WB Launches New Fund to Reduce Carbon Emissions in World

The World Bank (WB) announced yesterday (Tuesday) the creation of a new multi-partner fund, which will bring together financing from the international community, including donor countries, the private sector, and foundations, to “shape scalable pathways to reduce greenhouse gas emissions.”

According to the bank, the Scale Climate Action Partnership (SCALE) will provide grants to reduce verifiable emissions and expand international public goods financing sources.

Climate finance needs major new mechanisms that "pool finance from the international community to achieve effective reductions in greenhouse gas emissions throughout the developing world."

David Malpass, President of the World Bank Group, said, “The Scale Fund provides a major undivided avenue for the international community to take action on climate change.

He added that the verifiable emissions reductions established by SCALE and similar mechanisms would also be an important step toward building efficient carbon credit markets.