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1 New Market Mechanisms in CHARTS Version 6.0 New Market Mechanisms in CHARTS March 2015 Version 6.0

2 New Market Mechanisms in CHARTS Version 6.0

3 New Market Mechanisms in CHARTS Version 6.0 About this document This document aims to provide a summary of views from the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) regarding the establishment of new market mechanisms based on the submission by the Parties. It should be noted that this document does not replicate in the exact manner all the texts in the submission. Also, the views of Parties may change as there are issues yet to be settled in the international negotiations regarding detailed interpretations of text. As for the details and exact expressions in the agreed texts, please refer to the respective documents available on the website of the United Nations Framework Convention on Climate Change <http://unfccc.int/> Newer submissions are available at Submission Portal <http://www4.unfccc.int/submissions/sitepages/sessions.aspx> This document will be updated as more submissions and decisions are made in the subsequent meetings. Whilst information in this document is believed to be true and accurate at the date of going to press, neither the author nor publisher can accept any legal responsibility or liability for any errors or omissions that may be made. Other market mechanism related publications can be downloaded from <http://www.iges.or.jp/en/climateenergy/mm/publication.html>. For any queries relating to this document, please contact Edited by Kazuhisa KOAKUTSU and Kentaro TAKAHASHI Climate and Energy Area Institute for Global Environmental Strategies (IGES)

4 Abbreviations and Acronyms New Market Mechanisms in CHARTS Version 6.0 AOSIS AWG-LCA BAU Alliance of Small Island States Ad Hoc Working Group on Long-term Cooperative Action under the Convention Business As Usual SBI UNFCCC Subsidiary Body for Implementation United Nations Framework Convention on Climate Change COMIFAC CDM EB COP CCS ETS ERs EU FVA GHG IET ISO ITL JI LDCs MRV NAE NAMAs NMM REDD Central Africa Forest Commission Clean Development Mechanism CDM executive board Conference of the Parties (to the UNFCCC) Carbon Capture and Storage Emission Trading Scheme Emission Reductions European Union Framework for Various Approaches Greenhouse Gases International Emissions Trading International Organization for Standardization International Transaction Log Joint Implementation Least Developed Countries Measurement, Reporting and Verification Net Avoided Emissions Nationally Appropriate Mitigation Actions New Market-based Mechanisms Reducing Emissions from Deforestation and Degradation

5 New Market Mechanisms in CHARTS Version Contents 1. COP Decisions on market-based mechanisms 1-1. Relevant decisions P Submission by Parties P Framework for various approaches (FVA) 2-1. The scope of approaches to be included under FVA P Criteria and procedures to ensure the environmental integrity P Avoiding double counting in FVA P Discussion points and options on FVA in the technical paper P New Market-based Mechanism 3-1. What is New Market-based Mechanism (NMM)? P What constitutes broad segments of the economy? P Trading and crediting P How to ensure environmental integrity of NMM P How should NMM be MRVed to ensure environmental integrity? P Discussion points and options on NMM in the technical paper P. 30

6 1. COP Decisions on market-based mechanisms New Market Mechanisms in CHARTS Version Relevant decisions COP 13 Bali Decisions [FCCC/CP/2007/6/Add.1] Enhanced national/international action on mitigation of climate change, including, inter alia, consideration of: (v) Various approaches, including opportunities for using markets, to enhance the cost-effectiveness of, and to promote, mitigation actions, bearing in mind different circumstances of developed and developing countries; COP 16 Cancun Decisions [FCCC/CP/2010/7/Add.1] 80. Decides to consider the establishment, at the seventeenth session of the Conference of the Parties, of one or more market-based mechanisms to enhance the cost-effectiveness of, and to promote, mitigation actions, taking into account the following: a. Ensuring voluntary participation of Parties, supported by the promotion of fair and equitable access for all Parties; b. Complementing other means of support for nationally appropriate mitigation actions by developing country Parties; c. Stimulating mitigation across broad segments of the economy; d. Safeguarding environmental integrity; e. Ensuring a net decrease and/or avoidance of global greenhouse gas emissions; f. Assisting developed country Parties to meet part of their mitigation targets, while ensuring that the use of such a mechanism or mechanisms is supplemental to domestic mitigation efforts; g. Ensuring good governance and robust market functioning and regulation; 84.Decides to consider the establishment, at the seventeenth session of the Conference of the Parties, of one or more non-market-based mechanisms to enhance the cost effectiveness of, and to promote, mitigation actions;

