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wwf_standcomp.pdf

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简介:本文档为《wwf_standcomppdf》,可适用于经济金融领域,主题内容包含AgriculturalwastecollectionforCDMbiomassprojectMalavalli,IndiaMakingSenseo符等。

Agricultural waste collection for CDM bio-mass project Malavalli, India. Making Sense of the Voluntary Carbon Market A Comparison of Carbon Offset Standards Anja Kollmuss (SEI-US), Helge Zink (Tricorona), Clifford Polycarp (SEI-US) Published by: WWF Germany Title: Making Sense of the Voluntary Carbon Market: A Comparison of Carbon Offset Standards Authors: Anja Kollmuss (SEI-US), Helge Zink (Tricorona), Clifford Polycarp (SEI-US) Graphic Design: Tyler Kemp-Benedict Date: March 2008 Copyright 2008 by the Stockholm Environment Institute and Tricorona. This publication may be re- produced in whole or in part and in any form for educational or non-profit services without special permission from the copyright holder, provided acknowledgement of the source is made. No use of this publication may be made for resale or any other commercial purpose without written permis- sion of the copyright holders. Making Sense of the Voluntary Carbon Market A Comparison of Carbon Offset Standards Anja Kollmuss (SEI-US), Helge Zink (Tricorona), Clifford Polycarp (SEI-US) Table of contents Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii About the Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii About This Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iv Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v 1 . Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 . Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 .1 Compliance Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 .2 Voluntary Carbon Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 .3 Voluntary and Compliance Carbon Market Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 . How Offset Projects Are Implemented . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3 .1 The Stages of the CDM Project Cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3 .2 Who Is Who in a Carbon Offset Project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 4 . The Role of the Voluntary Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 5 . Key Elements of Offset Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 5 .1 Additionality and Baseline Methodologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 5 .1 .1 Project Based Additionality Testing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 5 .1 .2 Performance Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 5 .1 .3 Additionality Requirements for Each StandardAdditionality Requirements for Each Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 5 .1 .4 Baselines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 5 .1 .5 Baseline Requirements for Each StandardBaseline Requirements for Each Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 5 .1 .6 Project Boundaries and Leakage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 5 .2 Project Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 5 .2 .1 Biological Sequestration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 5 .2 .2 Industrial Gases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 5 .2 .3 Methane Capture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 5 .2 .4 Energy Efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 5 .2 .5 Renewable Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 5 .2 .6 Project Types Accepted by Each StandardProject Types Accepted by Each Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 5 .3 Project Location . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 5 .4 Start Date & Crediting Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 5 .4 .1 Start Dates and Crediting Periods for Each StandardStart Dates and Crediting Periods for Each Standard . . . . . . . . . . . . . . . . . . . . . . . .28 5 .5 Co-Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 5 .5 .1 Sustainable Development Criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 5 .5 .2 Stakeholder Consultations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 5 .5 .3 Co-Benefits Requirements for Each StandardCo-Benefits Requirements for Each Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 5 .6 Role of Third Party Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 5 .6 .1 Aligned Interests Between Buyers and Sellers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 5 .6 .2 Independent Validation of Project Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 5 .6 .3 Monitoring and Independent Verification of Project Activity . . . . . . . . . . . . . . . . . . . .34 i i 5 .6 .4 Project Approval: Auditors or Standard Boards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 5 .6 .5 Conflicts of Interest: Auditors and Project Developers . . . . . . . . . . . . . . . . . . . . . . . . . . .35 5 .6 .6 Quality Control of Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 5 .6 .7 Project Auditing Requirements for Each StandardProject Auditing Requirements for Each Standard . . . . . . . . . . . . . . . . . . . . . . . . . .36 5 .7 Registries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 5 .7 .1 Registries Used by Each StandardRegistries Used by Each Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 5 .8 Double Counting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 5 .8 .1 Project Locations and Rules on Annex B Countries for Each StandardProject Locations and Rules on Annex B Countries for Each Standard . . . . . . .42 6 . Offset Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 6 .1 Pricing of