Asian Development Bank launches new carbon finance fund |
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Published
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Tue, 08 May 2007 08:56
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BEIJING (XFN-ASIA) - The Asian Development Bank (ADB) said that it has launched a fund to provide capital for carbon credit purchases to support clean energy projects.Commitments from participants to the Asia Pacific Carbon Fund have now exceeded the 80 mln usd needed for the launch, the bank said in a statement on its website.The new fund is part of ADB's Carbon Market Initiative, the statement said, adding that ADB will act as trustee for the fund.The bank said that the fund will provide up-front payments for up to half of certified emission reductions that are expected to be generated later by a given project.A credit marketing facility within the Carbon Market Initiative will help sponsors in marketing the additional carbon credits generated by the projects, ADB said.Luxembourg, Spain, Sweden and Switzerland have so far agreed to put a total of 85 mln usd into the fund, and other countries have expressed interest to participate before the fund's deadline for investment at the end of June, the bank added.It said that it expects total committed funds to exceed 120 mln usd by the deadline.sean.mangieri@xfn.com
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