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外文翻譯-----碳金融的十年發展經歷-金融財政.doc

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外文翻譯-----碳金融的十年發展經歷-金融財政.doc

本科畢業論文外文原文 外文題目 10 Years of Experience in Carbon Finance 出 處 The World Bank Carbon Funds 作 者Robert B. Zoellick, World Bank President UN Climate Change Conference 原 文 The World Bank’s carbon finance operations expanded from the pioneering Prototype Carbon Fund, which helped catalyze a nascent carbon market in 2000, to 10 funds and facilities with a current capitalization of more than US2.5 billion. The experience of carbon finance hasand continues to beone of rich learning. Significant capacity building has occurred and must be sustained. This brochure has been prepared to highlight some of the most important lessons learned from the first ten years of carbon finance. Carbon finance is an important revenue stream for greenhouse gas mitigation projects. It has so far played a catalytic role in leveraging other sources of finance in support of low carbon investments. However, there is still room for improvement. As we enter the second decade of carbon finance, the World Bank is taking stock of its experience and progress to date to inform future development and implementation of the mechanisms. The CDMS are an important tool for private sector action on climate mitigation, which should be further encouraged. There are significant developmental and social co-benefits associated with market mechanisms that need to be recognized. An obstacle to maximizing the leverage potential of carbon finance for low carbon investments is insufficient predictability in the CDM. A supportive enabling environment and overall investment climate are key to attracting CDM investments. Some CDM decisions have had a disproportionate negative impact on Least Developed Countries. Environmental integrity is essential for both the overall climate regime and the carbon market. However, additionality remains a challenge due to its inherent subjective nature. Improvements to the CDM are needed to scale-up emission reductions. Measures are already being taken and must be sustained and stepped-up. In 2000five years before the Kyoto Protocol to the United Nations Framework Convention on Climate Change entered into forcethe World Bank, with its partners in the Prototype Carbon Fund PCF, established the first global carbon fund to create a demand for carbon credits and to gain experience with the Kyoto Protocol project-based mechanisms, i.e., the Clean Development Mechanism CDM and Joint Implementation JI. This, along with subsequent carbon funds and facilities, helped catalyze a nascent market for emission reductions which has since seen dramatic changes. Many other players have entered the CDM and JI market where transactions in 2008 alone amounted to close to 7 billion. Coming up to the 10-year anniversary of the PCF, the Bank is taking stock of its experience in the carbon market and sharing lessons and insights from using the Kyoto Protocol project-based mechanisms to achieve greenhouse gas GHG mitigation and sustainable development through projects in developing countries and in economies in transition. The World Bank’s approach to carbon finance has been based on three main objectives Strengthening the capacity of developing countries to benefit from the market for GHG emission reductions; Ensuring that carbon finance contributes to sustainable development, beyond its contribution to global environmental efforts; Assisting in building, sustaining and expanding the market for GHG emission Reductions. The market for project-based emission reductions has grown significantly since the early days of the PCF, and has the potential to grow substantially more to become instruments of a much larger scale shift to low-carbon development. The World Bank’s pioneering carbon finance operations continue to play a role in leveraging new public and private investment into CDM and JI projects, as well as providing technical assistance for capacity building and project preparation. Further growth of the market will require the establishment of a clear and predictable regulatory framework with a robust price signal to provide a continued incentive to mobilize capital in support of climate-friendly as well as environmentally and socially responsible projects in the Bank’s client countries. While the CDM and JI have achieved significant successes in catalyzing low carbon investment and private sector participation, it is clear that the experience has been one of “learning-by-doing” and that the learning continues. The experience of the World Bank, as described in this brochure and to be further elaborated in a forthcoming reportshows both the successes and the options that exist for improving the effectiveness of the mechanisms. Looking at 10 years of trial and error, this brochure explores how to build on the rich carbon market experience. Asthe international community embarks on urgent, effective and practical action that is required to respond to the challenge of climate change, it will need to use the full range of instruments at its disposal including carbon finance. Growth of carbon finance at the World Bank and its portfolioIn 2000 the PCF started with 160 million USD. Since then, the World Bank has gone on to create a whole family of funds and facilitiescapitalized at approximately 2.5 billiondesigned to facilitate access to the mechanisms by its borrowing coun tries, reduce risk, and extend the reach of carbon finance into diverse niches in the market. It continues to set an example in this field both by effecting “learning-bydoing” and providing catalytic carbon finance to under-represented project types, with funds like the BioCarbon Fund and the Community Development Carbon Fund, respectively focusing on areas such as land use/forestry and small-scale projects in the poorest communities. Meanwhile, the overall primary market for CDM and JI grew from exploratory transactions, limited in number, in the early 2000s to a much larger volume of transactions from 2005 onwards, with the entry into force of the Kyoto Protocol and the official start of operations in the European Union Emissions Trading Scheme EUETS. Over the years, the World Bank has reviewed more than one thousand project The World Bank carbon funds aim for portfolio diversification both in terms of geography and of technology/sectorsomething which has not always been easy to achieve. Nonetheless, while the overall global CDM/ JI market is heavily weighted towards East and South Asia China and India, the projects in the World Bank portfolio are more evenly distributed between East Asia, South Asia, Latin America, Africa and Eastern Europe with a small number in the Middle East. The World Bank has over forty projects in Africa, representing more than 20 of the projects in its portfolio and pipeline. By contrast, only 2 of projects in the overall CDM/JI pipeline are located in Africa2 which is a reflection of the challenges of developing projects in the region and the overall lower mitigation potential. Although projects in Africa represent a large percentage of the World Bank’s portfolio by number of projects, they only represents five percent of the Bank’s contracted emission reduction volumereflecting the small size of many of these projects compared to much larger projects in other parts of the world, notably China. One