Dear Participants of the conference,
The World Bank's carbon finance initiatives are part of the larger global effort to combat climate change, and go hand in hand with the Bank's mission to support sustainable growth, reduce poverty and improve living standards. Climate change could unravel many of the development gains of the last several decades, and pause a major threat to long-term development.
The Bank is therefore making every effort to ensure that developing countries and economies in transition can benefit from international efforts to address climate change, including the emerging carbon market for greenhouse gas emission reductions. Our mission is to catalyze a global carbon market through the purchase of high quality emission reductions in climate-friendly projects in developing countries and economies in transition. As such, carbon finance is the first large scale initiative that seeks to catalyze private sector investments to address a global environmental issue.
Over the last six years, the World Bank has initiated several carbon funds with a total volume of over one billion US Dollars to help its client countries to make best use of the flexible mechanisms under the Kyoto Protocol. In the case of Russia, we are supporting public administrations on federal and regional levels as well as companies with technical assistance and funds to prepare carbon reduction projects.
I am sure that this conference will be another important step reducing the threat of climate change.
Sincerely yours,
Kristalina Georgieva
Country Director and Resident Representative in Russia
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