GHG Accounting Guidance Note Manufacture of Renewable Energy Climate Related Products

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1 GHG Accounting Guidance Note Manufacture of Renewable Energy Climate Related Products IFC CLIMATE BUSINESS GROUP SEPTEMBER 2011

2 Introduction The following is an overview guidance for IFC investment staff to conduct greenhouse gas (GHG) emission reduction calculations for IFC projects associated with the manufacture of renewable energy climate related products (RECRP) that reduce global GHG emissions through energy generation in downstream consumers. Such products would typically include solar panels, wind turbines, biomass gasifiers, or similar. For other climate related projects, please see additional guidance notes from CBGSM. Such calculations are required in order to consider the project as mitigation or climate related and will feed into the climate-related tracking system required by management. 1 1 Previously called RE/EE tracking. KEY CONSIDERATIONS 1) This methodology is subject to refinement and expansion based on testing and implementation feedback, please visit our website for the latest version of guidance. See contact information at the bottom for more information and related questions. 2) This methodology is to be superseded by any externally accepted GHG calculation qualified for generating certified and/or verified carbon credits by an internationally recognized third party, such as the UNFCCC s Clean Development Mechanism (CDM) Executive Board. If approved as generating carbon credits, please upload the Project Design Document (PDD, in the case of CDM), or equivalent, as per the instructions in the Reporting section of the guidance note. Please note that a third party methodology must be followed in its entirety and any partial application of the methodology and assumptions is not acceptable. 3) Scopes: Net GHG calculations require inclusion of some degree of GHG lifecycle analysis (LCA), and all significant changes in GHG emissions affected by the project, regardless of ownership, are considered, per the guidelines herein. This is defined as partial lifecycle analysis in this methodology. 4) Boundary: IFC investments can often include multiple projects and facilities, both RECRP and non RECRP, and the gross emissions calculation will typically capture all project components. However, for the purposes of GHG reduction calculations, project boundaries are limited to the impacts associated with the RECRP portion of investments only. 1 This means that all changes in GHG emissions resulting from the RECRP portion of the project, regardless of ownership, need to be captured, over and beyond the RECRP facility covered by the project.

3 tco2e/mwh 5) This methodology is designed for IFC investments engaged in the manufacture of RE products (e.g. wind turbines, solar panels, etc.) resulting in indirect GHG benefits through third party implementation. With the objective of market transformation, it differs from other IFC GHG reduction guidance notes in that it accounts for additional indirect GHG increases as part of its partial lifecycle analysis. 6) Conservativeness is to be followed in all calculations to address uncertainty. Given ex ante calculations often require some level of assumption, staff should assume the project options and emission factors resulting in the lowest GHG emission reduction in order to not overstate project GHG emission reductions. When addressing any uncertainty, staff should also detail how conservativeness is being followed in their submitted calculation. 2 Requirements: The climate related product must generate electricity, heat, or steam from a renewable energy source The RECRP product must consist of the manufacture of "finished products" ready for sale and implementation by third parties, and not the manufacture or production of inputs or components that later could be used in the RECRP The GHG emission reduction methodology is illustrated in the graphic below: Baseline (Country) Project Emissions (PE) Additionality / GHGs emissions reduced 1 Anything non-recrp related is considered business-as-usual, does not result in any change in GHG emissions, and excluded from the GHG emission reduction calculation. These emissions are captured separately by IFC gross portfolio reporting. 2 As an example, consider an IFC project scenario where uncertainty exists between various species of tree that could be planted on the A/R project, based on future market availability. The GHG reduction calculation, in this case, would assume that the tree species with the lowest carbon-sink potential is to be planted in order to follow conservativeness, as it would result in the lowest GHG reduction.