7 New Market Mechanisms in CHARTS Version COP17/CMP7 Durban Decisions [FCCC/CP/9/Add.1] Various approaches 79. Emphasizes that various approaches, including opportunities for using markets, to enhance the costeffectiveness of, and to promote, mitigation actions, bearing in mind different circumstances of developed and developing countries, must meet standards that deliver real, permanent, additional and verified mitigation outcomes, avoid double counting of effort, and achieve a net decrease and/or avoidance of greenhouse gas emissions; 80. Requests the AWG-LCA to conduct a work programme to consider a framework for such approaches, with a view to recommending a decision to the COP at its 18th session; 81. Invites Parties and admitted UNFCCC observer organizations to submit to the secretariat, by 5 March 2012, their views on the matters referred to in paragraphs 79 and 80 above, including their experiences, positive and negative, with existing approaches and mechanisms as well as lessons learned; 82. Requests the AWG-LCA to conduct one or more workshops with Parties, experts and other stakeholders, including an in-session workshop at its session held in conjunction with the thirty-sixth session of the subsidiary bodies, to consider the submissions referred to in paragraph 81 above and to discuss the matters referred to in paragraphs 79 and 80 above; A new market-based mechanism 83. Defines a new market-based mechanism, operating under the guidance and authority of the COP, to enhance the cost-effectiveness of, and to promote, mitigation actions, bearing in mind different circumstances of developed and developing countries, which is guided by decision 1/CP.16, paragraph 80, and which, subject to conditions to be elaborated, may assist developed countries to meet part of their mitigation targets or commitments under the Convention; 84. Requests the AWG-LCA to conduct a work programme to elaborate modalities and procedures for the mechanism referred to in paragraph 83 above, with a view to recommending a decision to the COP at its 18th session; 85. Invites Parties and admitted UNFCCC observer organizations to submit to the secretariat, by 5 March 2012, their views on the matters referred to in paragraphs 83 and 84 above, including their experiences, positive and negative, with existing approaches and mechanisms as well as lessons learned; 86. Requests the AWG-LCA to conduct one or more workshops with Parties, experts and other stakeholders, including an in-session workshop at its session held in conjunction with the 36th session of the subsidiary bodies, to consider the submissions referred to in paragraph 85 above and to discuss the matters referred to in paragraphs 83 and 84 above.