of the many successes and a key feature of carbon finance is that it can both complement and leverage other financial resources to unlock low carbon investments in host countries. Carbon revenues provide an additional revenue stream to low carbon projects that enhances the overall financial viability of the project while rewarding more GHG friendly investments and purchasing decisions. The“pay-upon-performance” nature of the asset creates positive incentives for good management and operational practices to sustain emission reductions over time. Carbon finance revenues can also leverage upfront capital for underlying investments by addressing the initial investment barrier and providing incentives to overcome social inertia, lack of awareness, transaction costs and the financing of programmes of activities. The origin of underlying capital for CDM projects in the World Bank portfolio highlights the large share of private investment that has been put into climate action. If this experience is extrapolated to the market as a whole, it is estimated that CDM transactions have catalyzed over 100 billion of mostly private underlying capital for low carbon investments over the 2002–2008 period. However, it is worth emphasizing that reorienting financial and investment flows to more low-carbon outcomes remains one of the main challenges for climate action. While carbon finance can prove a powerful bankability and allow access to capital markets, largely due to lack of familiarity with carbon finance opportunities, specific risks and transaction costs associated with the mechanisms. A number of actions can help maximize the transformational impact of carbon finance, notably by enhancing long-term carbon finance revenues, leveraging carbon finance and making it fit better into public and private sector investment decision-making. Experience with project development costsThe costs and delays associated with carbon finance transactions can be a challenge. These costs vary by project siz and technology. The World Bank has found that it takes roughly two years from project idea acceptance until the signing of the emission reductions purchase agreement ERPA. The preparation costs associated with a carbon finance transaction over that time period includes due diligence workwhich, in the case of projects in the World Bank’s portfolio, requires ensuring compliance with the World Bank environmental and social safeguard policiesand amount to an average of 200,000. These costs exclude additional regulatory costs for initial validation preregistration and periodic verifications. World Bank experience points to CDM regulatory cycle costs validation and verification increasing over time. This is contrary to initial expectations that costs would decline as experience was gained and competition increased amongst the auditors Designated Operating Entities. Additionally, the regulatory costs for small projects have increased at an even faster pace than for large projects, even though the intention was to simplify procedures for small-scale CDM projects. This may be in part because validation and verification prices are not based on the size but rather the on degree of complexity of the project, and small projects are often in sectors that tend to be more complex to validate and verify. Reducing CDM-related costs will require streamlining the project cycle. Efforts to enhance clarity and practicality in rules and documentation requirements are steps in the right direct direction. Moving towards more practical and less costly monitoring requirements is also important. Providing more avenues for communications with project entities and project developers as well as stakeholder consultations will also be useful. Carbon finance a driver for grass root climate friendly changeThe CDM and JI market mechanisms are sparking the imagination of entrepreneurs and we have seen that they can be a real driver for climate-friendly change. For example, through the signal of the carbon price, there have been important transformations in the solid waste management sector, supporting sustainable urbanization throughout the developing world. The market-based mechanisms are incentivizing project developers to find ways to reduce GHG emissions, such as improving the efficiency in brick-making and providing the needed financial support for the sustainable production of pig iron. The private sector is increasingly aware that the barriers to and costs of improving energy efficiency in household consumption can be partly addressed with carbon finance. This is illustrated through World Bank micro-level energy efficiency activities targeted at households in Senegal, Rwanda and Bangladesh. Given the climate challenge and the need for action, it is imperative to amplify these efforts and activities. Such scaling up will require building on the rich experience and impressive learning done through the market mechanisms to make sure they can stimulate more of these activities. Key features of successful projectsFrom the World Bank’s experience of looking at more than 1,000 project ideas and actively working on more than 200 projects, we can identify four key features of successful CDM/JI projects. They closely mirror those found in development projects more generally. These features include 1. A committed championsomeone within the company or government who enthusiastically promotes the progress of the project through its critical stages to obtain resources and/or active support from top management. External technical assistance may be necessary when facing low capacity, but temporary consultants do not make effective champions. 2. Strong project design planning from the startwhich includes feasibility studies as well as financial and methodology assessments early in the project cycle. Detailed upstream financial and technical due diligence must be completed on project ideas, as well as early consideration taken of monitoring requirements that will arise once emission reductions are generated. 3. Underlying financials must be strongprojects must make financial as well as technical sense and lead “to real, measurable and long-term benefits related to mitigation of climate change.3” Furthermore, like other investment decisions, CDM/JI projects are also affected by the issues and challenges in the overall investment climate in host countries. 4. Potential to reduce emissionsprojects that have the ability to reduce large volumes of GHG reductions relative to their baseline are more likely to attract investors and carbon asset buyers. Also, larger projects are better able to absorb the fixed CDM transaction costs. Increasing accessibility to carbon finance through methodology development Methodologies are central to the project based mechanisms. A methodology clarifies the approved procedures to determine emission reductions from a project activity over time, including, the methodology’s eligibility criteria, the emission baseline; and monitoring requirements. Insufficient predictability in terms of rules and process for CDM and JI has a detrimental effect on the potential of carbon finance to catalyze and leverage other sources of finance. Building on experience going forwardMarket mechanisms and carbon finance are now proven tools that can support policymakers in delivering mitigation. They have clearly demonstrated

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