In November, 2002, the World Bank plans to launch the BioCarbon Fund, a public/private initiative established as a trust fund administered by the World Bank, similar to the Prototype Carbon Fund (PCF) (see link on the right). The target size of the Fund is US$100 million.
The BioCarbon Fund will be a prototype fund to demonstrate projects that sequester or retain carbon in forest and agro-ecosystems, in developing countries and countries in transition. It will aim to deliver cost-effective emission reductions, while promoting biodiversity conservation and sustainable development.
The BioCarbon Fund will use the successful PCF model to expand the reach of carbon finance to agricultural and forest ecosystems. It represents an opportunity to attract private capital to biodiversity protection, soil conservation and sustainable community development.