EIB and World Bank to tackle climate change
The European Investment Bank (EIB) and the World Bank have joined forces to create a Carbon Fund for Europe (CFE). Projects to reduce or remove emissions can be proposed for funding, but must offer a minimum annual emission reduction volume of 100,000 tonnes of carbon dioxide, or equivalent. An implementation plan must also be in place already. The €50 million fund will be supplied by four governments and one company: Ireland, Luxembourg, Portugal, Flanders in Belgium and Statkraft Carbon Invest. The CFE is designed to help European countries meet their commitments to the Kyoto Protocol and the EU's Emissions Trading Scheme, and will see the fund purchasing carbon credits generated by a project. Simon Brooks, Vice President of the EIB, said that moving towards a low carbon economy involves the development and financing of new ideas, innovative solutions and new technologies. 'There is no single 'golden bullet' to solving the problems of climate change. Instead, we need a broad range of separate initiatives that bring together the experience and knowledge of public and private interests,' he said.