8 New Market Mechanisms in CHARTS Version COP18/CMP8 Doha Decisions [FCCC/CP/2012/8/Add.1] Various approaches 44. Requests the Subsidiary Body for Scientific and Technological Advice to conduct a work programme to elaborate a framework for such approaches, drawing on the work of the Ad Hoc Working Group on Long-term Cooperative Action under the Convention on this matter, including the relevant workshop reports and technical paper, and experience of existing mechanisms, with a view to recommending a draft decision to the Conference of the Parties for adoption at its nineteenth session; 45. Considers that any such framework will be developed under the authority and guidance of the Conference of the Parties; 46. Decides that the work programme referred to in paragraph 44 above shall address the following elements, inter alia: a. The purposes of the framework; b. The scope of approaches to be included under the framework; c. A set of criteria and procedures to ensure the environmental integrity of approaches in accordance with decision 2/CP.17, paragraph 79; d. Technical specifications to avoid double counting through the accurate and consistent recording and tracking of mitigation outcomes; e. The institutional arrangements for the framework; A new market-based mechanism 50. Requests the Subsidiary Body for Scientific and Technological Advice to conduct a work programme to elaborate modalities and procedures for the mechanism defined in decision 2/CP.17, paragraph 83, drawing on the work of the Ad Hoc Working Group on Long-term Cooperative Action under the Convention on this matter, including the relevant workshop reports and technical paper, and experience of existing mechanisms, with a view to recommending a draft decision to the Conference of the Parties for adoption at its nineteenth session; 51. Also requests that the work programme consider possible elements of the mechanism referred to in paragraph 50 above, for example the following: a. Its operation under the guidance and authority of the Conference of the Parties; b. The voluntary participation of Parties in the mechanism; c. Standards that deliver real, permanent, additional, and verified mitigation outcomes, avoid double counting of effort and achieve a net decrease and/or avoidance of greenhouse gas emissions; d. Requirements for the accurate measurement, reporting and verification of emission reductions, emission removals and/or avoided emissions; e. Means to stimulate mitigation across broad segments of the economy, which are defined by the participating Parties and may be on a sectoral and/or projectspecific basis; f. Criteria, including the application of conservative methods, for the establishment, approval and periodic adjustment of ambitious reference levels (crediting thresholds and/or trading caps) and for the periodic issuance of units based on mitigation below a crediting threshold or based on a trading cap; g. Criteria for the accurate and consistent recording and tracking of units; h. Supplementarity; i. A share of proceeds to cover administrative expenses and assist developing country Parties that are particularly vulnerable to the adverse effects of climate change to meet the costs of adaptation; j. The promotion of sustainable development; k. The facilitation of the effective participation of private and public entities; l. The facilitation of the prompt start of the mechanism;

9 1-2. Submission by Parties Dec 2007 Dec 2010 Dec 2011 May 2012 Sep 2012 Nov 2012 COP13 (Bali) - Decision COP16 (Cancun) - Decision - Call for submissions COP 17 (Durban) - Decision - Call for submission AWG-LCA (Bonn) - Submissions on a framework for various approaches - Submissions on the new marketbased mechanisms AWG-LCA (Bangkok) COP18 (Doha) - Decision - Call for submission AWGLCA/ Views on the elaboration of market-based mechanisms 2011/MISC.2 Australia, Bangladesh, Bolivia, China, Colombia, Ecuador, Grenada, Hungary, European Union, Japan, New Zealand, Norway, Papua New Guinea, Peru, Republic of Korea, Saudi Arabia, Singapore, Switzerland, Turkey, Venezuela Views on a framework for various approaches AOSIS. Australia Bolivia, China, Coalition for Rainforest Nations, Ecuador, European Union, Japan, LDCs, Malaysia, New Zealand, Norway, Saudi Arabia, Switzerland, USA Views on the new market-based mechanism AOSIS. Australia Bolivia, China, Coalition for Rainforest Nations, Costa Rica- Dominican Republic-Mexico-Panama-Peru, Ecuador, European Union, Japan, LDCs, Malaysia, New Zealand, Norway, Saudi Arabia, Sri Lanka, Switzerland, Turkey, USA Views on a framework for various approaches AOSIS, Bolivia, Coalition for Rainforest Nations, Central African Forest Commission, EU, Indonesia Japan, Norway, Saudi Arabia, South Africa, USA Views on the new market-based mechanism Coalition for Rainforest Nations, Bolivia, EU, Indonesia, Norway, Saudi Arabia, South Africa, Morocco, Tunisia AWGLCA/ 2012/MISC.4 AWGLCA/ 2012/MISC.6 SBSTA/2013 (FVA) SBSTA/2013 (NMM) June 2013 Nov 2013 June 2014 Dec 2014 SBTSA38 (Bonn) - Call for submission COP19 (Warsaw) SBSTA40 (Bonn) - Call for submission COP20 (Lima) Views on a framework for various approaches Bolivia, Ecuador, New Zealand, Japan, South Africa, EIG, Coalition for Rainforest Nations, Indonesia Views on the new market-based mechanism New Zealand, South Africa, EIG, Coalition for Rainforest Nations, Indonesia, AOSIS, Nepal Views on a framework for various approaches EIG, Japan, EU, Saudi Arabia, Canada, Bolivia, New Zealand Views on the new market-based mechanism EIG, EU, Bolivia TP/2014/9 (FVA) TP/2014/11 (NMM) New Market Mechanisms in CHARTS Version 6.0 9

