July 2015 Climate Finance Update - Climate Change Policy & Practice

6.8.15

July 2015 Climate Finance Update - Climate Change Policy & Practice:

On climate finance news and developments, IDB approved the
Climate-Smart Agriculture Fund for Latin America and the Caribbean
(CSAF) to unlock private-sector investment in projects that increase
farmers' incomes and address climate change through sustainable land use
and enhanced climate resilience. The US$5 million concessional
financing tool was developed in partnership with the Global Environment
Facility (GEF). [IDB Press Release]

The
first auction of the World Bank's Pilot Auction Facility for Methane
and Climate Change Mitigation (PAF), held on 15 July, resulted in
purchases of guarantees for emissions reductions totalling 8.7 million
tonnes of carbon dioxide (CO2) at a clearing price of US$2.4 per credit.
Of 28 private-sector bidders from both developed and developing
countries, 12 companies won in the auction. The World Bank will organize
additional pilot auctions in the short term and plans to use larger
auctions targeting other greenhouse gases (GHGs) in the near future. [World Bank Press Release] [PAF Auction Results] [World Bank Press Release]