The World Bank BioCarbon Fund (www.biocarbonfund.org) has mobilized a fund to demonstrate projects that sequester or conserve carbon in forest and agro-ecosystems. The Fund, a public/private initiative administered by the World Bank, aims to deliver cost-effective emission reductions, while promoting biodiversity conservation and poverty alleviation. The Fund is composed of two Tranches: Tranche One started operations in May 2004, has a total capital of $53.8 million; Tranche Two was operationalized in March 2007 and has a total capital of $36.6 million. Both Tranches are closed to new fund participation. The BioCarbon Fund considers purchasing carbon from a variety of land use and forestry projects; the portfolio includes Afforestation and Reforestation under the Clean Development Mechanism (CDM), and Reducing Emissions from Deforestation and Degradation (REDD) and agricultural carbon in the voluntary market.