News and Events

12.17.2004
European Investment Bank and World Bank Agree to Develop the “Pan-European Carbon Fund”

Luxembourg and Washington, December 17, 2004—The European Investment Bank (EIB) and the World Bank signed Thursday a Memorandum of Understanding (MoU) in which the two organizations agreed to cooperate in the development of a Pan-European Carbon Fund (PECF).

The PECF would be designed to help European countries meet their commitments to the Kyoto Protocol, which will enter into force early next year, and the European Union’s Emissions Trading Scheme (EU ETS), which will begin in January 2005.