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World Bank Group announces 'SCALE' — a new fund for lowering emissions

World Bank Group announces 'SCALE' — a new fund for lowering emissions

World Bank Group announces 'SCALE' — a new fund for lowering emissions
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By CNBCTV18.com Nov 8, 2022 4:48:53 PM IST (Published)

"The Scaling Climate Action by Lowering Emissions (SCALE) partnership will provide grants for verifiable emissions reductions and expand the funding sources for global public goods," the World Bank said in a statement. 

The World Bank on Tuesday announced a multi-partner fund that would pool money from the global community for scalable pathways to reduce greenhouse gas emissions.

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The participating global community would include donor countries, foundations and the private sector.
"The Scaling Climate Action by Lowering Emissions (SCALE) partnership will provide grants for verifiable emissions reductions and expand the funding sources for global public goods," the World Bank said in a statement.
David Malpass, President of the World Bank Group, said SCALE offers a key non-fragmented avenue for the global community to take action on climate change. “The verifiable emission reductions created by SCALE and similar mechanisms will also be an important step toward building effective carbon credit markets,” he said.
SCALE would ensure results-based climate finance where countries would receive grant payments for achieving verifiable and pre-agreed results.
"SCALE will support countries to build a track record of generating emission reductions from impactful programs and policies that they can apply toward their national emission reduction targets. SCALE will also yield excess credits that can be offered in carbon markets with the potential to unlock additional private sector funding," the statement said.
According to the statement, the multi-partner fund will also pool private and public resources to:
  • Channel additional funding to middle and low-income countries’ emission reduction programs
  • Help bridge the gap between the supply of and demand for high-quality emission reduction credits by supporting large-scale climate investments
  •  Help countries develop high integrity credits and enhance their access to international carbon markets.
  • Enabling Access to Benefits while Lowering Emissions (EnABLE) — an associated fund under SCALE — would improve the inclusivity of of marginalised communities as well as indigenous people in the programmes under partnership via specially-designed benefit sharing arrangements, the statement added.
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