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Nordic Perspectives on Carbon Market Mechanisms

image of Nordic Perspectives on Carbon Market Mechanisms

The Nordic Council of Ministers appointed, via the Globalization Initiative, the Nordic finance ministers to launch a joint Nordic project regarding the international carbon market. The purpose of the project was to identify and exchange Nordic experiences from the Joint Implementation and Clean Development Mechanism credit market as well as to discuss prospects for future cooperation. The result of the project is presented in three reports from workshops held during 2010, as well as this synthesis report that summarizes previous reports. The project was initiated in light of the expected negotiations on the future mechanisms after 2012 in COP 15, including as input for discussions on opportunities and prospects for participation in a future carbon market. The results have been presented at the meetings of the Nordic Council of Energy, Environment and Finance ministers during October and November 2010.

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Mechanisms in the future

All projects that aim to generate CERs under the CDM rules must meet essentially the same criteria and complete the same steps, a process commonly known as the CDM project cycle. An initial step in the project cycle requires that project proponents undertake a lengthy eligibility exercise, including the justification of project additionality and identification of the baseline scenario, which is the level of emissions that would have occurred were it not for the CDM project. Streamlining and simplifying this process through the introduction of standardization methods could decrease project costs and increases access to the CDM.

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