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World Bank launches $500 mln carbon market scheme

2015-12-01 15:00:00| Climate Ark Climate Change & Global Warming Newsfeed

Reuters: The World Bank on Monday launched a $500 million market-based scheme designed to help developing countries pay for emission reductions and combat climate change. Germany, Norway, Sweden and Switzerland have jointly pledged an initial $250 million to get the so-called Transformative Carbon Asset Facility (TCAF) up and running next year, while the bank hopes further contributions will take the eventual total to $500 mln. The scheme, which will reward countries for reducing emissions by paying a fee...

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