The Instrument Establishing The World Bank Prototype Carbon Fund (Pcf) And The First PCF Emission Reductions Purchase Agreement

• Author: David Freestone
• Profession: Chief Counsel, World Bank
• Pages: 433-524

Contenidos

• International Bank For Reconstruction And Development Resolution No. 99-1 Authorizing Establishment Of The Prototype Carbon Fund
• Now Therefore It Is Hereby Resolved As Follows.
• Annex I:.
• SCHEDULE 1.
• Schedule 1.
• Schedule 2.
• Schedule 3.

David Freestone, Chief Counsel, Environmentally and Socially Sustainable Development and International Law, Legal Vice Presidency, The World Bank. The author coordinated the legal work on the development of the Fund. For more details see David Freestone, The World Bank's Prototype Carbon Fund: Mobilising New Resources for Sustainable Development in Liber Amicorum: Ibrahim Shihata (K.Y. Tung and S. Schlemmer-Schulte eds., Kluwer Law International 2001).

Page 433

International Bank For Reconstruction And Development Resolution No 99-1 Authorizing Establishment Of The Prototype Carbon Fund

As Amended by Resolutions No. 2000-1¹ and No. 2001-3²

WHEREAS the International Bank for Reconstruction and Development (the "Bank") desires to promote project-based mechanisms that will help countries to reduce global concentrations of greenhouse gases and therefore minimize the adverse impacts of climate change on developing countries and countries with economies in transition;

WHEREAS in order to further that objective, the Bank desires to establish the Prototype Carbon Fund to be administered by the Bank to provide participants in the Prototype Carbon Fund with the opportunity to finance projects in developing countries and countries with economies in transition to generate greenhouse gas emission reductions which could be transferred to the participants, thereby assisting them in satisfying their obligations under the United Nations Framework Convention on Climate Change, related international agreements and domestic legislation;

Page 434

Now Therefore It Is Hereby Resolved As Follows

The Executive Directors hereby establish the Prototype Carbon Fund on the terms and conditions set forth in, and substantially in the form of, Annex I attached to this Resolution.

Page 435

Annex I:

Instrument Establishing The Prototype Carbon Fund

Whereas: (A) The International Bank for Reconstruction and...