D r. R o b e r to Ip in z a, In s titu to F o r e s ta l, S e d e V a ld iv ia D r a. A lic ia O r te g a, T r e s M a r ia s L im ita d a

M e rc a d o d e l C a rb o n o e n P r o y e c to s F o r e s ta le s e n C h ile, c o n é n fa s is e n e l M e r c a d o V o lu n ta r io d e C h ic a g o (C C X ) D r. R o b e r to Ip in z a, In s titu to F o r e s ta l, S e d e V a ld iv ia D r a. A lic ia O r te g a, T r e s M a r ia s L im ita d a

Dilema CCX MDL

E mis ión mundial anual de C O2 (G ton)

Perturbación humana del Pres upues to del C arbono G lobal

ctividades fores tales eleg ibles bajo el MDL

Tierras eleg ibles Tierras K yoto

Avances en las metodolog ías AR - C DM

E mis iones de la actividad de proyecto AR

niciativas de proyecto en América Latina, MDL

Overview E xis ten oportunidades para proyectos fores tales de carbono S e requiere el examen de varios prog ramas de carbono y s u res pectiva contabilidad Principios /C alidad Adicionalidad, linea bas e, medicón, realis mo. cronog rama y ries g o E s tandar de medición Medición directa y indirecta R ol y res pons abilidad

Seleccionar o desarrollar metodologías, un gran esfuerzo

U na ex perienc ia Fo res ta l en C hile c o n el M D L

Aquí

CCX MDL

M erc a do vo lunta rio C o n énfa s is en C C X

E s tá nda res de m erc a do Standard Name Sponsor Volume Certified Project Types Additionality Registry Requirement Gold Standard Gold Standard Organiz. 350,000 Renewable energy, Energy efficiency Same as UN Gold Standard database VER+ TUV SUD 383,932 Any except nuclear and large hydro Same as UN Blue Registry Voluntary Carbon Standard (VCS) IETA, Climate Group, World Economic Forum 1,860,000 15 specific categories Includes performance standards, barrier analysis TBD Voluntary 0ffset Standard (VOS) Int l Carbon Investor Services Not available Any except nuclear, HFC-23, large hydro Same as UN n/a Community Climate Biodiversity (CCBA) CARE, Nature Conservatory, Rainforest Alliance, others 45,695 Land use, land use change, forestry Various, financial, political barriers, common practice, etc CCBA database Carbon Financial Instrument Chicago Climate Exchange (CCX) 15,000,000 Methane, soil, forestry, renewables Performance standards, barrier analysis CCX Source: Point Carbon

Qué es Chicago Climate Exchange? Chicago Climate Exchange (CCX ) designed, launched and operates the world s first and North America s only active, voluntary, legally binding, integrated greenhouse gas reduction and trading system for all 6 GHG emission sources, with offset projects in North America and worldwide 27

V o lum en c o m erc ia liza do his tó ric a m ente en el m erc a do vo lunta rio de C a rbo no Source: State of the Voluntary Carbon Markets 2007, Ecosystems Marketplace/New Carbon Finance, July 2007.

Mercado Voluntario In c r e a s in g in te r e s t in v o lu n ta r y V e r ifie d E m is s io n s R e d u c tio n s (V E R s ) V e r ific a tio n p r o to c o ls c r itic a l G r e a t d iv e r s ity o f p r o je c ts a n d s tr u c tu r e s G r o w in g s o p h is tic a tio n o f b o th b id s a n d o ffe r s P r o je c t v a lu e s d e p e n d e n t o n b u y e r p r e fe r e n c e s : T e c h n o lo g y V in ta g e L o c a tio n S o c ia l s id e -b e n e fits Source: State of the Voluntary Carbon Markets 2007, Ecosystems Marketplace/New Carbon Finance, July 2007.

Prog rama de créditos de C arbono C C X Greenhouse Gas Emission Reductions Achieved via qualifying GHG emission reduction projects Carbon Credit Program Eligibility Assessment Protocol Development Monitoring Reporting Verification Registration Carbon Credits (certified, tradable, $$) Chicago Climate Exchange protocols Sell on CCX through an aggregator

G rupo s de V a ria bles de c o nta bilida d de c a rbo no y ha bilida d de m o nito reo a es c a la reg io na l Live biomass Woody debris and litter Soil organic matter Wood Products Good Fair Poor Fair Research needs: efficient protocols for extensive monitoring; enhanced network of long-term intensive study sites; improved models and analysis Implementation need: not all forest lands are monitored effectively for changes in ecosystem C

A lg una s a c tivida des efec tiva s y c o s to -efic ientes S o m e pa ra inc rem enta r el s ec ues tro de c a rbo no In c r e a s e p r o d u c tiv ity o f fo r e s t la n d In c r e a s e a r e a o f fo r e s t la n d In c r e a s e a g r o fo r e s tr y In c r e a s e c a r b o n in d u r a b le w o o d p r o d u c ts th r o u g h e ffic ie n t u tiliz a tio n o f r a w m a te r ia l Birdsey et al. 2000

