Carbon Capture and Storage Trust Fund

Description

Carbon capture and storage (CCS) technologies are potentially capable of making a significant contribution to meeting global GHG mitigation objectives. CCS is also viewed as one of the key technologies to mitigate emissions from fossil fuel power stations by up to 90 percent. Other industrial sectors (cement, iron & steel, chemicals) and the fuel production and transformation sector, with substantial GHG emissions, could also benefit from CCS development. Through this Trust Fund the World Bank Group (WBG) will play a facilitating and catalytic role for the development of CCS in Member Countries, based on a close working relationship with the major CCS initiatives and organizations. The main objectives of the Trust Fund are two-pronged and defined as follows: - To facilitate inclusion of CCS options into low-carbon growth strategies and policies developed by national institutions and supported by WBG interventions; - To support strengthening capacity and knowledge building to involve Member Countries in the international CCS forum, and to create opportunities for Member Countries to explore CCS potential, access carbon markets and realize benefits of domestic CCS technology development. The detailed concept and activities are presented in the attached Concept Note in item 5.4.

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