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World Bank makes repayment of bonds for emission reductions under PAF

The repayment amount of US$13 million is linked to the reduction of emissions from methane and nitrous oxide at twenty project sites in Brazil, Chile, Egypt, Malaysia, Mexico, and Thailand, representing over five million tons worth of eligible carbon credits.


World Bank makes repayment of bonds for emission reductions under PAF
The PAF is an innovative program introduced in 2015 that uses auctions and price guarantees, delivered in the form of bonds, to promote private sector investment in climate action. Image Credit: Pexels

The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) has made the fourth repayment of bonds issued under the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF) in exchange for eligible emission reductions.

The repayment amount of US$13 million is linked to the reduction of emissions from methane and nitrous oxide at twenty project sites in Brazil, Chile, Egypt, Malaysia, Mexico, and Thailand, representing over five million tons worth of eligible carbon credits.

The PAF is an innovative program introduced in 2015 that uses auctions and price guarantees, delivered in the form of bonds, to promote private sector investment in climate action. The PAF supports landfills, wastewater treatment, biogas utilization, and nitrous oxide abatement at nitric acid plants (not adipic acid) around the world.

To date, US$37.3 million have been paid to investors in exchange for carbon credits representing 14.1 million tons of CO2. The carbon credits represent the number of harmful gases companies has prevented from being released in the atmosphere.

The PAF recently announced that it will host a fourth auction that will focus on methane-reducing projects from landfill, animal waste, and wastewater sites. The bonds issued from PAF auctions will continue to make payments through 2020.


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