17 June 2010: The European Investment Bank (EIB) together with CDC Climat, the French Development Agency (AFD), PROPARCO, the Cassa depositi e prestiti (CDP) and KfW Bankengruppe, the German promotional bank, have joined forces to study and promote the creation of a Mediterranean Carbon Fund (MCF).

The initiative, designed to support deployment of climate-friendly projects around the Mediterranean, will use carbon credits generated under the Clean Development Mechanism (CDM), covering renewable energy, waste management and energy efficiency projects. The Fund is expected to be set up during 2011, and its size will be based on an evaluation of the volume of carbon credits potentially generated by projects under the CDM, which could reach EUR 200m. [EIB Press Release]