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ADB seeks to raise $100 mn for carbon fund

ADB seeks to raise $100 mn for carbon fund

Singapore: The Asian Development Bank (ADB) may secure at least $100 million (Rs505 crore) in financing for a fund to buy carbon credits after the expiry of the Kyoto Protocol in 2012, an official said.

The Future Carbon Fund, which started operations in January with commitments from countries including Finland, Belgium and Sweden, may raise at least $100 million in the first half, Philip Wood, a spokesman for the Manila-based bank, said.

The 1997 Kyoto Protocol, an agreement among nations to curb global warming, assigned emission-reduction targets to developed countries for the five years through 2012. Private funds are not investing in projects that issue credits after 2012 because of uncertainty over climate protection plans when the Kyoto Protocol expires.

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