I nc rem ento del s ec ues tro de c a rbo no m edia nte pro duc c ió n de m a dera There are many opportunities in the life cycle of wood production to Improve the utilization of harvested biomass Increase the useful life of wood products Skog and Nicholson 2000

C o ns idera c io nes pa ra I m plem enta r un pro g ra m a fo res ta l de s ec ues tro de L a n d o w n e r o b je cctivaerbo s isno in c r e a s e d c a r b o n s e q u e s tr a tio n c o m p a tib le? A suite o f p r a c tic e s m a y b e e ffe c tiv e P r a c tic e s m u s t b e ta ilo r e d to s p e c ific fo r e s t e c o s y s te m s w h ic h a r e h ig h ly d iv e r s e K n o w le d g e o f s p e c ific p r a c tic e s to a p p ly in d iffe r e n t s itu a tio n s is la c k in g E x p e r ie n c e w ith p r o g r a m s s u g g e s ts th a t in c e n tiv e s a r e r e q u ir e d to e n g a g e la n d o w n e r s

F u e n te s d e In c e r tid u m b r e S a m p lin g a n d e s tim a tio n e rro rs S u r p r is e s (w ild fir e, c lim a te change) 95% interval E c o n o m ic a c tiv ity U n c e r ta in ty c a n b e q u a n tifie d : 18 20 22 10% 50% 24 90% Carbon inventory (Pg C) Heath and Smith 2000 26

N e c e s id a d e s d e In v e s tig a c ió n Im p r o v e a c c u r a c y a n d p r e c is io n in u n d e r s ta n d in g, m o n ito r in g a n d p r e d ic tin g c a r b o n s to r a g e a n d r e le a s e D e v e lo p c o m p r e h e n s iv e c a r b o n a c c o u n tin g m o d e ls P r e d ic t c a r b o n s to r a g e a n d d y n a m ic s b a s e d o n c o n d itio n s a n d m a n a g e m e n t D e v e lo p a n d d e m o n s tr a te m a n a g e m e n t s y s te m s fo r in c r e a s e d p r o d u c tiv ity a n d c a r b o n s e q u e s tr a tio n D e v e lo p c o s t-e ffe c tiv e, lo w -im p a c t fo r e s t o p e r a tio n s s y s te m s In c r e a s e th e d u r a b ility, q u a lity, a n d u s e s o f w o o d

T ip o s d e p r o y e c to s fo r e s ta le s en CCX Afforestation Managed Forests Long Lived Wood Planted January 1, 1990 on sites unforested or degraded Protocol almost finalized Some carbon remains sequestered in wood products after harvest No date cut off Commitment 15 years agreement Baseline stock 2002 or 2006 Offsets for increase in carbon 2003-2010 period Above and below ground biomass Increases in soil carbon Quantification based tables (DOE 1605b tables) Maintain 20% of earned offsets reserve pool to account for catastrophic losses and other reversals Verification: 10% in-field sample of both acreage and enrollment Beginning, end and periodic verification Proof of sustainable forest management PEFC: ATF, SFI, FSC Offsets issued: Growth Harvest + Long Lived Wood Annual quantification based on CCX approved model Annual offsets are adjusted for land acquisitions, dispositions, harvesting and catastrophic losses 20% of issuance place into reserve pool Long term maintenance of land under forestry Credit for the fraction of stored carbon after 100yrs Proof of sustainable forest management PEFC: ATF, SFI, FSC Carbon rights must be retained through sales contract

Mecanismo de la agregación de proyectos en CCX - CCX issues offsets to aggregator s registry account documentation Aggregators offsets - accept initial registrations from producers - assemble annual attestations from producers - receive offsets into CCX registry account - executes sales on CCX trading platform on behalf of growers - manage multi-grower reserve account - may charge fees documentation sales proceeds Individual Growers - register; undertake actions as per 4/5-year contract; sign annual attestations; allow access to CCX verifiers

C C X : U n p la ta fo r m a g lo b a l I n de velo pm ent: N e w Y o rk C lim a te E x c ha ng e a nd N o rthea s t C lim a te E x c ha ng e : D e v e lo p in g f in a n c ia l in s tr u m e n t s f o r n o r th e a s t R e g io n a l G r e e n h o u s e G a s In itia tiv e (R G G I) C a lifo rnia C lim a te E x c ha ng e : D e v e lo p in g f in a n c ia l in s tr u m e n ts r e le v a n t to th e C a lif o r n ia G lo b a l W a r m in g S o lu tio n s A c t, A B 32 45

Porque las empresas se vuelven miembros de CCX? Goldman Sachs: whether or not an individual investor is convinced that anthropogenic, that is, manmade GHGs are leading to changes in the Earth s climate, this issue will have implications for the financial markets and corporate performance Source: Abby Joseph Cohen, Portfolio Strategy United States. The Goldman Sachs Groups, August 26, 2005.

