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Climate Change

Using auctions to keep methane-reduction projects running: An interview with Vikram Widge

Isabel Hagbrink's picture
Gas flaring


Vikram Widge heads the World Bank Group’s Climate and Carbon Finance Unit. He spoke from the UN Climate Summit about the new Pilot Auction Facility for Methane and Climate Mitigation (PAF).
 
Q. U.S. Secretary of State John Kerry and the Swedish Energy Agency just pledged $15 million each for the design of a new facility called the Pilot Auction Facility for Methane and Climate Mitigation. What is the PAF?

The World Bank Group is designing a new climate finance pilot that will support emission reductions in developing countries. Because of limited public resources available for climate investment, this facility leverages private capital to support projects that reduce greenhouse gas emissions and are at risk of being decommissioned due to the low price for carbon credits today. 

The facility tests an innovative contract structure by offering put options through an auction to guarantee a minimum price for carbon credits that a project will generate, which gives private-sector buyers, such as projects developers and intermediaries, the security of knowing that they will be paid for investments they make to lower emissions.

Merkel: We support a price on carbon – Growth & climate protection can go hand in hand

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In a video shown at the UN Climate Leadership Summit on Sept. 23, 2014, German Chancellor Angela Merkel talks about her country's support for carbon pricing and how it can drive low-carbon growth. 

Fred Krupp: Emissions trading limits carbon pollution & harnesses the power of the marketplace

Fred Krupp's picture
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Fred Krupp is the president of the Environmental Defense Fund, one of several civil society organizations supporting a price on carbon. He spoke ahead of the UN Secretary-General's Climate Leadership Summit about how a price on carbon could bring shared propserity and economic growth.

The atmosphere at the People’s Climate March is electric

Rachel Kyte's picture
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The People's Climate March drew people from all over the world to New York City today, and you could feel the energy in the air. Across town, government ministers are beginning to feel the sense of urgency, too. 

It takes all of us: Stretching the space for political agreement on climate action

Rachel Kyte's picture
 Connect4Climate

The rising level of anticipation around the UN Secretary-General’s call for climate leadership has been palpable over the past few weeks, and especially so here in New York at the People's Climate March today, with Climate Week about to start and the UN Climate Leadership Summit just two days away. 

At the World Bank Group, we have been fielding calls from our clients – companies and countries – who are asking for support and wanting to know how they can engage on the different climate initiatives that are coming together across all sectors of the economy. 

Standing in my daughter’s school yard talking to other parents last week, we discovered that many of us would be joining the march. In our family’s religious community, buses were organized and rooms offered to those headed to New York to add their voices to the call for action. New York is just one location – the march organizers are talking about more than 150 other climate action events around the world.

Before stepping off, let me try to lay out how I believe this Summit can help spur action and achieve the speed and scale of action we need. 

Carbon pricing helps investors assess investment prospects for the future

Frank Pegan's picture
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Frank Pegan is the CEO of Catholic Super, an Australian superannuation fund currently managing AU$5.21 billion. He spoke ahead of the UN Climate Leadership Summit about the value of carbon pricing for investors.

British Columbia Premier: You can grow the economy & protect the environment

Christy Clark's picture
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Christy Clark is the premier of British Columbia, which has had a revenue-neutral carbon tax since 2008. She spoke ahead of the UN Secretary-General's Climate Leadership Summit about the impact of carbon pricing on the economy.

Gov. Brown: CO2 emissions already carry a cost – to public health, economy & climate

Jerry Brown's picture
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Jerry Brown is the governor of California. He spoke ahead of the UN Secretary-General's Climate Leadership Summit about politics and the value of his state's emissions trading system in building a healthier, cleaner future. The state's economy is growing, and its climate work is setting a pace for the nation.

Electricity CEO: Carbon pricing is necessary to ensure long-term investments support a low-carbon future

Henri Proglio's picture
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Henri Proglio is the chairman and CEO of Électricité de France (EDF). He spoke ahead of the UN Secretary-General's Climate Leadership Summit about the importance of carbon pricing for the electricity sector to move toward a low-carbon economy.

Energy CEO: California shows how carbon pricing can reduce emissions efficiently & cost effectively

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Anthony Earley is the chairman and CEO of PG&E Corporation, the parent company of Pacific Gas and Electric. He spoke ahead of the UN Secretary-General's Climate Leadership Summit about the importance of California's climate policies and carbon pricing in encouraging a shift to clean energy solutions. 

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