$500 million Transformative Carbon Asset Facility was launch by World Bank [ Current Affairs ]
$500 million dollars Transformative Carbon Asset Facility (TCAF) has launched by the World Bank to help developing countries pay for emission reductions and combat climate change as decided in COP 21. It is market-based scheme specially designed to help developing countries for development of technologies which will helps to reduce climate and also establish the world’s first programmatic carbon market.
- According to this scheme developing countries will be rewarded with this amount in order to reduce emissions by paying a fee for each tons of carbon dioxide (CO2) reduced.
- Future Nationally Determined Contributions (INDCs) will implemented by countries with the help of TCAF.
- Germany, Norway, Sweden and Switzerland have jointly provided an initial 250 million dollars investment total of $500.
- Renewable energy, energy efficiency and waste management projects are implemented using this scheme.
- And also to reduce emissions in cities and from the transport sector this will be very helpful.
About COP 21:
- 21 session of Conference of the Price 2015 from 1992.
- It was held in Le Bourget, Paris.
- 196 countries have participated in this conference.
- The main aim behind this conference is to fight agents climate, and for this all countries have to signed a document if they are agreed to reduce emission up to 2C (degree celosias).
- According to current report only china has agreed with this.
- And for the implementation of this developing countries will be helped by developed (industrialized) countries in order to reduce emission.
- Published on: December 7, 2015