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A User’s Guide to the CDM (Clean Development Mechanism) Second Edition February

A User’s Guide to the CDM (Clean Development Mechanism) Second Edition February 2003 About the Pembina Institute The Pembina Institute’s mission is to implement holistic and practical solutions for a sustainable world. The Pembina Institute is an independent, non-profit research, education, and advocacy organization that promotes environmental, social, and economic sustainability through the development of practical solutions for business, governments, individuals, and communities in Canada and in developing countries. The Pembina Institute provides policy research leadership on climate change, energy policy, green economies, renewable energy, and environmental governance, as well as extensive formal and public education programs. The Pembina Institute Box 7558 Drayton Valley, AB T7A 1S7 Canada Tel: 780-542-6272 Fax: 780-542-6464 e-mail: info@pembina.org Web site: www.pembina.org Acknowledgements This guide to the CDM was published as part of a multi-year project by the Pembina Institute for Appropriate Development, Canada, and the Tata Energy Research Institute (TERI), India. The project explored the application of the Clean Development Mechanism (CDM) in Asia, and was undertaken in collaboration with • the Bangladesh University of Engineering and Technology in Dhaka, Bangladesh; • the Center for Research on Material and Energy at the Technology University in Bandung, Indonesia; and, • the Global Climate Change Institute at Tsinghua University in Beijing, China. The project was implemented with the financial support of the Government of Canada provided through the Canadian International Development Agency (CIDA) — www.acdi-cida.gc.ca — in collaboration with the International Institute for Sustainable Development — www.iisd.ca. The guide was written by Roger Peters and Leslie-Ann Robertson with assistance from Carol Brunt. i Preface The Government of Canada ratified the Kyoto Protocol in December 2002. By doing so, it has committed Canada to reduce its emissions of greenhouse gases (GHGs) to 6% below 1990 levels during the period between 2008 and 2012. The Kyoto Protocol is the first step in a long process to reduce human impacts on the world’s climate. Canada and the world will reap several benefits from lowering GHG emissions. Changes in climate will be slowed, reducing the economic and social effects of severe droughts and storms. Smog and related health effects will also be reduced. Finally, economic growth will occur in industries that manufacture and install GHG reduction technologies. The federal government released a preliminary climate change plan for Canada in November 2002.1 Although the means by which Canada will meet its Kyoto target and the degree to which each industry will be asked to reduce its GHG emissions have yet to be outlined explicitly, companies will be expected to meet reduction targets by 2010. Although Canadian companies will be encouraged to reduce most of the emissions from their own operations through efficiency upgrades and process changes, the Kyoto Protocol also offers the option of “offsetting” some emissions through participation in international market-based investment and trading tools. One of these tools is the Clean Development Mechanism (CDM), which provides a means for countries or companies to contribute to GHG reduction measures in developing countries in return for “certified emissions reductions” (CERs), provided that these measures also result in sustainable development. The CDM will be the first means — domestic or international — by which Canadian companies can purchase CERs that can be used to meet domestic emissions reduction commitments, or sold (traded) to other GHG emitters at a later date. This Guide provides Canadian companies interested in using the CDM, and potential CDM project hosts in developing countries, with all the information necessary to develop environmentally sound CDM projects and steer them through the approval process. The Guide addresses the following topics: • • • • • • • the basic rules governing the CDM, including sustainable development criteria; CDM project types; various investment roles for companies using the CDM; a step-by-step procedure on how to develop a CDM project; special features of energy efficiency CDM projects; simplified procedures that can be used for small CDM projects; and, examples of CDM project opportunities. i 1 The plan can be downloaded from www.climatechange.gc.ca/plan_for_canada/index.html. List of Abbreviations AAU Assigned Amount Unit; equal to one tonne of carbon dioxide equivalent. Each country is given an assigned amount that it must meet, equivalent to its 1990 level of emissions minus the reduction target. AIJ Activities Implemented Jointly; the predecessor of the CDM and JI projects. CCCDF Canadian Climate Change Development Fund. CDM Clean Development Mechanism. CER Certified Emissions Reduction; the carbon credit generated from CDM projects, equal to one tonne of carbon dioxide equivalent. CNG Compressed Natural Gas. CO2e Carbon dioxide equivalent; the conventional unit for reporting greenhouse gas emissions (see Appendix A for an overview of how to calculate this). COP/MOP Conference of the Parties/Meeting of the Parties; Conference of the Parties oversees global negotiations on climate change until the Kyoto Protocol is ratified, at which time the Meeting of the Parties will take over. DOE Designated Operational Entity (see below, under Kyoto Definitions, for definition). ERU Emissions Reduction Unit; the carbon dioxide credit unit derived from Joint Implementation projects. GHG Greenhouse Gas (see Appendix A for a list of the major gases). JI Joint Implementation. kWh Kilowatt-hour. LULUCF Land Use, Land Use Change and Forestry. Mt Megatonne (one million tonnes). MWh Megawatt-hour. ODA Official Development Assistance. RMU Removal Unit; the carbon dioxide credit unit derived from LULUCF activities. ii Kyoto Definitions Additionality All CDM projects must be “additional to any that would occur in the absence of the proposed project activity” in order to be eligible for credits. This qualification is called “additionality.” Afforestation The planting of new forests on lands that have historically not been previously forested Annex 1 Parties Developed (industrialized) countries designated in Annex 1 of the Kyoto Protocol Annex (38 in total). Boundary (of the Project) The physical area within which all six GHGs2 will be reduced by the project activity. Designated Operational Entity Independent legal entity designated to validate CDM activities and emissions reductions. The Designated Operational Entity is accredited by and accountable to the Executive Board. Executive Board Supervisory body of the CDM, accountable to the COP/MOP (refer to the List of Abbreviations above). Fungibility Credits (AAUs, CERs, and RMUs) generated from Kyoto Mechanisms are exchangeable, or “fungible.” Host Party The developing country in which the CDM project is proposed to take place. Leakage Any GHG emissions that occur outside of the project boundary as a result of the project. Project Participants The entities (e.g., a company and/or local NGO) that are developing the CDM project. Sequestration The capture and storage of CO2 in terrestrial or biological processes; for example, in soil and forests. Sinks Biological entities, such as forests and agricultural soils, that remove carbon dioxide from the atmosphere. Stakeholders Any member of the public, including an individual, group, or community, that is affected, or is likely to be affected, by the proposed CDM project. 