【正文】 ng down overall costs, namely, Emissions Trading (ET), Joint Implementation (JI) and the Clean Development Mechanism (CDM). The Carbon market is characterized by a number of major actors. On the regulatory side, the UNFCCC is in charge of setting the rules related to transactions for pliance with obligations under the KP. The Clean Development Mechanism (CDM) is the mechanism under the KP directly relevant for the developing world. It provides for industrialized countries to invest in emissionreducing projects in developing countries and to use (part of) the resulting “certified emissions reductions” towards their own pliance with the emission limitation targets set forth by the Kyoto Protocol. The CDM has two main objectives (as laid down in Article of the KP): (1) to assist Parties not included in Annex I in achieving sustainable development and in contributing to the ultimate objective of the Convention, and (2) To assist Parties included in Annex I in achieving pliance with their quantified emission limitation and reduction mitments. One important initiative facilitating pliance with the KP is the Carbon Finance Business (CF) of theWorldbank Group. Through a number of funds the CF facilitates transactions between project sellers in developing countries and project buyers in Annex I countries. Compliance with the regulatory CDM framework set up by the UNFCCC and its subsidiaries (the Executive Board (EB) and the Methodology Panel (Methpanel)) is a prerequisite for participating in the CF funds. On the buyer side, several OECD entities (governments, funds and panies) are active. The most important regulatory framework providing a cap on emissions,is the European Emissions Trading System (ETS), but other buyers, such as in Japan, are also contributing significantly to the demand for emission reductions. In order to give an overview of opportunities and requirements of the carbon market with regard to bioenergy, this paper is divided into four main sections. The first section (Chap. 2) briefly introduces bioenergy and its significance for climate change mitigation and the role of bioenergy in the Kyoto Protocol. The second part (Chap. 3) elaborates on the modalities and procedures of the CDM (set forth in the KP and the Marrakech Accords), with special regard to opportunities and in particular some serious limitations for bioenergy. Possible solutions to these are presented. The third part (Chap. 4) gives an overview of the Worldbank CF related funds. These four sections are followed by a final chapter concluding the discussions and an annex including key information about other major carbon funds. 2. Bioenergy for Mitigation of GHG Emissions and Sustainable Development . TRADITIONAL USE OF BIOMASS Bioenergy provides about 11% of total global primary energy supply, and approximately 35% in developing countries. The share of biomass in primary energy consumption in Africa is more than 70% (Kaltschmitt 2020). Some SubSaharan countries, and other countries like Ethiopia and Haiti, obtain more than 90% of their energy needs from biomass (FAO 20203) and this situation is not expected to change in the near future. In terms of globalwood consumption fuelwood represents more than 50% (FAO 2020). One of the major problems of current patterns of biomass use for energy is the low conversion efficiency. In households, most biomass is burnt in socalled three stone stoves with an average conversion rate of 10% (Kaltschmitt 2020). In urban areas or larger settlements, larger biomassfuelled plants are mon, but due to maintenance problems, low technical standards and lack of knowledge about operating them, conversion efficiencies are of the same order of magnitude of roughly 10–15%. In the case of many developing countries current patterns of energy production and use (. the baseline scenario) are not fossil fuels, but some form of bioenergy, albeit mostly produced and utilized in an inefficient and environmentally harmful manner. Energy efficiency improvements often represent a straightforward option for emission reductions, as the existing fuel cycles do not have to be changed and thus nonfinancial barriers to adoption are more likely to be rather low. On the other hand, investment in new equipment and upfront financing are usually not readily available. . THE SCOPE FOR EMISSION REDUCTION THROUGH BIOENERGY The assessment of potential carbon emission credits generated by a bioenergy project requires the parison of greenhouse gas emissions over the entire life cycle of the energy chain, including the production of raw materials and their conversion to useful energy. Bioenergy projects may mitigate GHG emissions in two ways: (1) from the sequestration generated if carbon stocks in the terrestrial biosphere can be increased. (2) by lower emissions associated with the production and use of bioenergy, as pared with that of the fossilbased energy. In terms of reducing greenhouse gas emissions, results vary according to the emissions at each step in the production chain. Sequestration of CO2 of 60 to 87 GtC in carbon sinks over a