Today’s announcement is the result of two decades of work to build sound, transparent carbon markets that pay developing countries for their climate efforts that benefit us all. This includes working with private and public sector partners to implement integrity principles for buyers and sellers of credits and introducing common frameworks for organizations validating and verifying credits, such as independent credit rating agencies. The Roadmap outlines the Bank’s ambition to work with others to deliver solutions to expand liquid and transparent carbon markets. ![]() Our experience with the FCPF and other initiatives has resulted in a formula that can catalyze effective carbon markets and make good on their promise for people and planet.” “With the World Bank Engagement Roadmap for High-Integrity Carbon Markets, we will collaborate with partners to scale effective global carbon markets. “Blessed with natural resources, these countries are set to benefit from carbon markets by earning income from protecting forests and using their land more sustainably,” World Bank Group President Ajay Banga said. The Bank supports countries in deciding how to use their carbon credits-either monetizing them through carbon markets, using them for their own Nationally Determined Contributions, or other transactions to raise additional finance. The programs cover entire jurisdictions, meaning that the reforestation and conservation efforts are not undermined by deforestation elsewhere. The 15 programs use cutting edge technology to ensure that carbon credits are accurately measured and accounted. ![]() Social integrity-making sure that communities, especially Indigenous Peoples and Local Communities, benefit most from these programs.Įach carbon credit is monitored, reported, and verified by a third party against the World Bank-managed FCPF Standard and World Bank Environmental and Social Standards.Environmental integrity-ensuring credits are unique, real, additional, permanent, and measurable and.What makes World Bank carbon credits unique and of high-integrity are two things: By 2028, it is expected all 15 FCPF countries will be in a position to interact with carbon markets. Supporting five countries in 2024, the World Bank will work with governments and local communities to access carbon markets. The 15 countries- Chile, Costa Rica, Cote d’Ivoire, Democratic Republic of Congo, Dominican Republic, Fiji, Ghana, Guatemala, Indonesia, Lao PDR, Madagascar, Mozambique, Nepal, Republic of Congo, and Viet Nam-are part of the World Bank’s Forest Carbon Partnership Facility (FCPF), which has supported pilot programs since 2018 to establish efficient systems for carbon-crediting initiatives. Thriving carbon markets have the potential to do the same for other countries in the long-term. These credits could earn up to $2.5 billion in the right market conditions, with much of that going back to communities and countries. By next year, these countries will have produced over 24 million credits, and as many as 126 million by 2028. ![]() World Bank Engagement Road map for High-Integrity Carbon Markets seeks to expand transparent and inclusive carbon markets that benefit developing countries firstĭUBAI, DecemToday, the World Bank announced ambitious plans for the growth of high-integrity global carbon markets, with 15 countries set to earn income from the sale of carbon credits generated from preserving their forests.
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