The World Bank faces a 35 percent shortfall for a fund that invests in projects generating carbon credits after 2012, the final year with targets under the 1997 Kyoto Protocol.

The second tranche of the World Bank’s Umbrella Carbon Facility fund has initial funding of 68 million euros ($90 million) and will become fully subscribed when it reaches 105 million euros, the Washington-based bank said yesterday in a statement on its website.

“There is still an opportunity for new participants to join the tranche,” the statement said.

Contributors so far include Deutsche Bank AG, GDF Suez SA and the Swedish Energy Agency, the World Bank said. They are considering 17 projects and programs with the potential to cut emissions by 26 million metric tons of carbon-dioxide equivalent in the six years through 2018.

Money raised in the second tranche increased the bank’s total carbon finance under management to more than $2.5 billion, it said. Projects being considered range from those that capture greenhouse gases at rubbish sites to urban-transport programs and renewable-energy stations, it said. Four projects are in Africa.

Climate envoys failed to replace or extend the Kyoto treaty at United Nations-overseen talks last month in Cancun, Mexico.