13 November 2009: The Republic of Korea is the first Asian country to join the Asian Development Bank’s (ADB) Future Carbon Fund, with a $20 million commitment to acquire post-2012 carbon credits.
The Future Carbon Fund was approved by ADB’s Board of Directors in July 2008 and became operational early this year. It is designed to help mitigate the effects of climate change by offering a mutually beneficial solution for both developing and developed member countries. This is achieved by helping governments, companies and institutions acquire Certified Emission Reductions (CERs) – or carbon credits – that are generated through ADB-financed projects in developing member countries. [ADB Press Release]