Committed to Reducing CarbonEmissions
he World Bank’s carbon nance initiatives decribed in this pamphlet are part of a larger globaleffort to combat climate change. Many countries,tates, cities, local governments and responsiblecompanies have taken action to reduce carbonemissions.t the international level, the Kyoto Protocol, whichentered into force in February 2005, commits industrialized country signatories to reduce their carbonemissions by an average of 5.2 percent below their 990 levels in the period 2008-2012. Two of the ex
ible mechanisms incorporated into the Protocol— the Clean Development Mechanism (CDM) andJoint Implementation (JI)—enable industrializedcountries to meet some of their obligations throughrojects generating emission reductions in developing countries and economies in transition.
he World Bank’s carbon nance operations le
erage new public and private investment intouch projects, signicantly contributing to other World Bank Group efforts to mainstream climateitigation and adaptation concerns in develop
ing countries and economies in transition. As partof its carbon nance initiatives, the World Bank has also established a number of technical assis
tance facilities for capacity building and projectpreparation.
Carbon Emission Reductions asa Tool for Development
The World Bank’s carbon nance products helpgrow the market by extending and expandingcarbon finance to both developing countriesand economies in transition—linking private sec
tor buyers of carbon emission reductions withclimate-friendly projects seeking nancing. Thesecarbon nance products are helping to create anenvironment in which the private sector can moreeasily choose to use their resources in support ofclimate-friendly and environmentally and sociallyresponsible projects.
Dealing with the Threatof Climate Change