4 Method 1. IFC PROJECT EMISSIONS (PE 1 ): Calculate project emissions from sources that will change as a result of the implementation of the project. 1 A. OPERATIONAL EMISSIONS: These GHG emissions include on-site GHG emissions associated with the RECRP manufacturing process financed by IFC. This is already an IFC GHG accounting requirement as operational emissions are mandated in idesk prior to project approval. Operational emissions are always calculated in the IFC CEET in the IFC Gross Project Emissions worksheet. Ensure to consider the following: Mobile fuel combustion in maintenance and staff vehicles Stationary fuel combustion in back-up power or other Electricity purchases from grid Other emission sources B. OTHER PROJECT EMISSIONS: GHG emissions associated with the RECRP upstream inputs, transport, site construction, installation, implementation, dismantling, and disposal are included in the GHG reduction calculation. The underlying assumptions are that these projects are intended for market transformation and, as such, their large scale impact will impact upstream and downstream GHG emission sources. These GHG emission sources need to be estimated per the instructions below: Upstream GHG emissions resulting from the production of material and/or energy inputs from non-dedicated, third parties Transportation includes GHG emissions associated with transport from the production site to wholesale/retail, to the point of installation, and to the point of disposal Installation includes any GHG emissions associated with the site construction and product installation at the point of implementation Implementation includes the operational GHG emissions of the RECRP. Disposal GHG emissions include end-of-life associated emissions required for the decommission of the product Leakage or any other change in GHG emissions beyond the project boundary For IFC investments where the above, indirect GHG emissions are too difficult to estimate, the following conservative default emission factors can be used: 2 1 This purpose of this methodology is to identify GHG emission sources that will change between the baseline and project scenarios due to the project activity. Emission sources that remain constant between these scenarios are therefore excluded from the calculation.

5 Renewable Energy Type tco2e/mw Wind PV Solar Hydro (Small/ Run-of-River) Biomass The Project Emissions equation is: Project Emissions (PE 1 ) 3 = Operational Emissions + Other Project Emissions 2. BASELINE EMISSIONS (PE 0 ): The baseline activity displaced by the project is the electricity that could have been delivered by the grid and which is now being delivered by the RECRP. 4 A grid connected baseline results in the lowest GHG reduction (when compared to no-grid connected) and is to be used as a matter of conservativeness. The grid emission factor to be used is the International Energy Agency (IEA) national grid average CO2 emissions per kwh from electricity and heat generation. 5 Please keep in mind the following when selecting a baseline grid emission factor: The baseline grid may be the domestic grid, a foreign country grid (if the RECRP is exported), various foreign countries, or a domestic/foreign combination, depending on the market for the RECRP 2 Emission factors based on installed capacity of power generation and derived from various studies on life-cycle GHG emission associated with renewable energy technologies including: 1) Mann, M.K., Spath, P.L. Life Cycle Assessment of a Biomass Gasification Combined-Cycle System. National Renewable Energy Laboratory, 1997; 2) Weisser, D. A guide to life-cycle greenhouse gas (GHG) emissions from electric supply technologies. PESS/ IAEA, 2007; and 3) Raadal, H. L., Gagnon, L. and Hanssen, O. J. Life cycle greenhouse gas (GHG) emissions from the generation of wind and hydro power. Renewable and Sustainable Energy Reviews, 2011; 4) Pehnt, M. Dynamic life cycle assessment (LCA) of renewable energy technologies. Renewable Energy, Units are in tonnes of CO2e per year or tco2e/yr. 4 The baseline is the average country grid factor (GHG emissions per kwh generated) as it is assumed that any RE generation offsets the need for electricity being supplied by additional generation capacity in the grid as a whole. While other methodologies may establish a baseline based on only the fossil fuel portion of the national grid (where additional capacity is likely most available) or a baseline based on recently constructed power plants in the region, the uncertainty between these options leads us to select the average national grid emissions as a matter of conservativeness as it is the least likely to overestimate GHG emission reductions by RE projects. 5 Source: CO2 Emissions from Fuel Combustion Highlights (2010 Edition), OECD/IEA, Paris, 2010, page

6 To address any uncertainty, staff are to select as a baseline the national grid(s) that result in the lowest GHG reduction, as a matter of conservativeness Where no national grid is identifiable as the baseline, the average World grid factor can be used as a matter of conservativeness To find these IEA grid factors, always refer to the latest version of the IFC Carbon Emissions Estimator Tool (CEET) for the National All Fuels Average grid factor (tco2e/kwh), as illustrated in the example below: 3. GHG REDUCTION: Calculate the GHG emission reduction by subtracting the IFC Project Emissions (PE 1 ) from the Baseline Scenario Emissions (PE 0 ): GHG Reduction = Baseline Emissions (PE 0 ) - IFC Project Emissions (PE 1 ) As noted earlier, this can be done using the CEET for the first year at full production for a project, as a representative year. Annual production variation and longer periods of construction should be captured by year, as noted in the next section. 4. TIMELINE: The timeline for the project GHG emission reduction calculation starts at the Commitment Stage of the IFC Project Cycle and is limited to the term of IFC financing and not beyond. For equity and other financial products with indefinite timelines, a standardized timeline of 10 years should be assumed to be conservative. 6 Account for all GHG emission reductions and other associated impacts during the timeline. 7 6 Beyond IFC financing, implementation assistance, and supervision, we have no assurance that any GHG reductions are actually taking place. This is consistent with IFC s gross emissions accounting methodology and is also consistent with internationally accepted methodologies, such as CDM, where one-time net calculations do not extend beyond 10 years. 7 Grace periods and other operational delays before the project is implemented show up as the baseline being equal to the project scenario (GHG reduction equal to zero) as anything before implementation is business-asusual.

