World Bank Launches $20M Carbon Credit Auction for Methane Projects
Almost three months have passed since the COP21 climate talks in Paris. While much of the world seems to have already forgotten or moved on, many businesses and organizations are still aggressively moving forward. One of them is the World Bank, which has taken a forceful stance on various means of climate finance this decade. Among its various projects are auctions of carbon credits, including one series that is specifically focused on reducing methane emissions globally.
Central to this effort is the Pilot Auction Facility (PAF), which the World Bank has started in an effort to invest in projects that reduce greenhouse gas emissions that maximize funds donated from both the private and public sectors. Backed largely by Germany, Sweden, Switzerland and the United States, the PAF currently has a target market capitalization of $100 million. Countries that have the potential to benefit from such an auction includes the Philippines, one of many developing nations that has struggled with both its carbon and methane emissions but can potentially benefit from the World Bank’s various carbon credit programs.