The World Bank Group’s International Finance Corp. will close its fund for investing in projects that generate emissions credits from 2013, after the first period of the United Nations’ Kyoto Protocol ends.
The IFC suspended its Carbon Facility Fund about seven months ago after it had raised 150 million euros ($191 million), as plummeting UN offset prices triggered a measure to protect developing-nation projects supplying the credits.
“Following a decline in carbon prices, the facility is not able to offer a structure that allows for value to both participants and project developers,” Alexandra Klopfer, a spokeswoman for IFC in Washington, said yesterday by e-mail. “The participants decided in May 2012 that the facility will not make any new commitments.”
I’m glad to see they have wound up this ponzi scheme. Just a shame no one went to prison for it.