外文翻译-----碳金融的十年发展经历

《外文翻译-----碳金融的十年发展经历》由会员分享，可在线阅读，更多相关《外文翻译-----碳金融的十年发展经历（13页珍藏版）》请在毕设资料网上搜索。

1、本科毕业论文外文原文 外文题目： 10 Years of Experience in Carbon Finance 出 处： The World Bank Carbon Funds 作 者： Robert B. Zoellick, World Bank President UN Climate Change Conference 原 文： The World Banks carbon finance operations expanded from the pioneering Prototype Carbon Fund, which helped catalyze a nascent car

2、bon market in 2000, to 10 funds and facilities with a current capitalization of more than US$2.5 billion. The experience of carbon finance hasand continues to beone of rich learning. Significant capacity building has occurred and must be sustained. This brochure has been prepared to highlight some o

3、f the most important lessons learned from the first ten years of carbon finance. Carbon finance is an important revenue stream for greenhouse gas mitigation projects. It has so far played a catalytic role in leveraging other sources of finance in support of low carbon investments. However, there is

4、still room for improvement. As we enter the second decade of carbon finance, the World Bank is taking stock of its experience and progress to date to inform future development and implementation of the mechanisms. The CDMS are an important tool for private sector action on climate mitigation, which

5、should be further encouraged. There are significant developmental and social co-benefits associated with market mechanisms that need to be recognized. An obstacle to maximizing the leverage potential of carbon finance for low carbon investments is insufficient predictability in the CDM. A supportive

6、 enabling environment and overall investment climate are key to attracting CDM investments. Some CDM decisions have had a disproportionate negative impact on Least Developed Countries. Environmental integrity is essential for both the overall climate regime and the carbon market. However, additional

7、ity remains a challenge due to its inherent subjective nature. Improvements to the CDM are needed to scale-up emission reductions. Measures are already being taken and must be sustained and stepped-up. In 2000five years before the Kyoto Protocol to the United Nations Framework Convention on Climate

8、Change entered into forcethe World Bank, with its partners in the Prototype Carbon Fund (PCF), established the first global carbon fund to create a demand for carbon credits and to gain experience with the Kyoto Protocol project-based mechanisms, i.e., the Clean Development Mechanism (CDM) and Joint

9、 Implementation ( JI). This, along with subsequent carbon funds and facilities, helped catalyze a nascent market for emission reductions which has since seen dramatic changes. Many other players have entered the CDM and JI market where transactions in 2008 alone amounted to close to $7 billion. Comi

10、ng up to the 10-year anniversary of the PCF, the Bank is taking stock of its experience in the carbon market and sharing lessons and insights from using the Kyoto Protocol project-based mechanisms to achieve greenhouse gas (GHG) mitigation and sustainable development through projects in developing c

11、ountries and in economies in transition. The World Banks approach to carbon finance has been based on three main objectives: Strengthening the capacity of developing countries to benefit from the market for GHG emission reductions； Ensuring that carbon finance contributes to sustainable development,

12、 beyond its contribution to global environmental efforts； Assisting in building, sustaining and expanding the market for GHG emission Reductions. The market for project-based emission reductions has grown significantly since the early days of the PCF, and has the potential to grow substantially more

13、 to become instruments of a much larger scale shift to low-carbon development. The World Banks pioneering carbon finance operations continue to play a role in leveraging new public and private investment into CDM and JI projects, as well as providing technical assistance for capacity building and pr

14、oject preparation. Further growth of the market will require the establishment of a clear and predictable regulatory framework with a robust price signal to provide a continued incentive to mobilize capital in support of climate-friendly as well as environmentally and socially responsible projects i

15、n the Banks client countries. While the CDM and JI have achieved significant successes in catalyzing low carbon investment and private sector participation, it is clear that the experience has been one of learning-by-doing and that the learning continues. The experience of the World Bank, as describ

16、ed in this brochure and to be further elaborated in a forthcoming reportshows both the successes and the options that exist for improving the effectiveness of the mechanisms. Looking at 10 years of trial and error, this brochure explores how to build on the rich carbon market experience. Asthe inter

17、national community embarks on urgent, effective and practical action that is required to respond to the challenge of climate change, it will need to use the full range of instruments at its disposal including carbon finance. Growth of carbon finance at the World Bank and its portfolio： In 2000 the P

18、CF started with $160 million (USD). Since then, the World Bank has gone on to create a whole family of funds and facilitiescapitalized at approximately $2.5 billiondesigned to facilitate access to the mechanisms by its borrowing coun tries, reduce risk, and extend the reach of carbon finance into di

19、verse niches in the market. It continues to set an example in this field both by effecting learning-bydoing and providing catalytic carbon finance to under-represented project types, with funds like the BioCarbon Fund and the Community Development Carbon Fund, respectively focusing on areas such as

20、land use/forestry and small-scale projects in the poorest communities. Meanwhile, the overall primary market for CDM and JI grew from exploratory transactions, limited in number, in the early 2000s to a much larger volume of transactions from 2005 onwards, with the entry into force of the Kyoto Prot

21、ocol and the official start of operations in the European Union Emissions Trading Scheme (EUETS). Over the years, the World Bank has reviewed more than one thousand project The World Bank carbon funds aim for portfolio diversification both in terms of geography and of technology/sectorsomething which has not always been easy to