Verificación de los proyectos de compensación CCX Rules define eligible projects, verification requirements Each project must be approved by CCX Offsets Committee All verification reports examined by NASD CCX Approved Project Verifiers Forestry Projects Landfill Methane Projects BVQI Det Norske Veritas (DNV) SGS (Societe General de Surveillance) First Environment, Inc. G.N. Richardson & Associates Ag Soil & Ag Methane Projects SES Inc.

Comentarios sobre CCX We are joining the Chicago Climate Exchange for two reasons. We want to strengthen a pioneering effort to create market-based solutions to the problem of climate change, and CCX helps us maintain our own organizational commitment to keep our net carbon dioxide emissions at zero, Jonathan Lash, President, World Resources Institute "... you could help to create the conditions for efficient emission trading systems, standardized accounting methods and the like. The successful launch of the Chicago Climate Exchange here in the United States is one example of an initiative to create a carbon market. We need more such innovative thinking on financing mechanisms and new insurance products." United Nations Secretary-General Kofi Annan I want to congratulate the Exchange, which is the first comprehensive voluntary pilot program for domestic trading of greenhouse gases, on the announcement of its founding members. Their progress is great news for Chicago's economy and for America's environment. Senator Joe

CCX Congratulates the President-Elect President-Elect Obama's Statements on Cap-and-Trade To Date To deal directly with climate change, something we failed to do in the last energy bill, we should use a market-based strategy that gradually reduces harmful emissions in the most economical way Right here in Chicago, the Chicago Climate Exchange is already running a legally binding greenhouse gas trading system. Barack Obama (D-IL), April 3, 2006

I will implement a market-based cap-and-trade system to reduce carbon emissions by the amount scientists say is necessary: 80% below 1990 levels by 2050. I will start reducing emissions immediately by establishing strong annual reduction targets with an intermediate goal of reducing emissions to 1990 levels by 2020. I will restore U.S. leadership in strategies for combating climate change and work closely with the international community. We will reengage with the U.N. Framework Convention on Climate Change, the main international forum dedicated to addressing the climate change problem. Barack Obama (D-IL), Science Debate 2008,

R es um en pa ra pro yec to s fo res ta les en C C X

P a s o s pa ra la g enera c ió n de a c tivo s de c a rbo no (C C X ) I dentific a c ió n C a rta de intenc ió n (L O I ) C ues tio na rio E leg ibilida d D es a rro llo E la bo ra c i ó n de P ro je c t D o c um ent (P D ) A pro ba c ió n A pro ba c ió n po r pa rte de C o m ité CCX E la bo ra c ió n de P ro je c t C o nc ept (P C ) E s tudio s de Fa c tibilida d, A m bienta l I m plem enta c ión del pro yec to de invers ión V a lida c ió n y V erific a c ión P ro c es o de va lida c ió n y ve rific a c ió n de reduc c ó o n de em is io nes po r pa rte de V a lida do r I nterna c io n al V enta O ffs e ts e n P la ta fo rm a E lec tró nic a Pago O FFS E T S

P o te n c ia l d e p r o y e c to s fo r e s ta le s e n C h ile

Dis ponibilidad de carbono en plantaciones indus triales en C hile C a r b o n o c a p tu r a d o p o r P in o r a d ia ta, E u c a ly p tu s g lo b u lu s y E. n ite n s e n C h ile P e r m ite d e te r m in a r e l v a lo r e c o n ó m ic o d e e s te s e r v ic io a m b ie n ta l c o m o r e s u lta d o d e u n a p o lí tic a d e fo m e n to fo r e s ta l e n C h ile

S upues tos In v e n ta r io p e r m a n e n te e n r é g im e n d e p a tr im o n io fo r e s ta l r e g u la d o S e c o r r ig e s u p e r fic ie to ta l p o r p o s ib le s s u s titu c io n e s (n o p e r m itid o e n lo s m e r c a d o s ) S e a s u m e tr e s p r o d u c tiv id a d e s D ife r e n te s e s q u e m a s d e m a n e jo D o s ta m a ñ o s d e p r o p ie d a d e s S e u s a n lo s s o ftw a r e s n a c io n a le s R a d ia ta V 1.3.3.0 y E u c a s im V 4.4.0.0 F a c to r e s d e e x p a n s ió n y tr a n s fo r m a c ió n d e G a y o s o (2 0 0 2 ) e IP C C (1 9 9 6 )

R es ultados Fas e 1 (inventario al 2005) 815.399 ha P. radiata 260.399 ha E. nitens y g lobulus» (122 mill. tc O2) Fas e 2 (proyección al 2010) 870.864 ha P. radiata 411.276 ha E. nitens y g lobulus» (163 mill tc O2) E s tas plantaciones no s on eleg ibles por K yoto F u e n te : L a r o z e, G ila b e r t 2 0 0 8

Proyectos Forestales CCX