10 2. Framework for Various Approaches New Market Mechanisms in CHARTS Version The scope of approaches to be included under the FVA Most countries see FVA as a framework to govern internationally traded units. The views are divided to what extent FVA should include mechanisms designed by Parties, as well as non-market-based approaches. Narrow Kyoto NMM EU Moderate Kyoto NMM Partydriven MM Japan, USA, New Zealand, Australia, Indonesia Wide Partydriven Kyoto NMM NMA MM Coalition for Rainforest nations, Ecuador, AOSIS, South Africa, Environmental Integrity Group Kyoto: International Emission Trading, Joint Implementation, Clean Development Mechanisms NMM: New Market-based Mechanism as defined in decision 2/CP.17 Party-driven MM: National, regional or bilateral schemes that involves international transaction of units NMA: Non-market-based approaches, which does not involve exchange of units

11 New Market Mechanisms in CHARTS Version The scope of approaches to be included under the FVA (cont.) Party AOSIS Australia Bolivia Coalition for Rainforest Nations Ecuador Environme ntal Integrity Group Position The purpose and scope of FVA should be limited to; a. Develop a common set of accounting rules for and between NMMs and existing mechanisms under the Kyoto Protocol b. Develop a common set of principles, standards and accounting rules to allow for the coordinated use of market and non-market approaches The Framework should apply only to MBAs that result in the international transfer of units representing mitigation outcomes ( international units ) The scope of the approach should take the following into consideration: a. the paragraph 56 of the Rio+20 document The future we want b. 27/8 decision on green economy in the context of sustainable development and poverty eradication adopted by the Governing Council/Global Ministerial Environment Forum at its first universal session. c. the paragraph 2 of decision of the FCCC/CP/2012/L.14/Rev.1 adopted at Doha The FVA should cover all mitigation approaches, market and non-market based, developed, recognized and implemented under the Convention, domestic and/or international, including sectoral mechanisms, that: - result in net reductions and/or avoidance of greenhouse gas emissions by sources and removals by sinks; - are eligible to assist Parties to achieve compliance with UNFCCC mitigation obligations or commitments, both voluntary or legally binding. The scope of the Framework for Various Approaches should cover all units from all mitigation approaches that engage net reduction and/or avoidance of global emissions, in particular UNFCCC flexible mechanisms, domestically implemented mechanisms and any other approaches. The FVA should include activities developed inside and outside the UNFCCC process, where a country voluntarily transfers some of its emission reductions to another country that voluntarily accounts them towards its emission reduction commitments, as long as the activities meet the common requirements that will be defined.

12 New Market Mechanisms in CHARTS Version The scope of approaches to be included under the FVA (cont.) Party Position EU Units used by Parties at the international level i.e. for meeting commitments made under the UNFCCC should either: a) originate from multilaterally defined UNFCCC carbon market mechanisms (CDM, JI, IET and NMM); or b) be recognised ex ante, through the Framework for Various Approaches, as eligible for use for meeting commitments under the UNFCCC. The scope of the Framework would encompass units belonging to category b), and it would entail the development of common accounting standards under the UNFCCC and conformity checks for their recognition and transfer. Indonesia Japan New Zealand South Africa USA FVA should cover market and non market activities such as renewable energy development, energy efficiencies, REDD+, and any other nationally appropriate emission reduction programs that produces verified emissions reduction. The framework will cover broad approaches such as: a. Existing Kyoto Mechanisms, b. A new market-based mechanism under the guidance and authority of the COP, c. Domestic ETSs which link to other ETSs internationally, and d. Other mechanisms developed and implemented by Parties which include the Joint Crediting Mechanism/Bilateral Offset Credit Mechanism (JCM/BOCM) promoted by Japan. - Market mechanisms developed under the UNFCCC, such as any new market mechanism(s), existing mechanisms (e.g. the Clean Development Mechanism) - Market mechanisms developed by Parties including regional, bilateral and national mechanisms, that are traded internationally and used to meet commitments under the UNFCCC. Framework for various approaches includes all approaches, including market and non market approaches, for internationally traded carbon market units under the Convention, that are applied by developed and developing country Parties, on a voluntary basis, to enhance the cost effectiveness of, and to promote, mitigation actions, bearing in mind the different circumstances of developed and developing countries The FVA covers emission units issued by market-based mechanisms implemented by Parties, by sub national jurisdictions within Party borders, or under the auspices of the UNFCCC, to the extent that these emission units are transferred internationally and applied toward any Party s UNFCCC mitigation pledge.

