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As the Bank's carbon finance operations have illustrated, there are numerous opportunities for cross-sector collaboration. Carbon finance has acted as a powerful catalyst in developing projects that promote rural electrification, renewable energy, improvements in urban infrastructure, sustainable forestry practices and water resource efficiency.
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The Prototype Carbon Fund (PCF) Project Portfolio and the Bank's Strategic Goals
The Carbon Finance Business (CFB) has demonstrated the far-reaching potential of a fully implemented CDM/JI Mechanism by improving basic service delivery through private participation in infrastructure and supporting the development and reach of markets throught the Prototype Carbon Fund (PCF).
A glance at the PCF project portfolio reveals the full range of CFB contributions to the World Bank's strategic goals in the fields of energy and environment. The small hydropower projects in Latin America and Africa have resulted in improved access to clean, renewable energy by poorer communities, and in the case of Chile Chacabuquito also led to a strengthening of policies governing land-use and biodiversity protection in the project area. Energy efficiency projects in Bulgaria and the Czech Republic will lead to reductions in pollution from commercial sources of energy and enhanced urban air quality.
Romania's afforestation project will improve soil fertility, and assist in soil stabilization and ecological reconstruction, in addition to generating emission reductions. In Moldova, the PCF's soil conservation project will generate employment through afforestation work and forest management, and is expected to create income through the sale of forest products. In addition, the project will enhance sustainable agricultural production through protection of soil against erosion and landslides.
The landfill gas-to-energy projects in Latvia and South Africa ensure the sustainability of efficient land-fill management through the provision of revenues from emission reductions. In the case of the Durban landfill gas project, an incremental payment of US$ 0.20 per ton of greenhouse gas emission reductions will be provided for a social action project to benefit local stakeholders, in line with the Bank's policy of participatory social initiatives.
As the portfolio has developed, the dovetailing of strategic interests among greenhouse gas mitigation, the improvement of the local environment and provision of access to clean and reliable energy has become increasingly evident. The availability of carbon finance has played a crucial role in forging these linkages.
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