World Bank Top Manager: In her first address to staff on taking up her new role as World Bank CEO, Kristalina Georgieva acknowledges role of CQC Founder, Ken Newcombe, as a pioneer of the global carbon market in the World Bank as an example of how the Bank can be an innovator on a global scale. Kristalina is reflecting on climate change doubters and skeptics of the idea of making a market in greenhouse gas emissions to mitigate climate change when she says "...carbon trade was like a cuckoohead idea, and there was a guy named Ken Newcombe who said, well lets test it, and we actually made it happen, and that is what..I see in this job..to have the ability, to have the bravery, when we hear is (something is) impossible, to just..get it done". Current and ex-World Bank staff with access to the Bank’s intranet can get all of Kristalina's Return to the Bank speech.
Ken and his team won an internal competition for new product development under an initiative for innovation spearheaded by then Bank President Jim Wolfenson. $3.25 million was allocated to Ken to set up a team and prepare the first global carbon fund. The Prototype Carbon Fund achieved first closing on April 11, 2000 at $135 million and second closing in December 2000, with a total 6 government and 13 large corporate investors from Europe and Japan.
IETA: In recognition of his contribution to carbon market development, Ken Newcombe, CQC's CEO, was admitted as a Fellow of the International Emissions Trading Association in its December 2016 Board meeting.
History of Carbon Market Development: In November 2016, the International Emissions trading Association published an oral history of carbn market creation "From Kyoto to Paris" which noted the role played by Ken Newcombe as an entrepreneur inside the World Bank Group in the 1990's to persuade the President of the World Bank to have the Bank take the lead in pioneering the global carbon market through the establishment of the Prototype Carbon Fund which laid out the rules of the game for creating and trading greenhouse gas emissions reductions as a marketable commodity under the UNFCCC.