13 New Market Mechanisms in CHARTS Version Criteria and procedures to ensure the environmental integrity Environmental integrity refers to standards that deliver real, permanent, additional and verified mitigation outcomes, avoid double counting of effort, and achieve a net decrease and/or avoidance of greenhouse gas emissions stated in Decision 2/CP.17, paragraph 79. To elaborate these standards, Parties suggestions a wide range of means, which may be grouped into 4 categories as below. However, there has been limited elaboration on how these elements can be implemented in practice. a. Measurement and Reporting Rules of measurement and reporting are central to environmental integrity. Common rules under FVA may be related to baseline setting, additionality, and accounting rules. EU proposes a common approach to eligible GHGs, common metrics, global warming potential length of unit generating periods, emission factors (13 March submission). EIG proposes the length of crediting periods is adjusted when simplified baseline approaches that increase uncertainty is used. b. Verification An independent verification process is desirable to ensure the quality of a unit to be transacted. Japan suggests that, for Partyled mechanisms, validation and verification should be conducted by independent third party entities, which are CDM designated operational entities (DOEs) or certified under ISO Norway suggests that the UNFCCC could retain its role of accrediting verification agencies, which verify emission reductions according to the rules of Party-driven mechanisms but also that the activities adhere to the common criteria or standards under FVA. USA suggests that description of how emission reduction or removal units are verified, including the requirements for project or activity validation/verification, as well as requirements and procedures for accrediting independent verifies, if applicable.

14 New Market Mechanisms in CHARTS Version Criteria and procedures to ensure the environmental integrity (cont.) c. Net Emission Reduction FVA requires all approaches to achieve net GHG reduction/avoidance, not a pure offsetting. It also entails avoiding leakage, in which emission increases beyond the jurisdiction of GHG-reducing activity. New Zealand suggests to collect information on procedures and requirements to assess and respond to an increase in emissions in a noncovered jurisdiction, geographical area, gas or sector following the introduction of a market mechanism designed to reduce emissions. EIG suggests that crediting baselines and thresholds that are commonly agreed upon are useful methods to pursue environmental integrity. LDCs suggest that Application of a discount factor at the point of use, can be a simple and clear approach that will have the effect of keeping clear measurement to a ton is a ton, d. Institutional requirements A set of criteria and procedures for environmental integrity partly relates to national or international institutions required to access FVA. EIG suggests that: Participating countries to FVA will need national arrangements (similar to the appointment of a Designated National Authority or a Designated Focal Point) for the international coordination of the activities; EIG notes that the host country should decide the sectors, subsectors or policies (e.g. a NAMA) that it wants to open for market or non-market activities under the FVA; South Africa states that the FVA should only be accessible to Parties under the Convention that have expressed quantified emission limitation and reduction obligations

