World Bank launches $500 million Transformative Carbon Asset Facility

The World Bank has launched a $500 million dollars Transformative Carbon Asset Facility (TCAF) to help developing countries pay for emission reductions and combat climate change.
It is market-based scheme specially designed to help developing countries and would establish the world’s first programmatic carbon market.
Key facts

• The scheme will reward countries for reducing emissions by paying a fee for each tonne of carbon dioxide (CO2) reduced.
• The facility will help countries implement their Intended Nationally Determined Contributions (INDCs).
• Of the total 500 million dollars, Germany, Norway, Sweden and Switzerland have jointly pledged an initial 250 million dollars investment.
• The scheme would support renewable energy, energy efficiency and waste management projects as well to cut emissions in cities and from the transport sector.

Month: Current Affairs - December, 2015