Brit Liggett

World Bank to Fund Carbon Markets in Developing Countries

by , 12/09/10

carbon markets, carbon fund, pollution market, pollution fund, developing nations, world bank sustainable initiatives, green initiatives, world bank, cop16, cancun mexico, climate talks, world climate talks

As COP16 in Cancun, Mexico winds down this week, and high hopes for a world-wide agreement on climate change fade once again, the World Bank has stepped up announcing just yesterday that it will fund carbon markets in developing nations. The pollution credit markets are widely recognized as a way to fund clean energy projects, in turn slowing the decimation of natural resources. While the COP16 conference was meant for the world’s richest nations to address how they would assist developing nations in a sustainable way, it looks like the World Bank tossed the fight and decided to go it alone – a wise decision considering the disappointing history of these meetings.

carbon markets, carbon fund, pollution market, pollution fund, developing nations, world bank sustainable initiatives, green initiatives, world bank, cop16, cancun mexico, climate talks, world climate talks

“We know that the poorest countries will suffer the earliest and the most from climate change,” Robert B. Zoellick, the World Bank president, said in a statement. “They will bear the brunt of changing weather patterns, water shortages, and rising sea levels even though they are the least equipped to deal with them.” The World Bank’s plan is to help developing countries simultaneously mitigate climate change and gain funds to do so by having polluters on their soil pay and trade for the right to pollute.

The list of countries that are expected to participate in the World Bank carbon market program was not released but it is believed that China, Mexico, Indonesia and Chile will be involved in the first round. Other countries will join the carbon market program if it proves to be successful and more funds become available.

The European Union already has a carbon market and there was a fight to bring one to the US until earlier this year, when almost all climate change initiatives stalled in Congress. The World Bank is set to put several hundred of millions of dollars toward this initiative with as much as $100 million going towards making sure the carbon markets are sound, well-run and free of fraud.

Via The New York Times

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2 Comments

  1. Nalliah Thayabharan September 6, 2011 at 10:01 am

    The economists define wealth and justice in terms of access to the market. Politicians echo the economists because the more dependent that people become upon the market, the more securely they can be roped into the fiscal and political hierarchy. Access to land is not simply a threat to landowning élites — it is a threat to the religion of unlimited economic growth and the power structure that depends upon it.
    The market (however attractive it may appear) is built on promises: the only source of wealth is the earth. Anyone who has land has access to energy, water, nourishment, shelter, healing, wisdom, ancestors and a grave. Ivan Illich spoke of “a society of convivial tools that allows men to achieve purposes with energy fully under their control”. The ultimate convivial tool, the mother of all the others, is the earth.
    Although the earth gives, it dictates its terms; and its terms alter from place to place. So it is that agriculture begets human culture; and cultural diversity, like biological diversity, flowers in obedience to the conditions that the earth imposes. The first and inevitable effect of the global market is to uproot and destroy land-based human cultures. The final and inevitable achievement of a rootless global market will be to destroy itself.
    In a shrunken world, taxed to keep the wheels of industry accelerating, land and its resources are increasingly contested. Six billion people compete to acquire land for a variety of conflicting uses: land for food, for water, for energy, for timber, for carbon sinks, for housing, for wildlife, for recreation, for investment. The politics of land — who owns it, who controls it and who has access to it — is more important than ever, though you might not think so from a superficial reading of government policy and the media.
    Rome fell; the Soviet Empire collapsed; the stars and stripes are fading in the west. Nothing is forever in history, except geography. Capitalism is a confidence trick, a dazzling edifice built on paper promises. It may stand longer than some of us anticipate, but when it crumbles, the land will remain.

  2. kezia July 4, 2011 at 7:21 am

    1 HAVE A REFORESTATION PROJECT FROM NIGERIA WANT TO SUBMIT MY PROPOSAL ASKING FOR ASSISTANCE RHONA PETERS

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