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Carbon Finance at EBRD: IGOs’ perspectives

Carbon Finance at EBRD: IGOs’ perspectives. Technical workshop on Joint Implementation Bonn, 9/10 March 2006. EBRD’s role in the Carbon Market. project financing based on Carbon Credit sales develop market mobilise donor funds for project preparation:

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Carbon Finance at EBRD: IGOs’ perspectives

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  1. Carbon Finance at EBRD:IGOs’ perspectives Technical workshop on Joint Implementation Bonn, 9/10 March 2006

  2. EBRD’s role in the Carbon Market • project financing based on Carbon Credit sales • develop market • mobilise donor funds for project preparation: • e.g. CDM project preparation facility in Central Asia and Caucasus • policy dialog with Governments (if necessary) • intermediary purchasing carbon credits for the account of buyers • Netherlands Carbon Fund (2003) • aim on Bulgaria, Romania, Ukraine and Russia • Multilateral Carbon Credit Fund (“MCCF”): 2006 • jointly with EIB • public and private window

  3. EBRD pipeline: potential for JI • Bulgaria: • 6 projects • 4.3 million tonne CO2e • Romania • 7 projects • 4.4 million tonne CO2e • Large potential for Energy Efficiency • Energy Audits Program • Ukraine • 6 projects • 5.3 million tonne CO2e • Russia (co-operation with NEFCO and IFC) • 6 projects • 7 million tonne CO2e • Potential for many more

  4. Market and prices • Price determined by supply and demand • Higher prices: more projects • CER prices: • € 4 start 2005 • € 9 end of 2005 • Potential, but JI market is restricted by: • ETS, EU directives • Approval procedure (Russia and Ukraine) • Lack of rules and guidelines (JISC) • As a result: Limited competition and lower prices

  5. What would improve JI market • quick • preparation of project: at least 6 months • certainty • project preparation: EUR 80 - 120,000 (PDD, Validation, legal DD); • additionality only known at end of project preparation; • CDM guidelines: Barrier approach • simplified and standardised procedure; • country Carbon Emission Factor (Bulgaria: NEK CEF); • sector baselines

  6. Small Scale • Potential, but difficult • Example: Project portfolio • 6 projects: 2 hydro, 1 biomass, 2 CHP in industry, 1 efficiency improvement (400,000 EURs) • Different stage of development • Start preparation start 2004 • Cost for preparation • PDD under validation • Hope to contract in April • CDM EB approved SCC procedure is not simplified

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