Carbon Finance at the World Bank .................................................................................. 4

Innovating Climate Finance ....................................................................................... 6

Exchanging Experiences ............................................................................................ 8

Navigating the Carbon Market ................................................................................ 10

Working in our Regions .......................................................................................... 12

Putting Least Developed Countries First .................................................................. 18

Report on Business ......................................................................................................... 20

Summary of Operations .......................................................................................... 21

The Prototype Carbon Fund .................................................................................... 23

The Community Development Carbon Fund ........................................................... 29

The BioCarbon Fund ............................................................................................... 36

The Netherlands Clean Development Mechanism Facility ........................................ 48

The Netherlands European Carbon Facility .............................................................. 50

The Italian Carbon Fund .......................................................................................... 52

The Danish Carbon Fund ........................................................................................ 56

The Spanish Carbon Fund ....................................................................................... 59

The Carbon Fund for Europe ................................................................................... 66

The Forest Carbon Partnership Facility ..................................................................... 70

The Carbon Partnership Facility ............................................................................... 75

The Way Forward ........................................................................................................... 78

The Partnership for Market Readiness ..................................................................... 80

REDD+: Exploring the Role of Forests ...................................................................... 83

Early Lessons from the Forest Carbon Partnership Facility ........................................ 85

CDM in the Poorest Countries ................................................................................ 86