Decision 63/24

Following the report of the contact group on resource mobilization established under agenda item 8(b) (Bilateral cooperation), the Executive Committee decided:

1. To approve funding at the level of US $180,000, plus agency support costs of US $16,200 for the World Bank, for a study that would focus solely on monetizing carbon credits, to be funded as a resource mobilization activity on the condition that an interim report would be provided at the 66^th meeting, which would include an update on the activities so far undertaken and address the following elements:
   1. Additionality of the projects proposed;
   2. Transparency and good governance, as well as covering the cash flow;
   3. Assurance that these projects would avoid perverse incentives for countries;
   4. Exploring possibilities of profit-sharing, including return of funds to the Multilateral Fund;
   5. Ensuring sustainability of the projects proposed;
   6. Avoidance of duplication of similar projects;
   7. Information on transaction costs;
2. To note that the funds approved would be taken from the budget reserved for unspecified projects that had been set aside from the funds returned from the Thai chiller project; and
3. To request the World Bank to provide a final report on the study for consideration by the Executive Committee at its 69^th meeting.