15 New Market Mechanisms in CHARTS Version Criteria and procedures to ensure the environmental integrity (cont.) Party AOSIS Australia Bolivia Position The criteria and procedures should be based on existing rules established under the Kyoto Protocol and the Marrakesh Accords. Under the Framework, each Party responsible for an market-based approach (MBA) that generates international units should submit reports against agreed information parameters covering the above issues and questions a. What is the approach to setting historical and projected baselines, against which additionality or MBA ambition can be assessed? b. What are the arrangements for the MRV of emissions data against which international units are issued, to confirm that each international unit equals one tonne of emissions? c. What are the arrangements for treatment of additionality, permanence and prevention of carbon leakage? d. What governance arrangements are in place for the MBA s effective operation, including monitoring and enforcement arrangements, and for the transfer of international units? e. What are the arrangements for avoiding double issuance, trading and claiming of the same emission reduction/removal international unit by more than one entity, including arrangements relating to the Party s national inventory? f. What international units are accepted into the MBA? g. What arrangements are in place to promote public understanding and external due diligence assessments of the MBA s design and operation (eg websites providing access to related legislation and details of methodologies)? The standards to be taken into account in order to ensure the environmental integrity of approaches with respect to the protection of the integrity of Mother Earth are the following: a. Social and environmental integrity and strengthening of governance of environmental functions b. Compensation arising from accrued climate debt from developed countries to developing countries Parties c. Delivering of real, permanent, additional and verified mitigation outcomes d. Enforcement of joint mitigation and adaptation practices. e. Achievement of Annex I country Parties mitigation commitments;

16 New Market Mechanisms in CHARTS Version Criteria and procedures to ensure the environmental integrity (cont.) Party Environm ental Integrity Group EU Indonesia Position a. Eligibility criteria for mechanisms, activities and/or units, including for the development of national arrangements necessary for the international coordination of the activities; b. Common approach to determine definition of broad segments of the economy; c. Common approach to determine the net decrease and/or avoidance of emissions; d. Common accounting system and methodologies e. Common standards for ensuring the permanence of emission reductions; f. Common requirements regarding the measurability of emission reductions and the quality of emission-related data; g. Monitoring and independent verification requirements; h. Review process led by a body established under the UNFCCC. In order to safeguard all components of the principle of environmental integrity, a set of criteria and procedures, agreed ex ante, should include the following: a. Eligibility criteria for mechanisms, activities and/or units, including for the development of national arrangements necessary for the international coordination of the activities; b. Common approach to determine definition of broad segments of the economy; c. Common approach to determine the net decrease and/or avoidance of emissions; d. Common accounting system and methodologies, including a common approach to the basket of greenhouse gases, the use of a common metrics (global warming potential values), the length of baseline/reference and unit generating periods, the use of emissions factors, the avoidance of double counting etc. e. Common standards for ensuring the permanence of emission reductions; f. Common requirements regarding the measurability of emission reductions and the quality of emission-related data; g. Monitoring and independent verification requirements; h. Review process led by a body established under the UNFCCC. a. Every FVA program or project must have a clear baseline. b. Emissions reduction which are produced under FVA should be internationally transferable and usable for domestic offsetting purposes as a part of efforts to fulfill the international emissions reduction commitment.

17 New Market Mechanisms in CHARTS Version Criteria and procedures to ensure the environmental integrity (cont.) Party Japan New Zealand Norway South Africa Position A set of criteria: a) Eligibility criteria for the project b) Conservative way of calculation of emission reductions of removals A set of procedures: a) Validation and verification b) Public inputs c) Information disclosure a. Elaborating minimum common standards, guidelines and procedures for national and regional market mechanisms that assure the environmental integrity and trustworthiness of: b. Units that deliver real, permanent, additional and verified mitigation outcomes and achieve a net decrease and/or avoidance of emissions; c. Trading and use of units to avoid double counting; a) An environmental quality test based on for instance; i) standardised baseline approach, ii) demonstration that already implemented projects and legally mandated projects are not credited iii)use of common global warming potential (GWP) values b) Common criteria for definition and recognition of units The FVA should include common standards, to ensure that activities: a. Deliver real, permanent, additional and verified emissions reductions and/or avoidance; b. Disallow double counting.

