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NICOM papaer

NICOM papaer

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Published by Siddharth Shah
Paper on Carbon Credit
Paper on Carbon Credit

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Published by: Siddharth Shah on Aug 12, 2012
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12/27/2013

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AWG-KP-16 Ad hoc working group Kyoto protocol 16
th
meetingAWG-LCA-14 AWG long term cooperative action meeting 14
th
 
Countries with commitments under the Kyoto Protocol to limit or reduce greenhouse gasemissions must meet their targets primarily through national measures. As an additionalmeans of meeting these targets, the Kyoto Protocol introduced three market-basedm
echanisms, thereby creating what is now known as the “carbon market.”
 The Kyoto mechanisms are:
 
 
 
 
The Kyoto mechanisms:
 
Stimulate sustainable development through technology transfer and investment
 
Help countries with Kyoto commitments to meet their targets by reducingemissions or removing carbon from the atmosphere in other countries in a cost-effective way
 
Encourage the private sector and developing countries to contribute to emissionreduction effortsJI and CDM are the two project-based mechanisms which feed the carbon market. JIenables industrialized countries to carry out joint implementation projects with other developed countries, while the CDM involves investment in sustainable developmentprojects that reduce emissions in developing countries.The carbon market is a key tool for reducing emissions worldwide. It was worth 30billion USD in 2006 and is growing. Annex I Parties must provide information in their  national communications under the
Protocol to demonstrate that their use of the mechanisms is “supplemental to domesticaction” to achieve their targets. This information is assessed by the facilitative branch of 
Eligibility requirements
 To participate in the mechanisms, Annex I Parties must meet, among others, thefollowing eligibility requirements:
 
They must have ratified the Kyoto Protocol.
 
They must have calculated their  assigned amount in terms of tonnes of CO2- equivalent emissions.
 
 
They must have in place a national system for estimating emissions andremovals of greenhouse gases within their territory.
 
They must have in place a national registry to record and track the creationand movement of  ERUs,CERs, AAUs and RMUs and must annually report such information to the secretariat.
 
They must annually report information on emissions and removals to thesecretariat.
Greenhouse gas emissions
 –
a new commodity
Parties with commitments under the Kyoto Protocol (Annex B Parties) haveaccepted targets for limiting or reducing emissions. These targets are expressed as
levels of allowed emissions, or “assigned amounts,” over the 2008
-2012commitment per 
iod. The allowed emissions are divided into “assigned amountunits”
(AAUs).Emissions trading, as set out in Article 17 of the Kyoto Protocol, allows countriesthat have emission units to spare - emissions permitted them but not "used" - to sellthis excess capacity to countries that are over their targets.Thus, a new commodity was created in the form of emission reductions or removals.Since carbon dioxide is the principal greenhouse gas, people speak simply of trading in carbon. Carbon is now tracked and traded like any other commodity. Thisis known as the "carbon market."
 
 A removal unit
(RMU)
on the basis of land use, land-use change and forestry(LULUCF)activities such as reforestation
 
 
 An emission reduction unit
(ERU)
generated by ajoint implementationproject
 
 
 A certified emission reduction
(CER)
generated from aclean developmentmechanismproject activity
PRESS RELEASE
Design process of UNFCCC Green Climate Fund fully on track, saysUNFCCC Executive Secretary(Bonn, 13 September 2011) ñ The third meeting of the Transitional Committee tasked withdesigning the UNFCCCís new Green Climate Fund (11ñ13 September) concluded Tuesday in
 
Geneva, with solid progress made on the design of the Fund. Next to advances on the nuts andbolts of how the Green Climate Fund will function, this includes a broad agreement on theimportance of private sector engagement.Speaking from Bonn, Germany, UNFCCC Executive Secretary Christiana Figueres said: ìClearly, there is ambition on the part of governments to create a fund that will reach a scale thatis sufficient to put the economic development of their countries onto a low-carbon and climateresilientpath. Governments also want the Fund to be country-driven and integrated into nationaldevelopment planning processes. And they are keen for Green Climate Fund resources to belong-term to allow for the economic transformation necessary to address climate change.î  ìThe Transitional Committee of the Fund is now fully on track to conclude the design of the Fund for the approval by UNFCCCís Conference of the Parties in Durban,î the UNís topclimate change official added.
In Canc˙n, Mexico, at the end of 2010, governments agreed to establish the Green
Climate Fund as a central tool to finance climate change action, both adaptation and mitigation,in developing countries. The Green Climate Fund is to support projects, programmes and policiesin developing countries.Governments meeting in Cancun entrusted the Transitional Committee with the design of the operational aspects of the Fund, to be presented to the UN Climate Change Conference inDurban (28 November to 9 December 2011). After it has been operationalized in Durban, theFund is to be governed by a Board, comprising 24 members, as well as alternate members, withequal developing and developed country representation.The Geneva meeting was preceded by a workshop on the role of the Green Climate Fundin fostering transformational change, engaging civil society and leveraging the private sector,attended by representatives of banks, financial institutions and industry and civil societyorganizations from both developed and developing countries. ìThe workshop and the interaction with private sector representatives has helped to raise

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