2 The six GHGs are listed in Appendix A. The final calculation must be in CO2 equivalents, determined by multiplying each GHG by its Global Warming Potential (GWP). See Appendix A for GWP conversion factors. iii Table of Contents 1 Introduction........................................................................................................................................................1 1.1 The Kyoto Protocol........................................................................................................................................1 1.2 How Will the Kyoto Protocol Be Applied in Canada? ..................................................................................1 1.3 General Attributes of CDM Projects .............................................................................................................2 1.4 Why Is the CDM Important to Canadian Companies?................................................................................2 1.5 Canadian Government Assistance to Companies with the CDM...............................................................3 1.6 Capacity Building and Project Development Assistance.............................................................................3 2 Rules and Procedures Governing CDM Projects............................................................................................5 2.1 Basic CDM Project Requirements................................................................................................................5 2.2 CDM Project Cycle ........................................................................................................................................6 2.3 Environmental Integrity of CDM Projects .....................................................................................................7 2.4 Transfer of Technology and Know-how .......................................................................................................8 2.5 Eligibility to Participate in the CDM...............................................................................................................8 2.6 Credit Period for CDM Projects.....................................................................................................................8 2.7 Trading of CDM Credits.................................................................................................................................9 2.8 CDM-related Fees .........................................................................................................................................9 3 Important Features of a CDM Project ............................................................................................................10 3.1 Sustainable Development Criteria..............................................................................................................10 3.2 CDM Project Types .....................................................................................................................................11 3.3 CDM Project Costs......................................................................................................................................11 3.4 Financing Options in a CDM Project ..........................................................................................................14 3.5 How Much Are Certified Emissions Reductions Worth?...........................................................................16 3.6 Risk, Ownership, and Legal Aspects..........................................................................................................17 4 Developing and Implementing a CDM Project: A Step-by-Step Guide........................................................19 4.1 Stage 1: Project Screening .........................................................................................................................20 4.2 Stage 2: Project Development....................................................................................................................21 4.3 Stage 3: National Approval .........................................................................................................................29 4.4 Stage 4: Validation and Registration ..........................................................................................................30 4.5 Stage 5: Implementation and Monitoring ...................................................................................................30 4.6 Stage 6: Verification and Certification.........................................................................................................30 5 Special Features of CDM Energy Efficiency and Fuel Substitution Projects...............................................32 5.1 Characteristics of Energy Efficiency and Fuel Substitution Projects.........................................................32 5.2 The Role of CDM Financing........................................................................................................................33 5.3 Project Design..............................................................................................................................................33 5.4 Selection of Baseline...................................................................................................................................34 5.5 Estimation of Energy Savings and GHG Emissions Reductions..............................................................35 5.6 Measuring Emissions Reductions ..............................................................................................................36 6 Small-Scale CDM Projects .............................................................................................................................38 6.1 Typical Small-Scale CDM Projects.............................................................................................................38 6.2 Simplified Procedures for Small-Scale CDM Projects...............................................................................39 7 CDM Project Opportunities.............................................................................................................................46 7.1 Carbon Financing (Credit Purchase) Programs ........................................................................................46 7.2 CDM Assistance Programs.........................................................................................................................47 7.3 CDM Project Opportunities in Asia.............................................................................................................48 Appendix A: Primer on Climate Change and Greenhouse Gases..........................................................................52 Appendix B1: Government of India Interim Approval Guidelines for the CDM ......................................................54 Appendix B2: Kenyan Government Guidelines on the CDM ..................................................................................57 Appendix C: Net Emissions Reductions Calculation ...............................................................................................59 Appendix D: Emissions Coefficients for Electric Power Grids.................................................................................61 Appendix E: Project Design Document ....................................................................................................................68 Appendix F: Project Design Document uploads/Geographie/ guide - 2023-05-30T014431.403.pdf