2016年-世界发展银行全球_Networking_Carbon_Markets___Key_Elements_of_the_Process_79页_8mb

报告摘要

Summary of Networked Carbon Markets (NCM) Initiative

Core Content

The Networked Carbon Markets (NCM) initiative, developed by the World Bank, aims to enhance the transparency, comparability, and fungibility of heterogeneous climate actions in a connected international carbon market. The initiative is designed to support the Paris Agreement and its Cooperative Approaches mechanism, which allows for the use of internationally transferred mitigation outcomes (ITMOs) in achieving nationally determined contributions (NDCs).

The NCM initiative is built on the premise that linking different mitigation actions is desirable and that market participants and governments require information about the mitigation value (MV) of the actions they engage with. This information is intended to help in trade, accounting, and assurance of environmental integrity.

Main Objectives

To enable comparison of different mitigation actions.
To support trade across mitigation outcomes.
To ensure transparency, efficiency, and environmental integrity in international carbon markets.
To facilitate fungibility of mitigation assets generated from diverse schemes.

Key Elements

1. Mitigation Value (MV)

MV is a concept to assess the environmental integrity of mitigation outcomes.
It is used to differentiate between assets generated from different mitigation actions.
MV is not a new concept, but it has become more important under the Paris Agreement, which is less prescriptive than the Kyoto Protocol.
MV is intended to provide assurance of the environmental integrity of the assets, based on recognized rules, regulatory bodies, and participating jurisdictions.

2. Types of Linking

Linking arrangements can range from soft links to hard links.
Networking is a form of soft linking, which allows trade between different mitigation outcomes without requiring full alignment of design features.
This approach recognizes differences and places a value on them, facilitating trade in a heterogeneous environment.

3. Trading between Jurisdictions

ITMOs (Internationally Transferred Mitigation Outcomes) can be used towards NDCs, if they follow CMA guidance.
Trading rules and settlement platforms are key to ensuring environmental integrity and avoiding perverse outcomes.
Exchange rate setting and transaction mechanisms are part of the plumbing of the NCM market structure.

4. Institutions

The NCM initiative requires institutions to perform MV assessments, set exchange rates, and manage registries.
The International Settlement Platform (ISP) and International Carbon Asset Reserve (ICAR) are proposed institutions to support the NCM initiative.
Regulatory supervision is necessary to ensure consistency and transparency in MV assessments.
Overriding regulatory supervision is also considered, with the CMA providing guidance, not governance, under Article 6.

5. Market Design and IT Architecture

The market design includes hardware and software components to support trading and data exchange.
Distributed ledger technology is proposed as a new approach to enhance transparency and reduce risks.
The plumbing of the market refers to the information technology infrastructure that links institutions and facilitates trade.

6. The Market

The market is expected to grow due to increased demand for mitigation outcomes.
Demand is compliance driven, as governments impose emissions reduction obligations.
Market development is planned in phases, starting with domestic and bilateral linkages, before regional and global networking.

Key Information

The NCM initiative is a collaborative effort to support international carbon markets.
The Paris Agreement allows for voluntary use of ITMOs in NDCs.
The Cooperative Approaches mechanism under the Paris Agreement is the focus of the NCM initiative.
MV assessment is a core element of the NCM initiative, providing assurance of environmental integrity.
Networked markets are seen as a solution to heterogeneity and complexity in carbon markets.
Institutions such as ISP and ICAR are proposed to support market development and MV assessment.
The NCM work plan for 2016 has a country focus, exploring opportunities and conducting stakeholder consultations.

Recommended Next Steps

Develop a model for the NCM initiative.
Engage relevant stakeholders in potentially interested jurisdictions (e.g., China, India, Chile, Mexico).
Explore local domestic circumstances to tailor the NCM model.
Continue stakeholder consultations and technical work to refine the initiative.

Glossary

ITMOs: Internationally Transferred Mitigation Outcomes
NDCs: Nationally Determined Contributions
MV: Mitigation Value
CMA: Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement
ISP: International Settlement Platform
ICAR: International Carbon Asset Reserve

Conclusion

The NCM initiative is a framework for networking carbon markets in a post-2020 climate regime. It is designed to support the Paris Agreement by enhancing transparency, comparability, and fungibility of mitigation actions. The initiative is expected to evolve based on stakeholder feedback, technical work, and negotiations under the UNFCCC.