Offsets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 6 .1 .1 Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 6 .1 .2 A Common Misunderstanding: The “Project Share Pitfall” . . . . . . . . . . . . . . . . . . . . . . .43 6 .2 Offset Market Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 6 .2 .1 Pricing of Offsets for Each StandardPricing of Offsets for Each Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 6 .3 Choosing the Right Contract Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 6 .3 .1 Low Transaction Risk: Prompt Delivery of Existing Offsets . . . . . . . . . . . . . . . . . . . . . . .46 6 .3 .2 Medium Transaction Risk: Forward Delivery of Future Offsets . . . . . . . . . . . . . . . . . . .46 6 .3 .3 High Transaction Risk: Forward Crediting of Ex-ante Offsets . . . . . . . . . . . . . . . . . . . . .47 6 .3 .4 How Providers Can Reduce Delivery Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47 7 . Review of Standards Used In the Voluntary Offset Market . . . . . . . . . . . . . . . . . . . . . . . . . .48 7 .1 Offset Standard Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48 7 .2 Full-fledged Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49 Clean Development MechanismClean Development Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49 Gold StandardGold Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54 Voluntary Carbon Standard 2007 (VCS 2007)Voluntary Carbon Standard 2007 (VCS 2007) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58 VER+VER+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63 Chicago Climate Exchange (CCX)Chicago Climate Exchange (CCX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66 7 .3 Offset Standard Screens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71 Voluntary Offset Standard (VOS)Voluntary Offset Standard (VOS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71 7 .4 Bio-Sequestration Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72 CDM Afforestation and Reforestation Standard (CDM A/R)CDM Afforestation and Reforestation Standard (CDM A/R) . . . . . . . . . . . . . . . . . . . . .72 VCS AFOLU StandardVCS AFOLU Standard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74 The Climate, Community & Biodiversity Standards (CCBS)The Climate, Community & Biodiversity Standards (CCBS) . . . . . . . . . . . . . . . . . . . . . .76 Plan Vivo SystemPlan Vivo System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 7 .5 Offset Accounting Protocols . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 GHG Protocol for Project AccountingGHG Protocol for Project Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83 ISO 14064ISO 14064 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85 8 . Governmental Action to Regulate the Voluntary Market . . . . . . . . . . . . . . . . . . . . . . . . . . . .87 9 . Overall Standard Ratings & Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94 Appendix A: Renewable Energy Certificates (RECs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97 Appendix B: CDM Additionality Tool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Appendix C: Realized CDM Emissions Reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102 Appendix D: Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103 i i i Acknowledgements The authors would like to thank the following reviewers for their comments and suggestions: Derik Broekhoff, Barbara Haya, Toby Janson-Smith, Michael Schlup, Jutta Rothe, Anja Wucke, Michael Lazarus, and Ben Pearson . The authors would like to thank Heather Angstrom for proof-reading and editing and Susanne Häfeli-Hestvik and Ann Strömberg for their contributions and comments . We would further like to thank the following people who have reviewed and commented on the following sections: Joanna Durbin (CCBS) Nathan Clark and Scott Subler (CCX) Meinrad Bürer and Caitlin Sparks (Gold Standard) Patrick Hardy (ISO 14064) Alexa Morrison and Sarah Carter (Plan Vivo) Michael Gillenwater (RECs) Markus Knödlseder and Martin Schröder (VER+) Edwin Aalders, Josh Harris, and Mark Kenber (VCS) Olivia Hartridge (VOS) About the Authors Anja Kollmuss works for the Stockholm Environment Institute’s US Center, an independent non- profit research organisation dedicated to science-based policy change for a sustainable future . Her research areas include carbon markets, residential energy efficiency, and environmental education . www.sei-us.org anja .kollmuss@sei-us .org Helge Zink works for the Swedish Tricorona group, a major investor in carbon reduction projects and expert in carbon credit commercialization . Helge works in the mandatory and voluntary carbon markets dealing with risk management and quality control . www.tricorona.com helge .zink@tricorona .com Clifford Polycarp is a graduate student at The Fletcher School of Law and Diplomacy . He works as a research intern at the Stockholm Environment Institute . He has worked on carbon offset projects and climate change policy for the Centre for Science and Environment, the British High Commission and EcoSecurities in India . i v About This Report This report discusses the role of the voluntary carbon market and provides an overview of the most important currently available carbon offset standards . It compares the following standards side-by- side, outlining the most pertinent aspects of each: • Clean Development Mechanism (CDM) • Gold Standard (GS) • Voluntary Carbon Standard (VCS) • VER+ • The Voluntary Offset Standard (VOS) • Chicago Climate Exchange (CCX) • The Climate, Community & Biodiversity Standards (CCBS) • Plan Vivo System • ISO 14064-2 • WRI/WBCSD GHG Protocol fo

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