Facility for Performance Based Climate Finance in Latin America
This was an initiative to support sustainable and climate-friendly development and transformation of defined sectors in Latin America through the implementation of performance-based greenhouse gas mitigation activities. The PBCF Facility is aimed at implementing pilot schemes that lead to monitored and verified CO2 equivalent emission reductions and contribute to the overall objective of limiting global warming; designing innovative incentive schemes for sector reform which are linked to achieved emission reductions (performance-based approach); supporting development of showcases for the definition of sector/sub-sector baselines and implementation of robust MRV (monitoring/reporting/verification) systems; supporting the creation of suitable institutional set-ups for the implementation of performance-based sectoral approaches and building the capacities needed within participating institutions for the implementation of mitigation activities.
- Development of two pilot schemes.
- Development of projects identified under the pilot schemes within the framework of the pilot schemes.
- Reduction of emissions levels has been confirmed after verification via the supported projects.
- A reduction of 1 000 000 CO2 ton equivalent by 31/12/2021.