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Global mechanisms: The CDM

Global mechanisms: The CDM. Prof. Peter Newell P.Newell@uea.ac.uk. What is it?. Project based market mechanism Offsetting mechanism : Allows countries with emissions obligations to fund emissions reductions where it is cheapest to do so and claim these savings against their targets

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Global mechanisms: The CDM

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  1. Global mechanisms: The CDM Prof. Peter Newell P.Newell@uea.ac.uk

  2. What is it? • Project based market mechanism • Offsetting mechanism: Allows countries with emissions obligations to fund emissions reductions where it is cheapest to do so and claim these savings against their targets • One of the flexible mechanisms in the Kyoto Protocol (CDM, JI, ET)

  3. What the Kyoto Protocol says Article 12 of Kyoto Protocol: ‘the purpose of the clean development mechanism shall be to assist Parties not included in Annex 1 in achieving sustainable development and in contributing to the ultimate objective of the Convention and to assist Parties included in Annex 1 in achieving compliance with their quantified emission limitation and reduction commitments’.

  4. Phase Documentation Key Players Project Design PDD Project Developers, Funds, Investors, NGOs Executive Board for new methodologies Validation Validation Report DOE Letter of Approval DNA Registration Executive Board Monitoring Proper Documentation Project Participants Verification Verification Report DOE Certification Executive Board CERs Issuance of CERs Executive Board, CDM Registry Administrator Project Participants Adaptation Tax Administrative Tax CDM Project Cycle

  5. Baseline scenario of a CDM project activity

  6. The CDM in numbers • 4200 in pipeline • 2279 registered • 81% - vast majority of projects are registered without incident • One fifth require additional scrutiny: generally minor changes to project documentation • 67% of all reasons given by EB for triggering a review were related to additionality

  7. Projects by host party

  8. Projects by region

  9. By investor

  10. Projects by type

  11. Key trends • Dominance of China & India • Sub-Saharan Africa not been successful to date • 70% of CERs in 1st 1.5 years were issued for abating gases other than CO2 • Growing balance in scale and type of project

  12. Some issues • Proving additionality- always counter-factual. • Bureaucratic bottlenecks & time-lags- projects, methodologies, getting the CERs • Uncertainty over future of the climate regime post 2012: source of demand? • Valuing sustainable development benefits • Capacity of DNAs and DoEs

  13. Future challenges • Which technologies in and out: CCS? Nuclear? Forests? • Scaling up: more programmatic? Sectoral? • Regional quotas? • Common SD criteria? • Changes in governance of CDM: Full-time professionalised EB; redress mechanisms; permanent DoEs

  14. Thank you! For more information www.clean-development.com

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