The NEFCO Carbon Fund (NeCF) is a global carbon fund based on a Public Private Partnership model, launched in April 2008. Vested in the form of a trust fund administered by the Nordic Environment Finance Corporation it is an instrument for purchasing greenhouse gas emission reductions under the joint implementation (JI) and clean development mechanism (CDM).

The NeCF invests in a wide tyopology of projects by providing carbon finance to renewable energy, energy efficiency, fuel switching and other investments. The principal target markets are the Russian Federation, Ukraine, People's Republic of China, South East Asia and India although other regions will also be considered. 

The Baltic Sea Region Testing Ground Facility (TGF) is a €35 million regional carbon finance facility which purchases carbon credits under the Kyoto Protocol (namely AAUs and ERUs) from energy-related and other projects on behalf of its investors. It is structured as a Public-Private Partnership (PPP) between governments, private sector utilities and industrial companies in the Baltic Sea region. It is managed as a trust fund by the Nordic Environment Finance Corporation (NEFCO), a multilateral financial institution owned by the five Nordic Governments, based in Helsinki.