A fund has been set up by the Asian Development Bank to enable
companies to buy carbon credits when they start clean energy projects.
The fund will provide the money for up to half of the certified
emission reductions that are expected to be generated by a project.
Participants, including Luxembourg, Spain, Sweden and Switzerland, have
so far put $85million (£43m) into the fund, but other countries intend
to contribute before the investment deadline at the end of June,
pushing the total past $120m.
WooChong Um, director in charge of clean energy programmes within the
bank’s regional and sustainable development department, said: ‘We are
excited that with the active contributions by the four member countries
so far, the fund can now become operational.’
