At a Glance
|Start Date||Q1 July 1 2019|
|End Date||q1 Sep 30 2021|
|Actual Budget (USD)||600,033|
|Actual Expenditure (USD)||292,832|
|GGGI Share (USD)||0|
|Poverty and Gender Policy Markers|
|Name of Client (Lead/Prime implementer if GGGI is part of a consortium)|
|Participating Organization (Funding/donor)||Norway|
|Name of consortium members, if any||World Bank|
Project context, objectives and description
Under the Paris Agreement, all countries are required to set NDCs to reduce their carbon emissions. At the same time Article 6 of the Paris Agreement has left the door open to international trading of emissions reductions as internationally transferred mitigation outcomes (ITMOs). While the rules associated with Article 6 have yet to be established, any international trades will need to be authorized by the selling country to avoid double counting, permitting the movement of the related emission reductions between registries, from the selling country to the buying country/entity. Transactions will take different forms, from linking of national trading emission trading schemes, project level transactions, and policy approaches. Specifically, policy approaches is a new focus, looking at how results-based finance, either through explicit or implicit pricing of carbon can bring about transformational change to long term de-carbonization pathways for national economies which can then be broken down to sectoral or multi-sectoral level via a single policy. GGGI will act as enabling partner supporting the government as and when needed.
The project will take place in two phases. i.) First, a scoping phase will undertake an initial assessment at national level of policies and sectors to identify potential opportunities in GGGI Member and Partner countries. The scoping phase will reduce a long list of 8 countries (Colombia, Mexico, Peru, Vietnam, Indonesia, Morocco, Thailand, and Senegal) to a short-list of up to 4 countries for the second phase. The initial countries listed above were identified through an assessment of GGGI member and partner country’s economic size and NDC composition ii.) Second phase will further develop these policy approach potentials in up to 4 countries. Activities in the second phase will run largely in parallel.
The overall objective of the project is to support host countries to engage in international carbon transactions through the design of policy approaches under Article 6 and also to develop policy approaches with a carbon price output that enables them to undertake national-level emission reductions. This project is aligned with IO2. Increased green growth investment flows which enable partner governments to implement green growth policies and IO3. Improved multi-directional knowledge sharing and learning to empower local and external agents necessary to drive green growth processes in partner governments.
Type of services provided, and results achieved
Impact: GHG emission reduction in up to 4 GGGI member or partner countries due to access to climate finance through policy approaches under the Paris Agreement Article 6.
Project Outputs completed in 2019:
i. Green Growth Policies:N/A
ii. Green Investments:N/A
iii. Capacity Building and Knowledge Products: N/A
Number of staff provided
Project Manager: Fenella Aouane
Adam Ward, Stephan Gill, Tamie Kanda
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|Start Date||Q1 2019|
|Actual Budget (USD)||3,000,000|