Today is Thursday, 13 June 2024.
In a press release issued during COP28 in Dubai, last December 2023, the World Bank announced plans for the growth of high-integrity global carbon markets.
Intended to benefit developing countries first, in 2024 the World Bank decided to support five of the 15 countries that are members of the Forest Carbon Partnership Facility (FCPF). Besides that, added that by 2028 all FCPF countries will be “in a position to interact with carbon markets”.
The expectation is that these five countries generate over 24 million carbon credits only in 2024 and reach about 126 million by 2028.
These credits could earn up to $2.5 billion in the right market conditions, with much of that going back to communities and countries.
This amount is much more than the Loss & Damage Fund considering that, as of March 2024, USD 661 million was pledged by certain Developed Countries.
By the way, a few days ago the World Bank took on the role as interim secretariat host and trustee of that Loss & Damage Fund, a fund for responding to loss and damage caused by climate change.
This article continues tomorrow, when we complete the analysis of how the World Bank is differentiating its carbon credits. There will be also reference to the first country in 2024 that was considerably paid for for these efforts.
