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Carbon Finance

Mobilizing Climate Finance to Build a Low-Carbon, Resilient Future

Rachel Kyte's picture

This past week, we saw our future in a world of more extreme weather as Super Typhoon Haiyan tore apart homes and cities and thousands of lives across the Philippines.

Scientists have been warning for years that a warming planet will bring increasingly extreme and devastating weather. Scientific certainty has brought climate change over the planning horizon, and the impact is now unfurling before our eyes.  This level of damage, with millions of people affected, will become more frequent unless we do something about it – fast.

Negotiators from around the world are here in Warsaw for the UN climate conference to work on drivers that can spur that action on a global scale.

It is not overly complicated. We need to get the prices right, get finance flowing, and work where it matters most. But, each of these will take political will to right-size our collective ambition – for ourselves and for the people of the Philippines and the Pacific Islands and the low-lying coasts of Africa and the Caribbean who are directly in harm’s way.

Isolated West Nile Region Home to First Sub-Saharan World Bank Project to Issue Carbon Credits

Isabel Hagbrink's picture

Electricity transmissions lines in Uganda. Credit: Arne Hoel/World Bank

Wedged between the Congo, the south of Sudan, and the West Nile River, the 1.5 million people in Uganda’s West Nile region live in relative isolation from the rest of the country.

Nowhere in Uganda is oil and gasoline more expensive than in the West Nile. The national power grid does not reach into the northwest of Uganda, and power from generators is available only for a lucky few and only for a few hours a day.

Some entrepreneurs have started mills and small workshops, outfitting them with old diesel generators that are inefficient and very expensive to operate. Some institutions, such as hospitals, and some of the richer households have their own diesel generators that help them escape the scarce and unreliable public power service. The growth in individual generators is indicative of a general upswing in economic activity in the region, but life without reliable electric power has remained a challenge.

That is now beginning to change, and carbon credits are playing an important role.

In Africa, Seizing Carbon Finance Opportunities

Harikumar Gadde's picture

I’m amazed at what Africa is doing to address climate change, a crisis in the making that could have devastating consequences on the continent, its agriculture, and millions of people who had little role in creating it.

The latest updates came during the 4th Africa Carbon Forum in Addis Ababa, Ethiopia. What I heard there was quite a change from the Forum four years earlier and not what I had expected.