009 and is already well underway to securing its first 100 million USD, Mr. Wood assures.
The Asian Development Bank plans to reduce emissions in Asia by sponsoring energy-reduction projects primarily in Indonesia, the Philippines and India.
| Type: | NORMAL |
| Company: | COP 15 |
| Country: | Denmark |
| Url: | http://en.cop15.dk/news/view+news?newsid=1065 |