World Bank2012-03-192012-03-192010-05-01https://hdl.handle.net/10986/2873Under the Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC), the industrialized countries adopted quantified emission reductions obligations. Marking the 10th anniversary of the establishment of the World Bank Prototype Carbon Fund (PCF) the world's first global carbon fund, this report seeks to take stock of the World Bank's experience of working with the Kyoto Protocol's project-based mechanisms over the past decade. The Clean Development Mechanism (CDM), as the much larger system in terms of projects, emission reductions and host countries, is the basis for much of the report's discussion. Joint Implementation (JI) is also discussed. Policy-makers and negotiators are working on advancing the policy framework and the regulatory structures to mitigate greenhouse gas (GHGs) at greater scale. Furthering the use of market instruments should incorporate the lessons of the past into future designs, making full use of the experience and learning that has been gained. This will mean building upon the successes of the current CDM and JI regulatory frameworks, addressing weaknesses, and abandoning what is not working. This publication seeks to make a constructive contribution to this debate, in full respect of the ongoing international climate change negotiations, by providing insights and recommendations from a practitioner's experience and perspective.CC BY 3.0 IGOABATEMENTABATEMENT COSTACCOUNTABILITYAFFORESTATIONALLOWANCEANTHROPOGENIC INTERFERENCEATMOSPHEREATMOSPHERIC CONCENTRATIONSAVERAGE PRICEBANKBASELINE EMISSIONSBASELINE METHODOLOGIESBASELINE METHODOLOGYBENEFITSBIOGASBIOMASSBIOMASS ENERGYCALCULATIONCAPACITYCAPITALIZATIONCAPSCARBONCARBON ASSETCARBON ASSETSCARBON CAPTURECARBON CREDITSCARBON DIOXIDECARBON DIOXIDE EQUIVALENTCARBON FINANCECARBON FINANCE ACTIVITIESCARBON FINANCE OPERATIONSCARBON FINANCE OPPORTUNITIESCARBON FUNDCARBON FUNDSCARBON INVESTMENTCARBON MARKETSCARBON PAYMENTSCARBON PRICECARBON REVENUESCARBON SEQUESTRATIONCERTIFIED EMISSION REDUCTIONCERTIFIED EMISSION REDUCTIONSCH4CLEAN DEVELOPMENTCLEAN DEVELOPMENT MECHANISMCLIMATECLIMATE ACTIONCLIMATE CHANGECLIMATE CHANGE MITIGATIONCLIMATE CHANGE MITIGATION ACTIVITIESCLIMATE CHANGE NEGOTIATIONSCLIMATE EXCHANGECLIMATE SYSTEMCOCO2COALCOLORSCOMMERCIAL LOANSCOMPOSTINGCRITERIADEBTDEMANDDEVELOPED COUNTRIESDIFFUSIONDIOXIDE CARBONDNADOMESTIC EMISSIONSECONOMIC CIRCUMSTANCESECONOMIESECONOMIES IN TRANSITIONEFFICIENT LIGHTINGELECTRICITYEMISSIONEMISSION BASELINEEMISSION CALCULATIONSEMISSION CAPEMISSION CREDITEMISSION FACTOREMISSION FACTORSEMISSION REDUCINGEMISSION REDUCING PROJECTSEMISSION REDUCTIONEMISSION REDUCTION UNITEMISSION REDUCTION UNITSEMISSION REDUCTIONSEMISSION REDUCTIONS PURCHASE AGREEMENTEMISSION TARGETSEMISSIONSEMISSIONS FROM DEFORESTATIONEMISSIONS OBLIGATIONSENERGYENERGY DEMANDENERGY EFFICIENCYENVIRONMENTENVIRONMENTALENVIRONMENTAL BENEFITSENVIRONMENTAL INTEGRITYENVIRONMENTAL QUALITYENVIRONMENTAL RISKENVIRONMENTSEQUITYEXCHANGE RATEEXPECTATIONSFEASIBILITYFINANCIAL FLOWSFINANCIAL INSTRUMENTSFINANCIAL RETURNSFINANCIAL RISKFIXED COSTSFOREIGN EXCHANGEFORESTFOREST CARBONFOREST DEGRADATIONFOREST MANAGEMENTFORESTRYFORESTRY PROJECTSFORESTRY SECTORFRAMEWORK CONVENTION ON CLIMATE CHANGEGAS FLARINGGAS RECOVERYGHGGHGSGLOBAL CARBON MARKETGLOBAL ENVIRONMENT FACILITYGLOBAL WARMINGGLOBAL WARMING POTENTIALGOVERNANCEGOVERNMENTSGREENHOUSEGREENHOUSE GASGREENHOUSE GAS CONCENTRATIONSGREENHOUSE GAS EMISSIONGREENHOUSE GAS EMISSION REDUCTIONSGREENHOUSE GAS INTENSITYGREENHOUSE GAS MITIGATIONGWPHCIMPACTS OF CLIMATE CHANGEINCENTIVESINCOMEINDUSTRIAL GASESINDUSTRYINFLATIONINFRASTRUCTUREINTERESTINTERNATIONAL CLIMATE CHANGE REGIMEINTERNATIONAL EMISSION TRADINGINTERNATIONAL EMISSIONSINVESTMENT DECISIONSINVESTMENTSIPCCLANDLAND USELAND USE CHANGELANDFILLLANDFILL GASLEADLESSLEVELS OF EMISSIONSMARKET INSTRUMENTSMETHANEMETHANE EMISSIONSMITIGATING CLIMATE CHANGEMITIGATION ACTIONSMONTREAL PROTOCOLNATIONAL EMISSIONNATURAL GASNATURAL RESOURCESNITROUS OXIDENOOFFSETSOPTIONSPEPERFLUOROCARBONSPOLICIESPOLICYPORTFOLIOPOWER SECTORPPPRESENT VALUEPRICE SIGNALPRICESREDUCING EMISSIONSRENEWABLE ENERGYRESOURCE MANAGEMENTRESOURCESREVENUESERVICESSF6STRATEGIESSTREAMSSUBSIDIARYSUBSIDIESSULFURSULFUR HEXAFLUORIDESUPPLYSUSTAINABLE DEVELOPMENTTAXESTECHNICAL ASSISTANCETRANSACTION COSTSTRANSPORTTRANSPORT SECTORUNCERTAINTIESUNEPVALIDATION PROCESSVALIDATION PROTOCOLVALIDATION REPORTVALIDATION STAGEVALUEVALUESVERIFICATION OF EMISSION REDUCTIONSVERIFICATION PROCEDURESWASTE MANAGEMENTWINDWIND POWERWorld Bank10.1596/2873