2015年-世界发展银行全球_Crediting-Related_Activities_Under_the_PMR___Status_and_Support_for_Implementation_61页_2mb

Summary of Crediting-Related Activities under the PMR

Core Content

The Partnership for Market Readiness (PMR) is supporting eight countries—Colombia, Costa Rica, Mexico, Morocco, Peru, Thailand, Tunisia, and Vietnam—in the development of crediting-related activities as part of their broader climate mitigation strategy. These activities aim to create a domestic environment that can support various climate policies and instruments, including emissions trading systems (ETS), carbon taxes, results-based finance (RBF), and Nationally Appropriate Mitigation Actions (NAMAs).

Crediting instruments are market-based mechanisms that issue transferable credits for verified emissions reductions, enabling cost-effective and accountable mitigation. These instruments can be project-based or sector-based, and they are typically linked to external sources of demand, such as international or domestic markets.

Main Viewpoints

Role of Crediting Instruments

• Crediting instruments are seen as flexible tools for achieving GHG reduction targets.
• They support the transition to a low-carbon economy and can be used to commoditize emissions reductions.
• They are often used in conjunction with compliance markets, voluntary markets, and climate finance.
• Results-based finance (RBF) can be a key mechanism for creating demand for credits.

Factors Affecting the Future of Crediting

1. Ambition in climate agreements: The level of ambition in international agreements like the Paris Agreement and INDCs will influence the demand for credits.
2. Role of crediting in future targets: Whether credits are considered a valid means of compliance will shape their use and acceptance.
3. Implementation capacity: The ability of countries to implement ETS, carbon taxes, or other policy instruments that rely on credits will determine the effectiveness of crediting systems.
4. International demand: The uncertainty in international demand for carbon credits is a key risk factor.

PMR's Contribution

• The PMR is working to build readiness on both the supply and demand sides of the carbon market.
• It supports the development of MRPs (Market Readiness Proposals) and the design of crediting instruments.
• The PMR is helping countries to align crediting activities with their domestic climate policies and regulatory frameworks.

Key Activities and Instruments

The following are the key features of crediting-related activities in the eight PMR countries:

Commonalities and Divergences

Common Elements

• Policy analysis is used to support the design of crediting instruments.
• Institutional and regulatory frameworks are being established.
• Monitoring, Reporting, and Verification (MRV) systems are being developed.
• GHG data management systems and registries are being set up.

Divergences

• There is no common blueprint for the design of crediting instruments.
• Sector choices reflect national priorities and economic conditions.
• Crediting is often used to support domestic climate policies.
• Countries are developing portfolios of measures to mitigate risks from uncertain international demand.

Key Recommendations

• The PMR should continue to support a mix of crediting-related activities that both support specific instruments and create broader readiness for climate action.
• The no-regrets and maximizing benefits criteria should be used to guide future support.
• Countries should be encouraged to tailor their approaches to their institutional, economic, and political contexts.
• Synergies with other international and domestic initiatives should be explored to enhance the effectiveness of crediting activities.

Conclusion

Crediting-related activities under the PMR are playing an important role in climate policy development, market readiness, and emissions reduction. While the future of crediting is uncertain, especially in terms of international demand, the PMR continues to offer constructive support and dialogue to help countries develop and implement these mechanisms. The study highlights the importance of aligning crediting efforts with domestic climate policies and market mechanisms, and the need for flexibility and context-specific approaches.