PARIS (Sputnik) – The Transformative Carbon Asset Facility (TCAF) is designed to help states create next-generation carbon assets with reduced greenhouse gas emissions to combat climate change.
"We want to help developing countries find a credible pathway toward low carbon development. This initiative is one such way because it will help countries create and pay for the next generation of carbon credits," the press release reads.
The TCAF plan is set to begin operations in 2016 with a target budget of $500 million and an additional $2 billion of investment and policy-related lending by the World Bank and other creditors.
The statement comes amid the ongoing UN climate summit in Paris aimed at adopting a historic and legally binding, comprehensive agreement to curb carbon-dioxide emissions and other greenhouse gases. The summit will last from November 30 to December 11.
