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Nordic Perspectives on Carbon Market Mechanisms

image of Nordic Perspectives on Carbon Market Mechanisms

The Nordic Council of Ministers appointed, via the Globalization Initiative, the Nordic finance ministers to launch a joint Nordic project regarding the international carbon market. The purpose of the project was to identify and exchange Nordic experiences from the Joint Implementation and Clean Development Mechanism credit market as well as to discuss prospects for future cooperation. The result of the project is presented in three reports from workshops held during 2010, as well as this synthesis report that summarizes previous reports. The project was initiated in light of the expected negotiations on the future mechanisms after 2012 in COP 15, including as input for discussions on opportunities and prospects for participation in a future carbon market. The results have been presented at the meetings of the Nordic Council of Energy, Environment and Finance ministers during October and November 2010.

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Summary and Conclusion

In August 2009, The Nordic Council of Ministers appointed the Nordic finance ministers to launch a joint project on the Nordic countries’ experiences from Kyoto flexible mechanisms CDM (Clean Development Mechanism) and JI (Joint Implementation). The project was initiated in light of the expected negotiations of the future mechanisms after 2012, in order to give input to discussions on prospects and opportunities for the Nordic countries to participate in a future carbon market. The project has been implemented from April to September 2010, during which three workshops were executed, with participants from the Nordic governments, NEFCO, Nordic Financial and Development institutions, as well as special invitees from external organisations and companies. The first workshop treated the experience from Nordic CDM and JI purchase programmes, the second treated financing-related barriers towards implementing CDM and JI projects, and the third workshop treated potential future flexible mechanisms, and, moreover, a discussion on future cooperation between Nordic governments within the context of the future carbon market. The outcome of these three workshops is presented in three separate workshop reports, and this synthesis report summarizes the overall project results.

English

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