Five private firms win in $13m climate auction

The World Bank has allocated $13 million (£10.7m) through its third climate auction. A total of 13 companies participated in the online Pilot Auction Facility (PAF), with five firms winning contracts. That gives them the right to sell their future carbon credits to PAF at a fixed price of $2.10 (£1.7)/carbon credit. If redeemed, these […]

World Bank auctions to create ‘eBay for climate’

The World Bank hopes to create a large scale “eBay for climate” through its auctions. Its second pilot programme, which auctioned $20 million (£13.8m) of climate funds, attracted bidders from 12 developed and developing countries, ranging from large multinationals to small local businesses. That’s expected to help reduce the equivalent of 5.7 million tons of […]