18 2-3. Avoiding double counting in FVA As FVA can potentially cover wide variety of approaches, avoiding double counting is a prerequisite to ensure the credibility of FVA. Double counting may consist of two kinds first one relates to unit generation, and the other relates to units transaction. 1. Double counting related to Unit generation Suggested countermeasures: 10t Mechanism A (e.g. CDM) Mechanism B (e.g. ETS) Same units are recognised under multiple mechanisms EIG proposes comprehensive recording of activities and installations covered by various mechanisms, either at UNFCCC level or national level. Japan proposes that an administrator of the mechanism should be required to check whether a proposed project for registration has not been registered under other mechanisms, before registering the project. 2. Double counting related to Unit transaction Suggested countermeasures: Actual emission Country A 10t 10t Actual emission Country B Same units are being used/claimed twice 10t EIG and Norway proposes the use of an extended International Transaction Log to cover non-unfccc mechanism. Japan suggests that an administrator of the transferring account to check whether those units to be transferred have not been retired or cancelled, before a transaction. USA suggests to create a new tracking and reporting procedures which can track the path of an allowance or credit from where it was issued to where it was surrendered for compliance or otherwise cancelled. New Market Mechanisms in CHARTS Version

19 New Market Mechanisms in CHARTS Version Avoiding double counting in FVA (cont.) Party Position AOSIS This portion of the work programme should be considered only after the purpose and scope of the framework has been agreed by all Parties. Australia A centralised source of information on all registered projects, Robust domestic registries and transaction logs will be helpful to avoid double-counting The Framework should build on existing institutions and processes, and avoid duplication, to the extent possible to minimise administrative and financial burden on Parties, the Secretariat and existing UNFCCC institutions. Bolivia Environment al Integrity Group EU Non-market-based approaches are the only way to ensure avoiding double counting and an accurate and consistent recording and tracking of mitigation outcomes. Three types of double counting need to be avoided: a. between host and buyer countries; b. between market mechanisms, and between market and non-market-based mechanisms; c. between financial contributions and mitigation purposes. Technical specifications for tracking of units that represent mitigation outcomes should build on relevant experience in the international system of registries and best practice identified during the functioning of regional registries for example the EU Transaction Log. They should: Indonesia a. Build on the existing infrastructure while simplifying and streamlining rules to reduce the costs for participation and enable wider access, where appropriate; b. Require participating registries either central or Party specific to be in line with rules and checks defined under the UNFCCC; c. Ensure transparency while respecting national sovereignty and the interests of private entities to maintain the privacy of certain information. The transferred and used/retired emissions reduction should be recorded in participating country(ies) registry to avoid double counting. In case of international transfer, it should be recorded in the International Transaction Log under UNFCCC.

20 New Market Mechanisms in CHARTS Version Avoiding double counting in FVA (cont.) Japan Party Position The issue of double counting can be interpreted multiply such as double registration of projects, double issuance of credits, double usage (including double transfer ) of credits or allowances, and double claiming of credits. a) Possible countermeasures to avoid double registration and double issuance i. Minimum information (e.g. project location including coordinates, scope, scale, etc.) regarding registered projects under each scheme should be harmonized and made publicly available. ii. Mandate project participants to submit a written oath to refrain from double registration under two or more international crediting schemes, and accept the cancelation of the credits in the event of double registration. b) Possible countermeasures to avoid double usage i. By confirming the decrease of the amount of units in the transferring account of a registry and increase of the same amount on units in the receiving account of another registry. ii. By checking whether units to be transferred have not been retired or canceled, before a transaction. New Zealand Elaborating minimum common standards and guidelines for trading architecture, such as registries and transaction logs, to facilitate transactions between market mechanisms both within and outside the UNFCCC. Each country s registry needs to clearly record every transaction and ensure that the origin of the unit remains easily identifiable. Mechanisms like ITL can help Transparency is a cornerstone Norway South Africa An international system, such as the ITL, is needed in order to be able to track the flow of units to avoid double counting. a. A unit can be claimed only once, and on an exclusive basis, towards the achievement of a developed county Party s mitigation commitment or target, or towards the achievement of a developing country Party s mitigation action; b. If a developed country counts units towards its mitigation commitment or target, it cannot also count the carbon finance as a contribution towards the financial goal of $ 100 billion per year by c. Measures exist to ensure the accurate and consistent quantification of quantification of activities (units created)

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