Regional: Supporting the Use of Carbon Financing from New Carbon Market Mechanisms to Promote Green Growth in Asia and the Pacific

Sovereign Project | 48142-001

Summary

The proposed TA aims to build on this success and continue to support DMCs and ADB's operations departments through the technical support facility with special focus on bilateral mechanisms amidst the increasing complexity of carbon market schemes particularly during 2013 and 2017 before a new global framework is in place. The TA will complement ongoing RETA 8223: Supporting the Use of Carbon Financing to Promote Green Growth in Asia & the Pacific which supports the (i) development of CDM projects and (ii) facilitation of linkages among domestic ETS. RETA 8223 does not support new forms of international carbon market mechanisms that are expected to emerge after the first commitment period of the Kyoto Protocol, e.g., bilateral carbon market. Bilateral carbon market is an emerging mechanism which not only helps GHG mitigation projects through carbon credits but, also supports them with technology transfer, concessional finance and other financial support.

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Project Name Supporting the Use of Carbon Financing from New Carbon Market Mechanisms to Promote Green Growth in Asia and the Pacific
Project Number 48142-001
Country Regional
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8654-REG: Supporting the Use of Carbon Financing from New Carbon Market Mechanisms to Promote Green Growth in Asia and the Pacific
Japan Fund for Poverty Reduction US$ 1.50 million
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Regional integration
Drivers of Change Knowledge solutions
Partnerships
Sector / Subsector

Agriculture, natural resources and rural development - Forestry - Irrigation

Energy - Energy efficiency and conservation - Energy sector development and institutional reform

Transport - Transport policies and institutional development - Urban public transport

Gender Equity and Mainstreaming No gender elements
Description The proposed TA aims to build on this success and continue to support DMCs and ADB's operations departments through the technical support facility with special focus on bilateral mechanisms amidst the increasing complexity of carbon market schemes particularly during 2013 and 2017 before a new global framework is in place. The TA will complement ongoing RETA 8223: Supporting the Use of Carbon Financing to Promote Green Growth in Asia & the Pacific which supports the (i) development of CDM projects and (ii) facilitation of linkages among domestic ETS. RETA 8223 does not support new forms of international carbon market mechanisms that are expected to emerge after the first commitment period of the Kyoto Protocol, e.g., bilateral carbon market. Bilateral carbon market is an emerging mechanism which not only helps GHG mitigation projects through carbon credits but, also supports them with technology transfer, concessional finance and other financial support. It may also be noted that in their formative years a lot of support will be needed in formulation of methodologies as well as Monitoring, Reporting and Verification (MRV) of GHGs. Hence, the requirements of bilateral mechanisms are quite different from the earlier carbon credit based mechanisms. The earlier TAs of TSF/CMP do not include ADB support to the development of bilateral mechanism projects.
Project Rationale and Linkage to Country/Regional Strategy The countries of Asia and the Pacific have a key role to play in addressing global climate change issues. Because of rapid economic growth, Asia and the Pacific is becoming a major source of greenhouse gas emissions, largely because of the rapidly increasing demand for energy. Emissions from energy production in Asia and the Pacific have grown by 194% since 1990. Business-as-usual projections by the International Energy Agency suggest that Asia's share in global greenhouse gas emissions could increase from 35% in 2009 to 46% by 2030, surpassing emissions from Organization for Economic Co-operation and Development countries. It is clear that decoupling the region's growth from carbon emissions is pivotal in the global efforts to mitigate climate change.
Impact The overall impact of the TA is to promote green growth and low carbon development in ADB's developing member countries of Asia and the Pacific.
Project Outcome
Description of Outcome Increased DMC capacity on utilization of bilateral carbon market mechanisms
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

1. Capacity building activities for institutions and local experts on bilateral carbon market mechanisms

2. Direct project support under bilateral carbon market mechanisms

3. Knowledge sharing/products on new mechanisms, including bilateral and sectoral mechanisms conducted/produced

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Responsible ADB Officer Virender Kumar Duggal
Responsible ADB Department SDCC
Responsible ADB Division SDCD
Executing Agencies
Asian Development Bank6 ADB Avenue, Mandaluyong
Metro Manila, Philippines
P.O. Box 789, 1099 Manila,
Philippines
Timetable
Concept Clearance 09 Apr 2014
Fact Finding 19 May 2014 to 05 Jun 2014
MRM -
Approval 23 May 2014
Last Review Mission -
Last PDS Update 09 Apr 2014

TA 8654-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
23 May 2014 - 23 May 2014 31 May 2016 - -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 1,500,000.00 0.00 0.00 0.00 0.00 1,500,000.00 23 May 2014 168,748.33

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