Spanish Policy on flexible mechanisms Rebeca Sainz Spanish Climate Change Bureau Ministry of Environment JI WS, Bonn February 2007
INDEX oecc Oficina Española de Cambio Climático • 1. Spain – Basic compliance scenario & strategy. • 2. Spanish Instruments. • 3. Views on JI. • 4. Other Initiatives. • 5. Conclusions. 2
Basic COMPLIANCE SCENARIO AND STRATEGY + 24% of 1990 emissions oecc Oficina Española de Cambio Climático RD 1866/2004, NAP 2005 -07 + 15% Kyoto Protocol objective + 2% LULUCF activities + 7% International credits = 100 Mt + 37 % 1990 emissions üNAP 2 (2008 -2012) +20 % International credits = 289 Mt CO 2 3
Overall strategy oecc Oficina Española de Cambio Climático • The Kyoto target would be reached jointly. • Overall strategy to use the Kyoto Protocol Flexible mechanisms: – Establishment of the institutional framework. – Design of a multilateral and bilateral approach with NAI and AI countries. – Evaluation of the existing financial tools for the acquisition of credits. – Enhancement of cooperation with private sector and financial institutions. 4
SPANISH INSTRUMENTS oecc Oficina Española INSTITUTIONAL ARRANGEMENTS ü Law 1/2005, 9 march, transpose 2003/87/EC and Linking Directive Ø Ø Ø de Cambio Climático Directive Establishment of the DNA (CDM & JI) Procedure Def. and recognition of international credits INTERNATIONAL COOPERATION AND PUBLIC SECTOR PARTICIPATION – Establishment “Iberoamerican Climate Change Network (RIOCC). ” 21 countries – Signature of MOUs with 19 host countries : Argentina, Brasil, Colombia, Morocco, Mexico, Panama, Uruguay, Dominican Republic, Bolivia, Ecuador, Chile, Costa Rica, Paraguay, Guatemala, Peru, Honduras, El Salvador, Nicaragua and China. Some more under negotiation 5
FINANCIAL INSTRUMENTS oecc Oficina Española de Cambio Climático Agreement for 40 Mt (205 M €) • Spanish Carbon Fund (34 MT) + 50 M € Open to private sector (installations under the Law 1/2005) • Bio. Carbon Fund (2 MT) • Participation CDCF (4 MT) • CF Assist (5 M€). Priorities: Renewables, energy efficiency, waste management. Agreement for 9 Mt CO 2 : Iberoamerican Initiative for Carbon Purchase will be held in credits through CDM projects exclusively in the Latin America and Caribbean region. 6
FINANCIAL INSTRUMENTS oecc Oficina Española de Cambio Climático Multilateral Carbon Credit Fund 35 mill. € (~ 42% sovereign window) What? ERUs, CERs, EUAs Where? Countries in transition GIS window: under consideration Asia Pacific Carbon Fund 30 mill. USD CERs Asia- Pacific Region 7
Views on JI oecc Oficina Española de Cambio Climático • Room for the 3 market based mechanisms!! JI - Incredible Take off!! ( Thank you, JISC!) Institutional framework settle down - Technology transfer - ERU market has a lot of potential (Russia, Ukraine) - A lot of potential in non EU ETS sectors but, - higher delivery risks. - higher transaction costs (Vs ETS). - until now, higher uncertainty (Vs CDM) There is a future for JI!: non-CO 2 gases, LULUCF 8
Views on JI oecc Oficina Española de Cambio Climático v. JI Eligibility requirements: - Focal point designated - Interministerial Committee. - National guidelines: under development (RD). v Investing in JI - Through multilateral financial institutions (WB, MCCF) - Priority projects: Renewable energy, energy efficiency, waste management. - Bilaterally: Several MOUs in progress 9
Other initiatives oecc Oficina Española de Cambio Climático • Supporting initiatives under JI. (through contributions to JISC). • Technical cooperation programmes. • Cross-cutting instruments to promote investments in JI & CDM: - Viability Study funds - Consultancy funds. - Financing lines, Credit lines • Other multilateral Funds. • Increasing bilateral relationships with host countries (through bilateral agreements) • Debt conversion agreements: new clause related to Kyoto Protocol (Ecuador and Uruguay). • GIS, also a good complement. 10
Final thoughts oecc Oficina Española de Cambio Climático - Room for 3 market based mechanisms: make the best of each of them. - Project-based transactions are essential for the evolution to low-carbon economies - JI should evolve applying the lessons learnt from CDM. - Rules are now there: time to make JI “practically” happen. 11
oecc Oficina Española de Cambio Climático Thank you for your attention ! For additional information Spanish Climate Change Bureau www. mma. es/oecc Rebeca Sainz rsainz@mma. es 12
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