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GEF and Carbon Finance: Exploring New Options for GEF-5

This meeting discusses the options and strategic objectives for GEF-5 and carbon finance, including funding for climate change mitigation, promotion of low-carbon technologies, market transformation, and capacity building. Issues such as additionality, sequencing, and double counting are also explored.

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GEF and Carbon Finance: Exploring New Options for GEF-5

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  1. GEF and Carbon Finance: Exploring New Options for GEF-5 GEF-5 and Carbon Finance Meeting November 15, 2010 Washington, DC

  2. GEF-5 Replenishment • Concluded in May 2010 for a record replenishment of $4.25 billion for GEF-5 (July 2010 to June 2014) • By focal area • Climate Change: $1,360 million • Biodiversity: $1,210 million • International Waters: $440 million • Chemicals: $425 million • Land Degradation: $405 million Plus Corporate Programs, Small Grants Program, Private Sector, etc.

  3. Funding for Climate Change Mitigation • Focal Area Allocation • $1,360 million • Under STAR • $1,088 million • Contribution to SFM • $100 million • Focal Area Set-aside • $172 million ($80 million + $92 million) • Up to $20 million of the set-aside could be allocated to regional or global carbon finance projects/programs.

  4. Strategic Objectives in GEF-5: Climate Change Mitigation • Promote demonstration, deployment, and transfer of innovative low-carbon technologies • Promote market transformation for energy efficiency in industry and the building sector • Promote investment in renewable energy technologies • Promote energy efficient, low-carbon transport and urban systems • Promote conservation and enhancement of carbon stocks through sustainable management of land use and forestry • Support enabling activities and capacity building

  5. Features of GEF and CDM(From a 2008 presentation, Zhang)

  6. “Rule of Thumb” in the Past

  7. Options for Carbon Finance in GEF-5 • Capacity building to help create enabling legal and regulatory environments • Support of programmatic carbon finance and other activities under the post-2012 climate regime • Demonstration of technical and financial viabilities of technologies • Partial risk guarantees and contingent financing for carbon finance projects • Co-financing of innovative carbon finance projects • With credits to be retained in the recipient country for further project replication

  8. Issues to Ponder • Diversion from ODA • Additionality for CDM (including programmatic CDM) • Double dipping and double counting • Sequencing of GEF and CF projects • Voluntary vs. compliance markets • New frontiers for GEF involvement • Where to push the envelope, and how….

  9. Contact Information Zhihong Zhang, Ph.D. Coordinator, Climate Change Mitigation Email: zzhang2@thegef.org Tel: 202-473-9852 Website: www.TheGEF.org

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