The World Bank said in a statement issued during its participation in the United Nations Climate Summit “COP27” in the Egyptian city of Sharm El-Sheikh that the new partnership known as “Scaling Up Climate Action by Reducing Emissions” (Scale) will provide grants to reduce emissions in a verifiable manner with the expansion of Sources of financing for global commodities.
The statement quoted World Bank Group President David Malpass as saying that climate financing needs major new mechanisms that pool financing from the international community “to achieve effective reductions in greenhouse gas emissions in the developing world.”
Malpass explained that the Scale mechanism offers a new “undivided” way for the international community to take action on climate change.
He said verifiable emissions reductions under Scale and similar mechanisms are also an important step toward building effective carbon credit markets.
The World Bank indicated that the “Scale” mechanism will provide results-based climate finance so that countries receive grants to achieve pre-agreed and verifiable results “based on the World Bank Group’s twenty-year experience in this field.”
He added that Scale will support countries “in building a track record of achieving emissions reductions from effective programs and policies that they can implement to achieve their national emissions reduction goals.”
He noted that the Scale mechanism would also generate excess credit that could be offered in carbon markets with the potential to unlock additional private sector financing.
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