Webinar Invitation - The World Bank Pilot Auction Facility: An Introduction
We are pleased to invite you to a live webinar, presented by the World Bank Climate Change Group on Thursday 10th March 2016 at 15:00 CET. We will send you information on how to participate following registration.
The Pilot Auction Facility for Methane and Climate Change Mitigation (PAF) is an innovative climate finance mechanism developed by the World Bank that uses auctions to allocate price guarantees for future carbon credits. This guaranteed price is designed to be higher than today’s carbon credit market price, offering an attractivefinancial incentive for methane mitigation activities.
On July 15, 2015, the first auction of the PAF resulted in the sale of put options to purchase 8.7 million tons of carbon dioxide emission reductions at $2.40 per ton.The auction attracted 28 bidders—15 from developing countries—representing companies ranging from large multinationals to small local businesses.
The second auction—scheduled for May 12, 2016—will deliver price guarantees for methane reductions, in solid waste management gas to energy and flaring projects as well as waste water treatment and agricultural waste management (including biogas) projects.
Through these auctions the PAF is piloting a scalable model for large flows of future climate finance. Germany, Sweden, Switzerland and the United States have publicly pledged funding and others are expected to provide additional contributions.
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