World Bank chief to launch carbon market fund
World Bank President Robert Zoellick is set to launch a new multi-million dollar fund in Mexico on Wednesday to help emerging market countries set up their own carbon markets, the bank said on Tuesday.
While the list of participating countries is still being finalized, they are expected to include China, Mexico, Chile and Indonesia.
Zoellick will launch the fund in Cancun on Wednesday where countries are involved in global climate negotiations to toughen existing pledges to cut carbon emissions.
The climate talks are supposed to agree in 2011 on a global successor to the Kyoto Protocol, which expires in 2012.
One particular focus of the talks in Cancun is how to expand the carbon markets. Kyoto capped emissions by industrialized countries through 2012, driving them to invest in clean energy projects in developing countries to earn carbon tradable offsets, which would help them meet their limits.
"While (developing) countries would like to see a comprehensive global accord on climate change, they are not waiting for one," Zoellick said in a statement.
Link:
http://www.reuters.com/article/idUSTRE6B65EN20101208
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