A Financing Facility for Low-carbon Development
This paper proposes an innovative financing mechanism, known as the Low Carbon Development Facility (LCDF) that would bring additional investment financing at concessional rates to unlock low carbon development projects in non-Annex 1 countries, increasing project-based emissions avoidance in these countries. The LCDF could be a modality of the Copenhagen Green Climate Fund to implement the financial pledges made by Annex 1 countries as a result of Copenhagen and post-COP15 negotiations to support projects, programs, policies and/or other activities in developing countries related to NAMAs. LCDF will not substitute the Global Environment Facility (GEF) and the Clean Technology Fund (CTF) and would rather support the innovative projects pioneered by these instruments.
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$1 trillion $80 billion AAA rating additionality Annex I countries annual default rate Appendix approved methodologies average balance sheet baseline basis points borrowing bullet loans calculations using UNFCCC capital markets carbon dioxide equivalent carbon finance carbon market carbon offsets CDM methodologies CDM portfolio CDM projects climate change cohorts of loans common but differentiated concessional cost of abatement credit risk developing countries differentiated responsibilities emission reduction projects enhanced CDM environmental ERTC estimated facility financial viability GHG emissions global mitigation GtCChe implementation income initial paid-in capital Kyoto Protocol LCDF Financial Model LCDF financing LCDF's lending rate leverage LIBOR limited loan portfolio low-carbon development projects low-carbon projects McKinsey & Company MethPanel mitigation effort mitigation potential mitigation projects monitoring multilateral development banks non-Annex I countries number of loans ȱ ȱ operating costs percent projects submitted rating agencies Source steady target tradable CERs U.S. dollar U.S. Treasury UNFCCC data World Bank