World Bank to Unveil Carbon Market Fund

A smokestack. The World Bank is due to launch on Dec. 8 a fund aimed at helping emerging economies establish their own carbon markets at the Cancun climate summit. Photo by: Tom Burke / CC BY-NC Tom BurkeCC BY-NC

At the ongoing climate summit in Cancun, Mexico, the World Bank is expected to launch Wednesday (Dec. 8) a fund meant to help emerging economies establish their own carbon markets.

China, Mexico, Chile and Indonesia are expected to support the new fund, Reuters reports, which could reach as much as USD100 million and offer technical support to developing nations in setting up their own carbon markets.

In Cancun, the bank is also expected to launch an initiative to improve the access of climate-vulnerable island states to renewable energy, and an international “road map” on how agricultural initiatives can help to promote food security, reduce greenhouse gas emissions and enhance climate resilience.

United Nations chief Ban Ki-moon urged delegates of the Cancun climate summit to accelerate efforts to combat climate change.

“We are here for a reason: to protect people and the planet from uncontrolled climate change. To do that, we need to make progress – in these global negotiations and through national actions each of you takes in your countries to curb emissions [of harmful gases] and increase resilience,” Ban said. “The longer we delay, the more we will pay – economically … environmentally … and in human lives.”

Meantime, the World Bank will provide USD21 million to bolster Nicaragua’s health servicves. The program seeks to promote municipal health care service networks and improve the capacity of the health ministry in providing health services and responding to public health emergencies.

The bank is offering another USD10 million in technical assistance to help upgrade Nicaragua’s public financial management system.

“This project will strengthen governance through the modernization and professionalization of state institutions and the promotion of citizens’ participation,” said Camille Nuamah, the World Bank’s resident representative in Nicaragua.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.