“Green Investment Schemes: Maximizing their benefits for climate and society”
New report by Climate Strategies
Green Investment Schemes have been introduced to enhance the climate effectiveness of International Emission Trading (IET), a system undermined by the excessive number of Assigned Amount Units (AAUs) allocated to former communist countries in the first round of Kyoto commitments. GIS is thus a “hybrid” of two mechanisms: IET of the AAUs, plus greening activities using the revenue from their sale. Whilst IET is regulated by the Kyoto Protocol, the Marrakesh Accords and the COP/MOP decisions, domestic greening activities are not covered by international regulations. Development in GIS has been extremely rapid during the past 2-3 years, progressing from initial consideration to completion of the first transactions in the Autumn of 2008. In June 2007, the Hungarian parliament approved the pioneer national law on GIS implementation. As of October 2008, Latvia had established the legal framework and institutional system, the Czech Republic, Ukraine and Romania have adopted general legislation on GIS, and Bulgaria and Poland have demonstrated strong interest in the scheme. Hungary also announced the first two AAU transactions with Belgium and Spain for the sale of 8 million AAUs in total. Ukrainian and Romanian officials expect their first AAU deals to take place by the end of 2008 or early 2009. The overall potentially available AAU’s from Central and Eastern-European (CEE) countries, together with Russia and Ukraine, is app. 6.5 Gt over the first commitment period, whilst net demand is estimated at 900 Mt
- Kontakt JI/CDM-Team
