প্রকাশ: 11/10/2022
The World Bank said on Monday it is launching a trust fund aimed at
pooling public funds to provide grants for projects to reduce carbon emissions,
including decommissioning coal-fired power plants.
The
Scaling Climate Action by Lowering Emissions (SCALE) fund will provide grants
to developing countries as they deliver pre-agreed results in reducing
greenhouse gas emissions, World Bank President David Malpass said in a LinkedIn
post.
SCALE will
be the new umbrella trust fund for the bank's results-based climate finance
activities. Malpass said the World Bank was in the process of capitalizing the
new fund, with the aim of launching it at the COP27 climate change conference
in Egypt in November.
In a paper
provided to the World Bank's and International Monetary Fund's joint
Development Committee, the bank said it has identified three areas that are
particularly well suited to such results-based financing grants: natural
climate solutions based on agriculture, forestry, land-use and oceans;
sustainable infrastructure such as energy and transport; and fiscal and
financial solutions that directly or indirectly mobilize resources for climate
actions.
The bank
said the SCALE fund will bring new resources to emissions reduction projects in
low- and middle-income countries, help generate larger projects, generate
high-quality carbon credit assets and help countries enhance access to
international carbon markets.
The World
Bank did not identify a projected size for the new fund. The world's biggest
multilateral development lender in fiscal 2022, ending on June 30, delivered
over $30 billion in climate-related finance.
But
US Treasury Secretary Janet Yellen last Thursday urged the World Bank and
other multilateral development banks to shift their business models beyond
country-specific project finance and to dramatically boost lending to address
climate change and other pressing global needs.
- Reuters
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