7 years of manufacture/sales 5. ILLUSTRATIVE EXAMPLE: In the example below, the difference between the baseline and the project emissions (the GHG reduction) is illustrated: Assumptions: 1. The project is the manufacture of solar PV panels in China. 2. Loan term is equal to 7 years with a one year grace period. 3. Operational emissions, for a constant MW annual production, generate an equivalent 120,000 tco2e/yr. 4. Other project emissions are estimated to be 23,020 tco2e/yr. (788.35MW x tco2e/ MW/yr) 5. As the PV panels can be exported to any country, the baseline grid factor selected is the world average and results in 321,280 tco2e/yr being reduced from grid connections as follows: Capacity MW Average Operational Hours/ yr 2,305 hrs Average Load Factor 35.2% Estimated Generation 639,999 MWh Grid Emission Factor (World) tco2e/ MWh Estimated Emission Reduction 321,280 tco2e Per the below diagram, please note that each year s production continues to reduce emissions over time as additional years of production are also added, thus the stepwise timeline diagram is unique to climate related products. The above calculation is a simplified example of how to aggregate GHG emissions and GHG reduction for RECRPs, as each step in the GHG calculation is a complex calculation in itself. Actual project calculations will have details for each individual calculation by year, capture annual variations, illustrate all assumptions, denote how uncertainties were overcome, and demonstrate conservativeness. GHG Abatement Timeline yr-1 yr-2 yr-3 yr-4 yr-5 yr-6 yr-7 yr-8 yr-9 yr-10 (tco2e) (tco2e) (tco2e) (tco2e) (tco2e) (tco2e) (tco2e) (tco2e) (tco2e) (tco2e) Project Emissions 0 143, , , , , , , , ,020 Operational Emissions 0 120, , , , , , , , ,000 Other Project Emissions 0 23,020 23,020 23,020 23,020 23,020 23,020 23,020 23,020 23,020 Baseline Emissions 0 321, , ,840 1,285,120 1,606,400 1,927,680 2,248,960 2,570,240 2,891,520 Grid Electricity Generation - yr , , , , , , , , ,280 Grid Electricity Generation - yr , , , , , , , ,280 Grid Electricity Generation - yr , , , , , , ,280 Grid Electricity Generation - yr , , , , , ,280 Grid Electricity Generation - yr , , , , ,280 Grid Electricity Generation - yr , , , ,280 Grid Electricity Generation - yr , , ,280 Grid Electricity Generation - yr , ,280 Grid Electricity Generation - yr ,280 Cumulative GHGs Reduced 0 (178,260) (499,540) (820,820) (1,142,100) (1,463,380) (1,784,660) (2,105,940) (2,427,220) (2,748,500)

8 The total GHG emission reduction over the 7 year timeline is 5,888,760 tco2e and, therefore, the total annual average GHG reduction for this IFC project is 841,251 tco2e/yr (5,888,760 tco2e divided by 7 years). 6. REPORTING: Please use the GHG Emission Reduction Calculation Template 8 to record GHG reduction calculations and upload it to the project's idesk GHG Emissions tab, under the "attach" section. This is to support any project GHG reduction claims and is required for any project that is to be considered "climate-related" for the purposes of climate-related tracking. The CEET is to be used to compare the Project Emissions (in the IFC Gross Project Emissions worksheet) to the Baseline Emissions (in the Alternate Project Emissions worksheet), illustrating variations between the two scenarios. While the CEET will not capture annual variations, a representative year will suffice for peer review. 8

9 IFC Climate Business Group 2121 Pennsylvania Avenue, NW Washington, DC Lucas Broussard Sabin Basnyat

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