The World Bank was trustee of 10 carbon funds during the first generation of carbon funds. The first was the Prototype Carbon Fund, which pioneered emissions crediting in energy, waste, and land use in Africa, South America, Asia (for proto-Clean Development Mechanism (CDM), and Eastern Europe for proto-JI) projects. The next set of funds was more specific in : the Community Development Carbon Fund was created to focus on small-scale energy and waste sector projects; and the BioCarbon Fund was created to focus on land-use, land-use change and forestry projects. Seven country specific funds were created: the Netherlands Clean Development Mechanism (CDM) Facility, the Netherlands European Carbon Fund, the Italian Carbon Fund, the Spanish Carbon Fund, the Danish Carbon Fund, and the Carbon Fund for Europe. They helped the respective governments and their private sectors learn how to develop and manage carbon offset projects. The Umbrella Carbon Facility was developed to purchase large-scale emission reductions, particularly from HFC-23 incineration projects in China, to increase liquidity into a fledgling carbon market and to help the Chinese government invest project revenue into other clean development projects.
Kyoto Protocol Funds
