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The World Bank’s Prototype Carbon Fund and China

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  • ZhongXiang Zhang

    (Research Program, East-West Center)

Abstract

As the first global carbon fund, the World Bank’s Prototype Carbon Fund (PCF) aims to catalyze the market for project-based greenhouse gas emission reductions while promoting sustainable development and offering a learning-by-doing opportunity to its stakeholders. Since the inception in 2000, the PCF has engaged in a dialogue with China to get it to sign up as a host country, because the World Bank and other international and bilateral donors expect great potential of the clean development mechanism (CDM) in China and feel the significant need for building CDM capacity in China to enable it to gain more insight into the CDM and increase its capacity to initiate and undertake CDM projects. This paper first discusses why China had hesitated to sign up as a host country of PCF projects until September 2003. Then the paper explains what has led China to endorse the PCF projects. The paper ends with discussions on the implications of the PCF’s offering prices for the emerging global carbon market.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2004.138.

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Date of creation: Nov 2004
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Handle: RePEc:fem:femwpa:2004.138

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Keywords: Carbon prices; Carbon market; China; Prototype Carbon Fund; The World Bank;

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  1. Andreas Löschel & Zhong Zhang, 2002. "The economic and environmental implications of the US repudiation of the kyoto protocol and the subsequent deals in Bonn and Marrakech," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 138(4), pages 711-746, December.
  2. ZhongXiang Zhang, 2000. "Estimating the size of the potential market for the Kyoto flexibility mechanisms," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 136(3), pages 491-521, 09.
  3. Franck Lecocq, 2003. "Pioneering Transactions, Catalyzing Markets, and Building Capacity: The Prototype Carbon Fund Contributions to Climate Policies," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(3), pages 703-707.
  4. Zhang, ZhongXiang, 2004. "Meeting the Kyoto targets: the importance of developing country participation," Journal of Policy Modeling, Elsevier, vol. 26(1), pages 3-19, January.
  5. Zhang, ZhongXiang, 2000. "An assessment of the EU proposal for ceilings on the use of Kyoto flexibility mechanisms," MPRA Paper 13151, University Library of Munich, Germany.
  6. Franck Lecocq & Karan Capoor, . "State and Trends of the Carbon Market 2005," World Bank Other Operational Studies 13411, The World Bank.
  7. Franck Lecocq & Karan Capoor, . "State and Trends of the Carbon Market 2003," World Bank Other Operational Studies 13416, The World Bank.
  8. Zhang, ZhongXiang, 1999. "Estimating the size of the potential market for all three flexibility mechanisms under the Kyoto Protocol," MPRA Paper 13088, University Library of Munich, Germany.
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Citations

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Cited by:
  1. ZhongXiang Zhang, 2010. "China in the Transition to a Low-Carbon Economy," Working Papers 2010.76, Fondazione Eni Enrico Mattei.
  2. ZhongXiang Zhang, 2009. "Is It Fair to Treat China as a Christmas Tree to Hang Everybody’s Complaints? Putting its Own Energy Saving into Perspective," Working Papers 2009.45, Fondazione Eni Enrico Mattei.
  3. Zhang, ZhongXiang, 2006. "Toward an effective implementation of clean development mechanism projects in China," Energy Policy, Elsevier, vol. 34(18), pages 3691-3701, December.

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