世界银行-通过基于成果的气候融资为发展提供资金（英）

1What is RBCF?RBCF refers to financing provided once pre-agreed climate results are achieved and verified. Such climate results can vary, as can the financing instruments used under RBCF. Examples of cli-mate results include hectares of forest protected, renewable energy capacity installed or renewable energy generated, or coastal protecting seawalls built. Examples of financing instruments that can be deployed under RBCF include grants and conces-sional loans. RBCF, like results-based financing in general, is of interest where the focus is on de-veloping markets, crowding in private finance by de-risking investments or improving their risk-ad-justed returns, and building capacity of project implementing entities and governments. RBCF complements activity-based climate finance by rewarding results rather than by providing upfront concessional resources to finance climate action. A special type of RBCF uses carbon crediting, a disbursement modality known from carbon markets. Under carbon crediting, payments are provided upon delivery of verified greenhouse gas emission reductions or removals, certified and issued as carbon credits by a carbon crediting standard. A carbon credit represents a verified reduction or re-moval of emissions equivalent to one metric ton of carbon dioxide equivalent. This note discusses this particular type of RBCF. While carbon crediting under RBCF is technically very similar to carbon crediting under carbon market mechanisms, there are important differences. RBCF pays for emission reductions or removals that can stay in the countries hosting the underlying mitiga-tion projects to help meet their climate targets. The project entity that paid for the generation of the carbon credits does not need to transfer title over the carbon credits to the RBCF provider. On the other side, carbon market transactions are about buying carbon credits that are then transferred from the host (selling) country to the buying country and cannot be used anymore for compliance with host country climate targets, at least not under compli-ance carbon market transactions. In addition, carbon crediting under RBCF does not necessarily need to rely on independent crediting standards, but may use a standard set by the RBCF provider.FUNDING DEVELOPMENT THROUGH RESULTS-BASED CLIMATE FINANCE Development outcomes such as job creation, clean energy access, and sustainable agriculture drive a global effort to bolster growth along sustainable and climate-resilient pathways, but sig-nificant funding gaps are hampering progress. Results-based climate finance (RBCF) can play an important role in closing these funding gaps and incentivizing the development of high-integrity emission reductions programs and their monetization on carbon markets. August 2025Climate FinanceKNOWLEDGE NOTE SERIES Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure Authorized2STEP 1: Identify projects or activities to reducegreenhouse g