【文章內(nèi)容簡介】 capital markets, largely due to lack of familiarity with carbon finance opportunities, specific risks and transaction costs associated with the mechanisms. A number of actions can help maximize the transformational impact of carbon finance, notably by enhancing longterm carbon finance revenues, leveraging carbon finance and making it fit better into public and private sector investment decisionmaking. Experience with project development costs： The costs and delays associated with carbon finance transactions can be a challenge. These costs vary by project siz and technology. The World Bank has found that it takes roughly two years from project idea acceptance until the signing of the emission reductions purchase agreement (ERPA). The preparation costs associated with a carbon finance transaction over that time period includes due diligence work—which, in the case of projects in the World Bank’s portfolio, requires ensuring pliance with the World Bank environmental and social safeguard policies—and amount to an average of $200,000. These costs exclude additional regulatory costs for initial validation (preregistration) and periodic verifications. World Bank experience points to CDM regulatory cycle costs (validation and verification) increasing over time. This is contrary to initial expectations that costs would decline as experience was gained and petition increased amongst the auditors (Designated Operating Entities). Additionally, the regulatory costs for small projects have increased at an even faster pace than for large projects, even though the intention was to simplify procedures for smallscale CDM projects. This may be in part because validation and verification prices are not based on the size but rather the on degree of plexity of the project, and small projects are often in sectors that tend to be more plex to validate and verify. Reducing CDMrelated costs will require streamlining the project cycle. Efforts to enhance clarity and practicality in rules and documentation requirements are steps in the right direct direction. Moving towards more practical and less costly monitoring requirements is also important. Providing more avenues for munications with project entities and project developers as well as stakeholder consultations will also be useful. Carbon finance a driver for grass root climate friendly change： The CDM and JI market mechanisms are sparking the imagination of entrepreneurs and we have seen that they can be a real driver for climatefriendly change. For example, through the signal of the carbon price, there have been important transformations in the solid waste management sector, supporting sustainable urbanization throughout the developing world. The marketbased mechanisms are incentivizing project developers to find ways to reduce GHG emissions, such as improving the efficiency in brickmaking and providing the needed financial support for the sustainable production of pig iron. The private sector is increasingly aware that the barriers to and costs of improving energy efficiency in household consumption can be partly addressed with carbon finance. This is illustrated through World Bank microlevel energy efficiency activities targeted at households in Senegal, Rwanda and Bangladesh. Given the climate challenge and the need for action, it is imperative to amplify these efforts and activities. Such scaling up will require building on the rich experience and impressive learning done through the market mechanisms to make sure they can stimulate more of these activities. Key features of successful projects： From the World Bank’s experience of looking at more than 1,000 project ideas and actively working on more than 200 projects, we can identify four key features of successful CDM/JI projects. They closely mirror those found in development projects more generally. These features include: 1. A mitted champion： someone within the pany or government who enthusiastically promotes the progress of the project through its critical stages to obtain resources and/or active support from top management. External technical assistance may be necessary when facing low capacity, but temporary consultants do not make effective champions. 2. Strong project design amp。 planning from the start： which includes feasibility studies as well as financial and methodology assessments early in the project cycle. Detailed upstream financial and technical due