One of the few bright spots at the recent UN climate talks in Warsaw was the announcement of new financial commitments to the World Bank’s BioCarbon Fund.
Coming hard on the heels of that groundbreaking initiative for sustainable forest landscapes is another piece of good news in international efforts to bring more carbon finance to low-income nations.
The governments of the United Kingdom and Sweden and the Swiss-based Climate Cent Foundation have pledged more than $125 million for the World Bank’s Carbon Initiative for Development (Ci-Dev), a financial initiative that, like the third tranche of the BioCarbon Fund, will help the least-developed countries access financing for low carbon investments.
More specifically, the new funding allows the World Bank to focus on helping the world’s poorest countries – especially in Africa – access carbon finance to develop clean energy sources.
It will enable the development and scaling up of a diverse range of projects similar to household biogas systems in Nepal or solar home systems in Bangladesh. It’s also an example of how the World Bank continues its efforts to mobilize private-sector investments for clean development and climate mitigation.
We’re showing, through actions on the ground, that putting a price on carbon is a key part of the solution to the climate challenge.