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International Carbon Action Partnership (ICAP): Update

International Carbon Action Partnership (ICAP): Update. California Climate Initiative Dialogue Group June 23, 2008. International Carbon Action partnership.

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International Carbon Action Partnership (ICAP): Update

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  1. International Carbon Action Partnership (ICAP):Update California Climate InitiativeDialogue Group June 23, 2008

  2. International Carbon Action partnership The partnership is made up of countries and regions that are actively pursuing the development of carbon markets through implementation of mandatory cap and trade systems.  California Climate InitiativeDialogue Group

  3. ICAP Goals To contribute to the establishment of a well-functioning global cap and trade carbon market Opportunity to share best practices and learn from each others’ experiences. Enhance the design of carbon markets to achieve maximum reductions. Design and collaboration can prevent leakage. Ensure that design compatibility issues are recognized at an early stage. California Climate InitiativeDialogue Group

  4. Update on ICAP Membership 26 Members: EU members: European Commission, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain, and UK. WCI members: California, Arizona, Oregon, Washington, New Mexico, Manitoba, and British Columbia RGGI members: Maine, Maryland, Massachusetts, New Jersey and New York New Zealand, Australia and Norway 1 Observer: Japan Pending applications: Tokyo, Taiwan, Flemish Region Possible 3rd category for developing countries like China & India. California Climate InitiativeDialogue Group

  5. Member Commitments Mandatory cap on GHG emissions. Cap & trade being pursued as one of the strategies to reduce emissions. It is understood by all the members that other mechanisms will also be needed. Desire to link efforts to command the greatest environmental benefit at least cost. California Climate InitiativeDialogue Group

  6. Steering Committee Members (effective July 1st) Europe: EU-Commission, United Kingdom, France, Norway, and the Netherlands RGGI: New York and New Jersey WCI: California (Chair), British Columbia, Oregon Oceania: New Zealand/Australia to share California Climate InitiativeDialogue Group

  7. The 1st Conference of ICAP: Global Carbon Market Forum In Brussels on May 19 and 20, 2008 hosted by the EC Focus: Monitoring, Reporting, Verification, Compliance and Enforcement Attended by 150 stakeholders from more than 25 countries The objective of the conference was to learn about the different experiences from existing schemes, and some of the choices that are under consideration in schemes in development California Climate InitiativeDialogue Group

  8. The 1st Conference of ICAP---continued Four sessions covered: 1) Technical aspect of monitoring greenhouse gas emissions 2) The significance of monitoring capabilities to decide about the scope of a carbon market 3) Experience with verification (third party vs. internal), inspections and enforcement to ensure compliance. How to make use of IT systems to strengthen the compliance chain 4) Reporting emissions data in a global carbon market and whether the timing and frequency of emissions data releases need to be coordinated California Climate InitiativeDialogue Group

  9. Key Outcomes 1) Robust, transparent and cost effective monitoring, reporting and verification underpin emissions trading schemes 2) There is a considerable convergence in design architecture, but more needs to be done to ensure a greater degree of coordination and commonality 3) Stringent, consistent and transparent compliance and enforcement mechanisms are needed to ensure market and environmental integrity. California Climate InitiativeDialogue Group

  10. Main Questions and Issues The need to harmonize or be compatible for linking purposes The need to identify best practices Move toward the use of automated system and relying less on human judgment and discretion The need to develop common language through IT Like the need for data exchange standards to improve communication California Climate InitiativeDialogue Group

  11. Main Questions and Issues---continued The use of internal and external verification: 3rd party verification vs. competent authority inspection/audit oversight How to avoid conflict of interest Enforcement is a national issue Move away from and minimize traditional enforcement programs – to automated IT based system California Climate InitiativeDialogue Group

  12. Next step from conference Establish internal network of technical group Retain an independent outside expert to work with the technical group to make recommendations on best practices/identify barriers to linking. Presentations and summary of reports from each session is posted on ICAP website Nov. conference on auction and allocation in New York ICAP side event at COP14 in Poznan, Poland in Dec. California Climate InitiativeDialogue Group

  13. California ICAP Contact Margret J. Kim, ARB/CalEPA Darren Bouton, Gov Office Eileen Tutt, CalEPA Link: www.icapcarbonaction.com California Climate InitiativeDialogue Group

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