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Carbon market development

The EBRD aims to connect its regions of operations with current and future carbon markets to facilitate the transition towards a sustainable energy future. The Bank became active in this area well before the Kyoto Protocol entered into force in 2005. The EBRD’s roles in developing carbon markets include managing carbon funds, assisting clients in developing their carbon assets and capacity building.

The Netherlands Emissions Reduction Co-operation Fund was established in 2003 and in 2006 the EBRD, together with the EIB established the Multilateral Carbon Credit Fund. Through these funds, dedicated to the purchase of carbon credits during the Kyoto Protocol first commitment period (2008 – 2012), carbon credits are sourced primarily from projects financed by EBRD for the account of sovereign and private fund participants.

Besides managing two carbon funds, the Bank assists clients in developing and monitoring carbon assets. The EBRD offers technical assistance to support clients in dealing with the complexities of carbon markets. 

Technical assistance is offered in different areas, ranging from the preparation of project design documents to the development of new baseline and monitoring methodologies under Joint Implementation (JI) or the Clean Development Mechanism (CDM) and from validation to verification services.

The EBRD also integrates carbon market developments into its Sustainable Energy Initiatives. Programmes like the Carbon Market Development Support for the Mid-sized Sustainable Financing Facility (MIDSEFF) in Turkey or the facilitation of Green Investment Scheme transactions with Poland are-multi angled initiatives that couple specific carbon market development support with financing programmes.

The Bank’s carbon markets development work also addresses the need for capacity building, in particular focused on the creation of an enabling environment for carbon markets. Examples include:

  • Studies to determine the carbon grid emission factors in Kazakhstan, the Russian Federation and Ukraine. These studies have been independently validated and published. The results of these studies help lower transaction costs in development emission reduction projects; and
  • In Kazakhstan and Ukraine the Bank is assisting in the further development of the carbon market under the Preparedness for Emissions Trading in EBRD Region project.

In line with the emerging focus on the quality of carbon assets and credits, the EBRD also places emphasis on monitoring, reporting and verification (MRV). The Bank may provide technical assistance to its clients in relation to enabling the monitoring, reporting and verification of emission reduction projects. The EBRD is also an active participant in the MRV policy developments.


Last updated 30 April 2013

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CARBON MARKETS

Carbon markets drive the internalisation of the costs of climate change, stimulate investments in low carbon technologies. 

CASE STUDY

AzDRES power plant chimneysAn EBRD financed modernisation project allowed the AzDRES power plant in Azerbaijan to sell carbon credits under the Kyoto Protocol's CDM.

TRACK RECORD

By the end of 2012, the EBRD has facilitated over 30 carbon credits transactions. To date, 11.5 million carbon credits of various types have been transferred and delivered to buyers in both carbon funds (MCCF and NERCoF). In many countries the EBRD contributed to the very first JI and CDM project developments.