World Bank launches €68m for carbon offsetting

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Courtesy of Vital Efficienci Ltd.

The carbon offsetting scheme will consider projects -after Kyoto expires- ranging from energy efficiency to renewables. The World Bank has launched funding of €68m (£57m) aimed at enabling carbon reduction projects to keep selling UN-backed carbon offsets after the first phase of the Kyoto Protocol expires in 2012.

The statement about the carbon offsetting scheme was published yesterday, with the second tranche of funding made operational under its Umbrella Carbon Facility (UCFT2), and Deutsche Bank, GDF SUEZ and the Swedish Energy Agency providing much of the money. The projects, which have been approved under the UN’s Clean Development Mechanism (CDM) carbon offsetting scheme, range from landfill and composing projects to urban transport, energy efficiency and renewable energy initiatives.

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