Memorandum of understanding on post-2012 carbon fund

In late September, NIB, the European Investment Bank, Kreditanstalt für Wiederaufbau and Instituto de Crédito Oficial signed a memorandum of understanding demonstrating the interest of the institutions in seeking cooperation towards setting up a post-2012 carbon credit fund.

The fund would support environmentally beneficial projects via the acquisition of carbon credits generated in the period starting in 2013, i.e. after the Kyoto Protocol commitment period and the second phase of the European Trading System. The potential fund may also include other national or multilateral development financing institutions.