Asian Development Bank launches carbon fund
The Asian Development Bank (ADB) has launched a fund to provide capital to buy carbon credits at the outset of clean energy projects, after commitments from participants exceeded the $80 million needed for launch.
Participants who so far have agreed to invest a total of $85 million into the fund – known as the Asia Pacific Carbon Fund – include Luxembourg, Spain, Sweden, and Switzerland. Other countries have expressed an intention to participate before the fund's deadline for investment at the end of June. By this time the total committed funds are expected to exceed $120 million.
ADB will act as trustee for the fund, which will provide upfront payments for up to half of the certified emission reductions
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